Do you require an urgent cash loan for shopping? Well, before opting for a cash loan, all the required documents have to be submitted. Various digital lending firms offer hassle-free cash loans but demand valid documents for verification.
Cash loans require a minimal amount of documentation as compared to other types of loans. Digital lending firms provide cash loans in less time as compared to traditional bank loans. Besides quick loan disbursal, cash loans also do not require any asset showcase.
Various digital lending firms in the market offer an instant cash loan. Stashfin is a reliable source to apply for quick cash loans. Read on to know about the documents required for applying for a quick cash loan.
You will have to submit valid identity proof for getting a cash loan. Applicants can choose any ID card to submit from PAN card, Aadhar card, driver’s license, passport, etc. Digital lending firms verify the identity of the applicant before disbursing the loan amount.
Some of the disbursal sources ask for more than one ID proof just for cross-verification. ID proof is required to be submitted by both salaried or self-employed applicants for verification. Digital lending firms offer mobile applications that can be used for applying for cash loans.
Applicants can submit their valid ID proof online via digital lending mobile applications. You just have to scan your ID proof and submit the photo on the portal of the respective digital lending firm. One should make sure that the biodata described in the submitted ID proof is accurate and updated.
The address is stated in some of the ID proofs but lending firms still demand an address proof for showcasing your current address. Digital lending firms collect the address information for increasing transparency and traceability.
For showcasing address proof, you can submit various documents like landline bills, water bills, electricity bills, etc. All the utility bills of recent months highlight the current residential proof of the applicant.
If you don’t possess a residence or are temporarily living on rental, you will have to submit your rental agreement for verifying your address. Foreigners also have to showcase their passports that will display their residence address.
Some of the digital lending firms also demand income proof to determine the capacity to repay. There are various risks associated in terms of lending money to people from the firm’s perspective. They have to analyse the loan repayment capacity of applicants to avoid loan defaulters.
Salaried employees can submit their salary slips or bank statements for recent months. A salary slip or bank statement of last year would not facilitate the digital lending firms and you may be denied a cash loan.
Self-employed applicants can submit their business documents, bank statements, ownership agreements, etc. Business owners can submit their balance sheets, profit/loss statements, income tax returns sheets, etc. to showcase their income. One should make sure that these documents that are to be submitted are of recent months.
In case of an applicant not earning, valid income proof should be provided of parents, spouse, etc. for verification.
You don’t have to submit the physical copies of the aforementioned documents while applying for a cash loan online. However, if you don’t have the preferred documents for showcasing your ID, address, and income, you can also submit some alternate documents.
Voter ID card is prominently used for showcasing one’s identity and address. It also provides basic information about the applicant like date of birth, parent’s name, etc. It is suggested to refer to the requirements of your respective digital lending firm to more about documents to be submitted.
Some of the digital lending sources demand a letter from the National Population Register (NPR) if there is no valid ID proof provided. The letter from the NPR will showcase your identity and address thus making you eligible for a cash loan.
A reliable source like Stashfin will require minimal submission of documents on their online portal. They also provide doorstep document pickup service at the place and time decided by the applicant. The easy-to-use interface of the Stashfin online portal will help you in applying for loans quicker.
These documents also help disbursal sources to identify the credit-related information of applicants. Credit score, credit history, etc. can define the accountability in terms of loan repayment of an applicant.
Checklist For Document Submission
Cash loans are small amounts disbursed in less time by the digital lending firms. Before submitting your documents for verification, refer to the below-mentioned checklist:
- Make sure that the submitted documents are updated and showcase your personal details. A corrupt document submission can hamper your chances of getting a cash loan and can also land you in legal trouble.
- Some of the digital lending firms like Stashfin have made it mandatory to submit a PAN card for getting a cash loan. If you are a business owner, you will have to submit a PAN card attached to your business.
- Self-employed applicants can produce GSTIN slips for verifying their income with the respective lending firm.
- Besides various documents, digital lending firms also require a few more applicant details to process the cash loan. It may include a current photograph, signature, biodata details, video testimonial, etc.
- While applying for a quick cash loan on a digital platform, choose amount repayment duration wisely. You don’t want to default on loans thus decreasing your credit score and reputation. Choose a loan plan that you can conveniently repay.
In A Nutshell
Possessing updated personal documents will help you in getting hassle-free online cash loans. Online sources are better for getting cash loans as you don’t have to wait in long queues for your turn. You can submit your documents online and can get loans at low-interest rates.
Choose your lending partner wisely as you don’t want to be exploited by heavy interest charges. Stashfin is a reliable partner and you only have to fill a form with basic details and apply for document verification. Once the verification process is done, your loan amount will be disbursed within four hours by Stashfin.
Don’t forget to submit a clear scanned photo of your documents while applying for cash loans. Get personal cash loans instantly with Stashfin!
Smriti Jain is the owner and senior content publisher at Financesmarti. Financesmarti is a website where she shares a lot of useful stuff for the people and business of India. This includes small business ideas and other banking information, as well. Smriti completed her education in science & technology from Delhi University. Smriti usually has interests in digital marketing now, and she has chosen this career for the full-time opportunity. The primary purpose of starting this blog to provide quality information on the banking industry to the people.