When you need quick money, an instant personal loan online looks like a great option. Many apps and websites promise fast approval, minimum paperwork, and quick disbursal. However, before you apply, you must watch out for hidden fees and charges. Some lenders include extra costs that can make your loan much more expensive than expected.

Here are three red flags to look out for when applying for an instant personal loan.

1. Processing Fees That Seem Too High

Most lenders charge a processing fee to cover administrative costs. Normally, this fee ranges between 1% to 3% of the loan amount. But some lenders charge much more, sometimes up to 10%! If you are not careful, you could lose a big chunk of your loan amount before you even receive it.

Example: You take an instant personal loan online of ₹1,00,000, expecting to use the full amount. But if the lender deducts a 10% processing fee, you only receive ₹90,000. You still have to repay the full ₹1,00,000 with interest!

What to do? Always check the processing fee before applying. Compare different lenders and choose the one with reasonable charges.

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