What is a Small Loan?
A small loan is a type of unsecured personal loan that is useful for people who have an urgent but small financial need. As these loans are relatively small, they have shorter loan terms. When applying for a small cash loan, many lenders may give you the flexibility to choose a repayment tenure that’s best suited for you.
ProTip: When deciding how much to borrow, it’s always a good idea to plan the repayment well in advance. By doing so, you are aware of how much you can afford to pay every month. As a rule of thumb, you should not borrow more than what you can afford.
Small Loans Online
All You Need to Know About Small Personal Loans
Unexpected bills lining up?
Get a small amount personal loan at a low-interest rate
Can’t wait for your salary to buy groceries?
Get quick small cash loans starting from ₹ 3,000
New gadget in the market?
Get your hands on it with a mini cash loan
How Small Amount Personal Loan Helps?
Most people take small loans to meet their small expenses, including and not limited to:
Types of Small Cash Loans
Payday Loans
Payday loans are small loans that are borrowed for up to a month and are repaid with interest in one single instalment when the next salary kicks in. The amount of interest you could pay on a payday loan may vary from lender to lender.
Small Personal Loans
Personal loans are usually borrowed over longer periods of time (anything from 2 months to 5 years). This means you have more time to repay the borrowed amount. Interest on small personal loans is typically lower than the interest on payday loans.
Line of Credit Loans
A line of credit loan is also known as revolving credit. In this type of a small loan, you are approved for a credit, which has a certain upper limit. You can borrow what you need from this loan and repay it every month with interest. You can take as many small loans up to your credit limit from this credit line. The interest is charged only on the amount you borrow and not on the whole credit limit approved.
Why Does Taking a Small Personal Loan Make Sense Rather Than Taking a Payday Loan or a Loan from Local Moneylenders?
Know the Difference: Small Personal Loan Vs. Payday Loan Vs. Local Money Lenders
The differences outlined below will give you a clear picture of why a small personal loan is a better choice.
Someone like you is happy with Freo
Eligibility Criteria
Profession – Salaried or Self-Employed
Age – Above 21 years and below 60 years
Minimum Monthly Income – ₹ 20,000
Work Experience – 3 years and above
Credit Score – 650 and above
Required Documents
Pan Card Number
Professional Selfie
To be taken on the Freo App
Address Proof
Valid Driving License / Valid Passport / Aadhar Card
ID Proof
Valid Driving License / Valid Passport / Voter’s ID / Aadhar Card / Pan Card
Why Choose Freo for Small Loans?
Features of small personal loan from Freo
Freo approves loan amounts ranging from ₹ 3,000 to ₹ 5 Lakh
Can be used for any purpose. No restrictions on how you spend the money
Competitive interest rates
Pay interest only on the amount you borrow
The line of credit is available to you for a lifetime to use whenever you need emergency cash
Flexible repayment options. Choose a tenure and EMI amount which you can pay comfortably
No collateral or guarantors required
Minimal documentation
How to Apply for Personal Loan
It is very easy to apply for a personal loan of ₹10,000 from Freo. You can apply for a loan either on our website or by downloading the Freo app.
