In this tough economy, it's a rare instance to see money clocking in. Over and above, some of us have to make a bit more efforts than others to make ends meet. House rents, bills, child's education, groceries, transportation expense and other monthly payments altogether add up to the amount on the paycheck. We are barely left with amount to be socked away and if any additional requirement of funds surfaces, we are left with no choice at all than to borrow.
People with no assets and a jam-packed budget can avail personal loans in case of a requisite which can range from home renovation to consumer goods investment. As the name suggests, personal loans are meant to cater to the personal monetary requirements of an individual. Whether one is planning an overseas vacation, a fancy wedding or has an unanticipated medical emergency; personal loans are the quickest ways to get the money right away.
The amount for personal loan varies from one lender to another and ranges from 50 grands and all the way up to 15 lakhs whereas its return period can be anywhere between one to five years. Additionally, personal loans don't require collateral or security and the interest rates are significantly lower than other kinds of loans. Henceforth, one doesn't have to worry about repayments – several convenient EMIs will cover the loan with ease. There are several benefits of personal loans:
Personal loans are quite advantageous because of their flexibility and multiple kinds of purposes. Be it travel expenses, medical bills, shopping anything from designer jewelry items to gadgets and gizmos, home improvement costs or others, personal loans are the convenient options.
Another benefit of personal loans is it's rushing process as they are considered ASAP. In case of an exigency, such loans can be availed within 24 hours of applying. Personal loans are the best bet for those looking forward to getting an urgent capital.
The next in list is its hassle free process. As opposed to other kinds of loans, personal loans don't require a cluster of forms to be filled out. Documentation is minimum in the process of getting a loan which leads to a quicker response time.
Any kind of collateral or security isn't required to apply for this loan. Unlike other sorts of loans, one doesn't have to use his assets against a loan. If the borrower is unable to pay the debt, his assets aren't seized.
These attributes of personal loans make them attractive to most people but the question is whether or not one should apply for them. It solely depends on the individual – if he is in the pressing need for quick cash and has no assets, personal loan is the sensible choice. However, he should commit himself to repaying the debt within specified time frame because failing to do so will land him in legal disputes.
on 03 Jul, 2016
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