Instant personal loans: Are they worth the speed? A deep dive into the pros and cons | Mint

Instant personal loans have become a popular choice for people as these loans offer quick disbursement and require minimal documentation for application processing. However, these loans come with its own pros and cons which you must evaluate before you decide on applying for such loans.

In conclusion, instant personal loans are a rather effective type of credit that may be helpful in different situations, especially if you need money urgently. However, they may attract high-interest rates, shorter loan tenures and hidden costs. It is important for you to consider your financial requirements, repayment ability, and the loan tenure before applying for an instant personal loan.

(Note: Raising a loan comes with its own risks. So, due caution is advised)