Personal loans have for been serving as a suitable financing solution for individuals across borrowing segments. Typically, people choose personal loans over other financing solutions for their ease of availability. These are unsecured advances that have been designed to eliminate the complex procedure for availing finance. Today, you can easily avail a small ticket loan through an online loan app. You just need to download the app, meet their eligibility criteria, and submit the documents. The loan app can disburse the loan amount into your account within 48 hours.
There are many reasons that have fuelled the popularity of instant cash loans among borrowers of all sections. These loans come with unrestricted end use, flexible repayment tenure, affordable interest rates and many other attractive features.
Read on to discover the top reasons why you should avail a personal loan.
Top 5 Reasons Why Personal Loan are Preferred Among Borrowers
Personal loans have emerged as the most preferred debt tool in the Indian market. The reasons for this are many. You can avail an instant cash loan with ease from anywhere at any time, through an online loan app. In addition to this, instant personal loans offer high affordability, lower interest rates, better flexibility and many other attractive features.
They finance a host of expenses without any exclusion
Personal loans are primarily preferred by borrowers because they fulfil their spending needs across an array of spending diversity without exclusion. Whether you need finance for funding higher education, home renovation, travel planning, wedding expenses, or invest in your business, an instant cash loan fits just right.
These loans come with zero restrictions to end use. This means you can use the loan amount in any way you deem fit. The approved loan amount is transferred to your account directly. Thus, it gives you the accessibility to the entire funds at once for usage as required.
You can easily meet an emergency
Another reason that makes these loans popular among individuals is that it is suitable for managing your emergencies. Situations like medical emergencies or cash crunch on a trip can come up unannounced. A personal loan suits just right in these scenarios as it comes with instant approval and fast disbursal features.
When availing a personal loan through an online loan app, an eligible individual can get approval for instant cash loan almost instantly. The loan amount gets disbursed into your account within 24 to 48 hours, allowing you to meet your emergencies.
Tenures for personal loans are long and flexible
Personal loans are also popular because they are easy to manage with their flexible tenures extended over a long duration. When availing a personal loan, you can choose a suitable tenure that keeps your repayment liability affordable and makes loan repayment manageable on a monthly basis.
When availing a personal loan through an online loan app, you can easily get a tenure flexibility of up to 2 years. The long duration gives you sufficient time you manage your liability as per your financial standing. However, make sure to choose a loan tenure that’s feasible for you. Ideally, the tenure should be as less as possible.
You can repay the loan in easy EMIs
The instant cash loan can be easily repaid through easy EMIs that you can afford. Thanks to the option for choosing tenure flexibility, you can decide on a suitable EMI for repayment as per their repayment capacity. Your EMI should be affordable so that it does not strain your budget.
You can assess your affordability for the loan with the help of a personal loan EMI calculator. The calculator is available on the online loan app for free. This will help you decide on the best balance between EMI and interest affordability when applying.
Simple eligibility requirements make them easily accessible
Personal loans have been typically popular among individuals because they come with simple eligibility requirements. You just need to fulfil only a handful of eligibility criteria cited by the lender.
The most common eligibility factors include your age, income and your place of residence. Having a high credit score is also an essential to get approved for the loan. In addition to that, your employment stability also plays a crucial role. To attest to this eligibility fulfilment, you also need to provide a handful of documents only. These can involve your identity proof, address proof and a proof of stable income.
It is prudent to avail a personal loan to meet your lump-sum funding needs. Applying for a personal loan through an online loan app makes it easily accessible at any time and from anywhere. The interest rates on personal loans have also come down. In addition to that, a personal loan has much other benefit over other debt tools. Be it minimal documentation, simpler eligibility, affordable interest rates, no end-use restriction or zero collateral, personal loans offers the best terms. So, if you are planning to apply for an advance, you must consider instant cash loans and do your due research.