Medical emergencies, cash shortages, and sudden expenses are some of the unavoidable problems which most of us face in our lives. At those moments all we want is quick cash without any hassle of getting through long queues or approvals. In Emergencies every minute counts and we can’t afford to wait for the loan approval.
However, getting a quick personal loan can be the solution to all these urgent needs. Quick personal loans also known as instant personal loans provide you money within 24 hours making it instantly useful for people in need of quick funds. In addition to it, there are many benefits associated with it, which include- unsecured nature, flexible tenure and affordable interest rates which makes it a less burden on the person.
Here are five ways a personal loan can help you in your emergencies:
Get ample funds for emergencies
Generally, an instant personal loan offers you a high loan amount irrespective of its collateral free nature. The loan amount offered depends highly on your profile and repayment capacity. Some lenders even offer pre-approved personal loans, these lenders are mostly those with whom you have an existing account. The pre-approved amount allotted to you again depends on your income and repayment capacity. Using the sanctioned amount, you can remedy emergencies that crop up without hassle, as there are no restrictions on how you spend the money.
Save time and effort
In case the emergency is particularly a medical one or an urgent bill payment where actions are needed to be taken urgently, you can’t run around from pillar to post. As completing formalities and collating documents with most of the conventional loans consume a lot of time. However, by availing an instant personal loan you can save the legwork and the hassle, all thanks to the convenient online processing involved in instant approval of a personal loan.
Competitive interest rate
Even when in an emergency, you don’t need to pay an exuberant amount of interest for your loan. The personal loan market is highly competitive and as a result, the interest rates at which instant/quick personal loans are offered are reasonable plus affordable. But, it’s always important to compare the rates with other options available in the market to make it more convenient for you.
Easy repayments with flexible tenure
Instant personal loans allow you to choose from a flexible tenor ranging from 12 months to 60 months. Hence, you can choose one at your convenience. For better understanding, you can use a personal loan EMI calculator to plan for repayment. This will help you know your estimated EMI before you borrow making budgeting easier for you.
No inflating, no hidden charges
While arranging funds in a financial emergency, most of us ignore checking for inflation and hidden cost. However, most of the lenders promise no inflation and no hidden charge, but it’s your responsibility to check for it thoroughly before you go with one. How to check for it?
Read the fine prints of your loan agreement properly before you sign it. The hidden cost can surprise you as it can increase the cost of your loan.
Well, before you select a lender, it’s important to compare with various banks and NBFCs, and then make an informed decision. Compare for interest rates, processing fees, prepayment charges, penalties in case of delayed EMI payment and loan tenure as well. Don’t fall for the trap of low EMIs, use a personal loan EMI calculator and verify how much exactly you are paying for your loan.