A financial need does not always occur when you are ready and have a planned course of action. Often, an immediate financial need pops up when you least expect it and can get you into trouble if left unplanned. In the past, when people sought financial help, they turned to moneylenders to meet their credit needs. Today, all personal credit needs are met by taking advantage of convenient and hassle-free personal loans.
A quick solution to immediate financial needs, a personal loan is an unsecured form of credit provided by lenders such as banks, NBFC or fintech. No collateral such as house, property, jewelry, etc. is required for a personal loan. A personal loan can be applied for various reasons such as debt consolidation, funding educational expenses and more.
Listed below are some of the major situations when personal loans became a savior.
Debt consolidation
Multiple loans result in higher and more EMIs that can be a serious back pain for borrowers. Repayment is not an issue, but the higher number of loans are. Thus, to combat and wipe out the piling EMIs, a Personal Loan can be acquired to consolidate all your debt in one single and easy-to-pay loan.
Credit card loan
Credit card loans are massive and charge a considerable interest rate annually. Offering easy credit, credit card loans charge up to 40% of annual interest, raising the total sum amount of your repayment. A personal loan charges interest up to 15% of your loan amount. Thus, a personal loan helps you save on your interest costs keeping your credit history intact.
Medical Emergencies
Unwarned contingencies can aggravate your financial inadequacies. Situations like a medical emergency, asking for immediate financial attention and the exorbitant hospitalization costs may put you under grave helplessness. Medical insurance policies do not assure you 100% coverage as the sum is usually breached by astronomical medical costs. You may have to arrange funds for a life-saving surgery requiring an immediate cash deposit at the front desk. With a quick turnaround time, a personal loan comes to your rescue, assuring credit in less than 24 hours.
Wedding Purpose
A substantial amount of money is needed to make your big day bigger. With the rising inflation and expanding wedding costs, financial aid to fund a wedding is a given. For borrowers with a regular stream of income, funding a wedding by availing a loan is the most logical step to get financial aid and keep their credit history maintained.
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