What Should You Select Between : Instant Loan Vs Gold Loan?

Instant Loan Vs Gold Loan

In the pandemic, there was a greater need for secured and unsecured loans like home loans, gold loans, auto loans, mortgage loans and instant personal loans. To cope up with the financial crunch and find a way out of it, many people turned their attention to instant personal loans whereas those with gold assets used the gold loan option to raise immediate money. The need for secured or unsecured loans has increased manifold during the pandemic.

What is an instant loan?

Banking has become more accessible, faster, and paperless thanks to advancing technology. We are now used to one-click solutions for shopping, communication, booking travels, studying, and more. As a result, we expect quick instant loans to be available when needed too. You might need money for medical emergencies or wedding preparation, or travel expenses for your vacation.

Instant loans are the perfect way to get quick money right away. You can apply for an instant loan online and get the approval immediately. Getting a loan is as simple as filling out a few details and following some simple instructions. You may also find other types of personal loans such as bad credit personal loans , unsecured personal loans, and secured personal loans. Your loan is instantly approved with no faxing or paperwork required on your end.

What is a gold loan?

India is one of the largest consumers of gold globally. The precious metal is used for industrial, commercial, or investment purposes. It also has great religious significance in rituals and wedding ceremonies. In times of financial emergencies, people use gold to get a loan. Getting a gold loan is a more straightforward process than traditional loans usually. Even if you have a low credit score, you can get approved for a gold loan with less paperwork. But do take care not to fall into debt traps and borrow only from reputed lenders.

Gold loans can be a helpful way to meet emergency financial needs when you are facing a sudden health expense or an urgent travel expense. We provide gold loans based on your need and loan amount, making it easy for you to access funds quickly. A gold loan uses the gold as collateral against the loan amount. The loan amount granted is based on a certain percentage of the gold’s value, with purity being another key factor. In case of any emergency, a secured gold loan from us can provide quick relief.

Features of an instant loan

With instant loans, you can apply easily and get the loan in a short time span up to a maximum of 2 days. All you have to do is provide some basic information including your name, email ID and mobile number as well as employment status, current salary, monthly income and required loan amount. The rest of the information will be taken from your credit report which enables us to assess your eligibility for an instant personal loan. After submitting the gold loan application form on our website, we will transfer the funds directly into your bank account within a few hours after approval.

Features of a gold loan

A gold loan is a secured loan that uses your gold as collateral. Gold loans can be used to fulfill personal or business needs, including education, wedding expenses, medical emergencies, travel and more. At times, it can come in handy to buy something big and expensive upfront that you do not want to pay off in installments over a long period of time.

The main advantage of gold loans is that they have a lower interest rate compared to other secured loans. The loan tenure ranges from 3 to 12 months and usually depends on the terms stipulated by your lender. You can also renew your loan for an extended period of time or add more funds in your account without any hassles. Gold loans are ideal for people looking for short -term financing options with attractive repayment plans.