Taking out an instant loan may seem like a quick solution when you need urgent money. Whether it's for medical expenses, a sudden bill, or an emergency purchase, an instant loan can provide quick relief. However, before applying, it’s important to ask the right questions to ensure you don’t face financial stress later. Here are five key questions to consider before taking out a personal loan or an instant loan.

1. What is the Interest Rate and Processing Fee?

One of the first things to check is the interest rate. Different lenders offer personal loans at different rates, which can significantly affect your repayment amount. Instant loans usually have higher interest rates because they are approved quickly. Additionally, lenders charge a processing fee, which can reduce the actual amount you receive. Always compare rates from multiple lenders before making a decision.