Quick Cash Loan

Are you eligible for a quick cash loan?


Unexpected expenses can come knocking on your door when you are least prepared for it. It’s the same story always- the month you are low on funds, is the month when the majority of unexpected expenses make surprise visits. In such situations that require cash, your best solution is to look for a quick cash loan. Such cash loans in the form of personal loans are available from banks and other financial institutions. The society is seeing an increased dependence on credit by modern households to funds a majority of their high-end expenses. Quick Cash loans are unsecured loans and so there is no requirement to pledge any asset or liquidate saving to meet expenses.

These loans are easy access to money but there are some conditions that have to be adhered to. These conditions are set by the lender and help them in arriving at a lending decision based on your credibility and the ability to repay the loan taken.

The general eligibility criteria for a Quick Cash Loan:

Minimum Income Requirement:

These are unsecured loans and the lender expects the borrower to repay the amount in EMIs over a period of time. For this, they have a look at your employment history, your current company, your tenure with the company and the current salary that you are receiving. Qbera looks for a minimum take-home salary of Rs 18,000 while most banks look for a minimum salary of Rs 30 000 per month. The stability or your term with the employer is also considered.

Your Company Status:

Believe it or not, but the organization that you are employed with can affect the decision-making process of the lender. There are many companies that are affiliated with different banks and help their employees get loans from them. So, the banks and other financial institutions have a database of companies and your employment with them can help you in faster processing of the loan. Qbera does not reject applications from unlisted companies but, the process is much faster if your company is listed.

The Income to Debt Ratio:

The total debts that are under your name which includes both your secured and unsecured debts have a significant impact on the lending decisions. A debt to income ratio of 30-40 percent is considered ideal. Anything above than a 40 % ratio implies stressed financial situation.

Age of the Applicant:

Younger applicants who will be in the working force for a longer period of time is preferred for an unsecured personal loan. They are also better equipped to handle long-term loans and so the age group of 23-55 years is preferred.

CIBIL Score:

CIBIL score assists lenders in deciding the credibility of an applicant and is a major component of consideration by any financial institution. Banks do not consider score that is lower than 750. Fintechs bases their decision on both credit score and their risk calculation algorithms and so does consider a marginally lower score.


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