In the current era of digitalisation, availing financial assistance is as easy as ordering french fries from your smartphone while sitting in your comfort zone. Long gone are the days when people actually used to rely on friends or relatives for financial aid.
Nowadays, your smartphone is more than enough for a low interest personal loan online. Around two months ago, I availed myself of this facility while I was planning to give my backyard a completely new look.
What is a personal loan?
It is basically the amount of money you can borrow to use for a variety of purposes. For example, you may use the amount to consolidate debt (if any), pay for home renovations, or plan a dream wedding/event.
Personal loan can be offered by various financial institutions, credit unions, banks or even online lenders. However, the money you borrow must be repaid over time, typically along with the interest.
What are the top five advantages of an instant personal loan?
No collateral
These loans, which are unsecured in nature, don’t require collateral for you to get approved. This basically means that you don’t have to put your car, home or any other kind of asset up as a guarantee that you’ll repay the funds. In such cases, you’ll face significant financial and credit consequences.
Lower rate of interest
These types of loans often come with lower interest rates than credit cards. Potential consumers with excellent credit history can qualify for lucrative personal loan rates and may also qualify for a higher loan amount than the limit on their credit cards.
One lump sum
As in this type of financial aid, you get the loan payment from the loan app all at once, it can be easier to make a large purchase, consolidate any debt or otherwise use the loan all at once. Moreover, you’ll get a fixed rate of interest and predictable monthly payments, making the loan easier to manage.
Extended loan tenure
Unlike short-term loans like payday loans and others that charge a very high rate of interest, these loan types range generally from 2-10 years, depending totally on the lender. This gives you a good amount of time to repay the amount you borrowed initially.
Easier to manage
People avail of this loan for their own personal uses, which can vary from individual to individual. The borrowers who qualify for this loan type with a lower interest rate can streamline their monthly payments and easily save money.
How do you effortlessly get a personal loan for self employed?
Here, I’d like to share my personal experience with you so that you don’t face any issues while availing of the loan. I used an application named ‘Stashfin’, and believe me, it is super easy to use. Here is a step-by-step guide to use this app:
- Download the app from the Play Store/App Store
- Sign up using your mobile number
- Add your personal details to check your credit limit
- Complete KYC and you are good to go!