In order to get instant and easy access to funds, a personal loan is one of the best ways. There may come a time when you’ll need emergency funds in your life. Whether renovating your abode, paying medical bills or even going on a vacation, this type of loan helps you a lot in such times.
Moreover, nowadays, as technology advances with each day passing by, your internet-enabled smartphone is more capable than you think. So, if you are planning to avail this loan type, you don’t have to go anywhere and just sit in your comfort zone.
What is a personal loan?
As the name suggests, it is a loan that allows an individual to borrow money from a lender, such as a bank/financial institution, for personal use. Unlike a car loan, where the amount can be used for only purchasing a car, this type of loan can be used for various purposes, including home renovation, medical bills, vacation etc.
Moreover, these are typically unsecure in nature and do not require any collateral. So therefore, the lender evaluates the borrower’s creditworthiness based on their credit score, income and other factors. Lastly, it is worth mentioning that these loans have a fixed rate of interest, which means that the interest rate stays the same throughout the loan’s life.
What are its advantages?
If you plan to go for an instant personal loan, remember that you need not put up collateral. This works as a significant pro for those who want to avoid losing their assets if they are unable to repay the loan.
Fixed-rate of interest
These loan types have a fixed interest rate, which means that the rate will not change over the life of the loan. This ultimately makes the life of the investor pretty easy as they are able to set their budget accordingly.
Lower interest rates
These loans generally have lower interest rates than credit cards, which paves a more affordable way for borrowers to borrow money. It also saves the borrower’s money in interest payments over the loan’s life.
When it comes to personal loans, it doesn’t matter where you use your borrowed money. This is one of the most advantageous points of this type of loan. Unlike the case of a home or car loan, where you are bound to invest in one thing only, this type of loan is quite flexible. It can be used to cover unexpected expenses such as car repairs or even planned expenses such as a wedding.
Why you must have an instant personal loan app on your mobile?
Long gone are the days when people used to travel to a bank to know about these types of loans. It was a day trip! Nowadays, you only need an internet-enabled smartphone, and you are more than good to go. Around two months ago, my colleague told me about Stashfin.
Now, this company is quite amazing as one can easily get a loan after applying and that too instantly. Moreover, they have a website and a proper application that is relatively easy to use and has an appealing interface.
Please note that I’m not promoting any brand here, but if you are also looking for this type of loan, you should definitely give Stashfin a try.
Stashfin, one of the best loan app, is a digital lending venture started by a team of former financial services professionals dedicated to disrupting traditional lending in India. The team has worked with reputed firms in the Banking and Financial Services space, such as Bank of America, Merrill Lynch, Citi, Deloitte, Kabbage etc., in India and the USA.