Personal Loans Are Here To Finance Your Dreams
posted on 2020-09-15 06:50:53 by Admin
Right from buying your dreams house to planning your dream vacation, getting your kid enrolled in their dream university, we do not want to lag behind the world. In today’s fast-paced life, our dreams are endless but saving any sum of money after all the bills, expenses, loan EMIs and credit card statements hardly leave anything in our pockets. Besides, not having any extra source of income adds further to the already looming financial burden. What do we do? Borrowing from relatives happens to be too miserable an option. We have a better idea for you, that will give you wings to take as high a flight as you want and that is a Personal Loan.
What is a Personal Loan?
A personal loan is a sum of money that is lent by a bank, a financial institution or an individual to a person for personal reasons. As opposed to other types of loans, can be used for any purpose. A personal loan is broadly classified into two types: Secured Personal Loan and Unsecured Personal Loan.
The secured personal loan is offered against something as a collateral or security like a house, car, bike or any other valuable asset. Whereas, the unsecured loan don’t need any collateral or security for approval. Owing to these reasons, the risk involved in the prior type is none hence you can enjoy the perks of low-interest rates and higher amount of money while you have to pay higher interest rate because of the lender’s risk involved in offering an unsecured personal loan.
An instant personal loan
is easy to get when you apply for it online, given the flexibility that comes in availing a personal loan. In most cases, you do not have to provide any security or collateral for availing an instant personal loan online. The lender will offer you the money after assessing your repayment ability, financial standing and your credit score, Moreover, a personal loan is, nowadays, available to both - a salaried individual and self-employed individual.
Why is a personal loan an easy way of raising funds?
Some factors that lenders consider before sanctioning a personal loan
are qualification, reputation, goodwill of the company they are working in, age criteria and repayment capacity in a salaried individual’s case. As about self-employed individuals, lenders give preference to doctors, architects, engineers, chartered accountants and MBA’s (from reputed institutions). Here are some factors for which instant personal loans are turning into a popular choice for people across the world.
Instant personal loan eliminates the most the tedious formalities that come with other conventional loans like paperwork, delay in processing and disbursement and necessity of a guarantor or corporate guarantee. Besides, you can simply send the soft copies of your documents through email or upload the scanned copies of the documents in the app.
One of the biggest attractions of a personal loan is that while sanctioning the loan, no questions are asked to you about the end-use of the loan money. You have the complete liberty to use it anywhere you want to, be it your daughter’s wedding or her school fees or a vacation.
The time taken for disbursement is yet another major attraction of a personal loan. After applying for a personal loan, it just takes a few hours to get the funds on our account.
Unlike conventional loans, you can apply for personal loans online
on LoanAdda through your smartphone or computer. Availing funds through the mode of personal loan only takes a few minutes.
Repayment in Installments
A personal loan also gives the flexibility to pay off the debt in easy instalments spread over the tenure opted by you that ranges between 1 year to 5 years.
Concludingly, to fuel your dreams and kickstart the journey that you always wanted to, a personal loan is the easiest and the most convenient way for you. LoanAdda
offers personal loans on the easiest and pocket-friendly terms and conditions. To avail an instant personal loan, LoanAdda is, without a doubt, the best choice for you.