What is an Instant Loan?
An instant loan is a debt instrument that consists of a small personal loan or cash advance without the borrower making a down payment or posting any collateral as security for the loan. Typically used for short term and/or emergency expenditures, these loans are available to borrowers even with low credit scores, making them a potential option for a wide demographic of audience. The loan itself has minimal requirements in terms of the application process. Once the process is complete, funds are transmitted to the borrower’s accounts almost instantaneously. Once the funds change hands, the borrower is obligated to repay this loan once he/she receives their next paycheck.