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Personal loan - Meet Your Urgent Cash Requirement

Apr 3rd 2020 at 11:28 AM

Mostly of the people earn only a smaller paycheque that is barely sufficient to last a month's time. Often, they are confronted with a tight money situation ahead of their next payday. They usually look for some financial assistance from friends. But sometimes their need for cash is urgent, and even friends are unable to help. To deal with such situations, borrow money from the lenders who are offering a personal loan for urgency on the same day.

There are no risks for borrowers in taking out a personal loan. This is because you do not have to pledge any property against the loan. At best, a lender may ask you to borrow money against a post-dated cheque of the loan amount plus interest. On the due repayment date, the lender will redeem the cheque from your bank to get back the loan along with interest.

The loan availing process is simple. To apply for a personal loan, you need to visit the lender App and provide your name, loan amount, contact information, etc. in an online application. Since the processing of the application takes place online, the approval comes quickly, and you can get the requested amount of loan on the same day.

A personal loan is easier to avail for those who meet the eligibility conditions. If you are an Indian citizen of over 18 years of age and currently employed, you will be approved the loan. You must be drawing a monthly salary of no less than Rs 15000 for the past few months, at least from the current job. But provide copies of your Aadhaar card, Voter ID card, and PAN card when applying for the loan. Upload and send these copies with the application. Another condition laid down by the lending agency is that there should be your Facebook/LinkedIn profile and send its link with the application as well.

If you qualify, you can borrow enough cash that can pay off your urgent bills and meet your pending personal expenses. A personal loan lender can typically approve you for cash ranging from Rs 2000 to Rs 200000 for a short period. But your monthly earnings and capacity to repay will also be verified before approval of the loan. Therefore, to avoid delay in the loan, borrow a smaller loan than your repayment capacity.

When it comes to repaying the loan, you can do so quickly or take your time and pay off in monthly installments. A personal loan offered for urgency is typically repayable in 15 days to 180 days. Such flexibility of the repayment period allows you to get rid of the loan on your next payday. So, the loan is not a burden on your monthly paycheque as you can pay it off quickly or as per your convenience.

As regards to the interest rates, know that a personal loan carries high-interest payments. Since this is an unsecured loan for a very short period, lenders charge interest at 36% APR, which is a 3% interest payment per month. Therefore, pay off the loan as soon as you can to avoid late payment penalties and more interest payments.

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