In the financial market, there are some loans that require a person to put any personal asset as security against the loan. On the other hand, personal loan is the only loan that does not ask for a security or collateral. That is why it is known as an Unsecured loan.
This loan differs from other loan on the grounds of:
How a personal loan fulfills individual needs?
Best and cheapest alternative to credit card:
People, who use credit cards, find themselves stuck with a huge chunk of bill to pay at the end of every month. As a result, it creates a huge dent in their bank accounts, raising the monthly cost of living index by a large margin. Here is where a person can use Unsecured Loans for fulfilling all of the massive personal needs. These are cheaper than credit cards as the personal loan interest rates, and other fees is relatively lower.
Fewer details are required:
Banks and other NBFC’s while granting a loan check the repayment capacity of the borrower to check whether the borrower is capable of paying the monthly installments or not.
No collateral requirements:
In this loan, you are not required to pledge any of the personal asset as collateral to the bank. In case of no EMI payments, you will not have the fear of losing any personal property. That is why it is the all time favourite of people these days, as it provides instant financial rescue to the people.
It is one of the fastest method of obtaining funds quickly. Loan is approved within 24 hours and money is transferred within next 24 hours. Hence, the overall procedure takes 24-48 hours. it is one of the fastest available finance.
Thus, these loans are the best source to avail urgent funds to cater all of the personal needs.
Special Note: Bank does not provide personal loan to poor credit holders, however; one can fulfill their financial requirement with a Gold Loan easily.
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