If you’ve ever tried getting a conventional loan, you will know the difficulties that lie on the path. These loans come up with exorbitant interest rates plus you have to pledge collateral to avail them. Thus, it becomes a risky short to pledge collateral to meet your financial goals. However, in recent times the emergency personal loans provided by several banks, financial institutes, and fintech companies have come to rescue millions of individuals who are stuck in urgent financial needs.
These loans have come a long way to provide diversified solutions, making it easier for people to get access to quick funds.
Most banks and financial institutes have partnered with aggregator sites wherein you can compare quotes in terms of interest rates, processing fee, loan disbursal, loan tenure, time, and other key factors. It will help make an informed decision. Also, known as ‘small amount personal loans’, you can use them to fulfill varied purposes such as – renovate your home, fund your child’s education fees, buy a two-wheeler, consolidate your debt, fund your small business, etc.
There are a plethora of options with lenient procedures and requirements to grant the loan. When you apply online, lenders will sanction your loan in a couple of minutes and disburse in your bank account in mere 2-3 working days. These kinds of loans are also known as unsecured loans as you don’t have to pledge collateral such as a car, property papers, jewellery, etc, as would be the case in a conventional loan.
Banks and fintech companies will emphasize more on your stable income source with a good credit score. Mostly, the credit score will determine whether you’re good for a small amount personal loan and at what rate of interest the loan will be given to you?
Personal loans, unlike credit cards, have easy repayment options for around 2-3 years and come with a fixed interest rate. All these interest rates are slightly higher than the secured debt; however, a good credit score, income source, and low debt-to-income ratio can help you curb the interest rates. You can pick emergency personal loan EMI as per your affordability and financial requirements.
Once you know that you need an emergency personal loan, it’s time to shop around. Look at the terms such as annual percentage rate, interest rates, tenure, monthly payments, and total loan amount you will pay over the period of time. You can call or chat with online team 24X7, and clear all your doubts about interest rates, terms, and policies, etc. before you sign on the dotted lines.
The documentation is easy and hassle-free. You don’t have to carry a pile of documents and visit branches to meet the loan officers. You can upload a scanned copy of your documents online, and get the loan status in a couple of minutes. It helps you save your time and energy. Also, you can comfortably set up ECS to make easy loan repayments.
Compare quotes, and opt for small amount personal loan, today!