13 October 2020
A personal loan is an unsecured loan designed to help folks meet their financial needs. By definition, a personal loan is one where you don’t need to pledge any security or collateral while opting for it. The lender provides the borrower with the flexibility to use the funds as per their own requirements. On closer look, we see that they work fairly similar to secured loans:
On that note, it’s natural to wonder – what sort of needs do personal loans satisfy when dedicated loans – such as those for cars, homes, etc. – already proliferate the market?
Personal loans provide solutions for managing everything from wedding expenses, travel costs, and home decor, to construction and renovation, expenses of a medical emergency, debt consolidation, and others. An individual can pay the money back with interest on the basis of monthly installments over a period of time that usually ranges between two to five years.
Let’s take a look at some of these expenses – particularly those that are often ‘life goals’ for many of us.
A fairly obvious life goal if there ever was one – education is an enabler, and a great equalizer, regardless of our background, financial status, ethnicity, and more. It’s arguably one of the most critical investments we make in our lives. This is why a personal loan that pays for our education expenses, or even our children’s school fees, fulfills a crucial need.
Medical bills can come up suddenly and may become difficult to repay; this is when instant personal loans come in handy. We’d all like to be in a position to address any such emergencies when they crop up. Quick medical loans can cover a high medical bill or even an expensive cosmetic surgery.
A business or startup is a goal for many of us. And once it’s up and running, growth quickly becomes our next goal. These pursuits require capital, which is why loans for business expansion can be crucial.
In due course of the wedding planning process, couples and families get a closer look at the hefty amounts they’d be paying – from florists and caterers to event venues and wedding planners. Weddings are costly, so many couples turn to personal loans for weddings to cover the expenses, breaking the cost of a wedding into manageable monthly payments.
Personal loans can be used to convert several kinds of debt into one fixed monthly payment. This can make it easier for a person to keep track of their bills and also pay off debt on a schedule. The largest benefit of debt consolidation is cost savings. And isn’t it everyone’s life goal to be free of debt as soon as possible? Or at the very least, make it less of an annoyance?
Home renovations add obvious value to one’s home and make it a better place to live. It’s where we spend the majority of our lives, after all. A borrower can finance their home improvement projects via personal loans, which typically cover most such expenses. And of course, when we’re renovating our home with an unsecured personal loan, it’s a pleasant reminder of a credit system that isn’t asking us to put up our home as collateral. We don’t have to risk losing our home, or quite frankly, any other asset, to a bank or institution.
It can take a long time to save for a car or two-wheeler, despite it being a dream for many. With inexpensive rates on a personal loan, we know exactly what our regular repayments will be and how long it will take for them to pay the loan off. The result? A more informed, educated purchase of a vehicle with a car loan or two-wheeler loan. Our wheels can be here quicker than we may have anticipated!
Clearly, personal loans serve several needs. But in a market crowded with them, how do you identify the one that suits you best?
EarlySalary is an instant loan mobile app that enables salaried professionals to borrow money for virtually any urgent cash requirement they may have. In other words – no questions asked.
EarlySalary’s online platform is backed by a strong team that aims to build a new credit culture, combining traditional credit scoring with new parameters linked by technology. It’s backed with risk assessment concepts that enable a revolutionary new business allowing everyone to borrow hassle-free!
Along with salaried employees, EarlySalary can also be availed by self-employed individuals as well as business corporates to receive a cash advance in order to meet their urgent credit needs.
When there’s an urgent need for a quick cash loan, it’s common to see very few genuinely feasible options available. One usually tends to seek a personal loan from traditional banks, which can be a time-consuming process and requires a lot of paperwork and multiple documents.
The internet has catalyzed a transition to new-age systems that honestly save us considerable time, efforts, and hassle. And instant loans are a logical evolution of the era. Frankly, if we can purchase anything sitting in the comfort of their home, why shouldn’t we get access to credit for those expenses in the very same way?
It’s this philosophy that’s helped EarlySalary lead the market as one of the best loan apps that one can use. Based in Pune, the model has been revolutionizing the way money lending occurs in India. In short – EarlySalary’s personal loan app is the easiest and fastest way to get instant loans in this new decade.
Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs! We’re listening all day on:
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