Getting an instant personal loan can be a lifesaver when you need urgent funds. Whether it's a medical emergency, wedding expenses, or a sudden financial crunch, an instant personal loan online gives you quick access to money without lengthy paperwork. However, before signing the loan agreement, it is important to check the fine print carefully. Many borrowers overlook crucial details, leading to unexpected charges and repayment issues. Here are four key things to watch out for in an instant personal loan agreement.

1. Hidden Fees and Charges

Lenders often advertise low interest rates to attract borrowers, but they may charge additional fees that increase the overall cost of the loan. Some common charges include:

Processing Fee – A one-time fee deducted before disbursing the loan amount.
Prepayment Charges – A penalty if you try to repay the loan before the tenure ends.
Late Payment Penalty – A hefty charge for missing or delaying your EMI payments.
Before accepting an instant personal loan online, read the terms carefully and check for these extra costs. Even small charges can add up and make the loan more expensive than expected.