Are you planning to avail of an online personal loan? Well, before actually going for one, there are tons of factors you need to take a back step and consider. Long gone are the days when individuals used to avail of such facilities without proper research and development. But now, as the internet advances with each day passing by, the complete process to avail of such facilities hashas changed.
There is no doubt that instant processes, same-day approvals, and the promise of instant cash flow can be tempting, especially when faced with unexpected expenses or financial shortfalls. But, as a potential borrower, consider the bigger picture before you hit submit the final button.
Today, in this blog, we’ll discuss the top 5 things to think about before applying for an online fast loan.
1. Actual requirement
Before availing this facility, think twice about how much amount you actually need. Every individual has different requirements, and they desire to get the loan amount on that basis. Therefore, consider your loan’s purpose and why you need it. Once you finalize the same, then go for it!
2. Repayment plan
Now that you have planned to take out an online loan instant ensure that you have a repayment plan. It is very important for every borrower to have a proper plan, as it helps a lot in managing overall finances.
3. Go through the fine print
Before signing the agreement, you have all the right and time to read the fine print thoroughly and go through the personal loan policy. Understand all the repayment terms, late payment penalties, prepayment conditions, and any other fees associated with the loan. Further, you are free to ask for any kind of clarification on anything you don’t understand in the first place.
4. Flexibility
You are free to apply for the loan for any personal reason. Unlike an auto or domestic loan, where the borrower is bound to buy an automobile or a residential belongings, this sort of loan gives you a loose hand. You can plan a vacation with your family, refurbish or renovate your space or house, or, finally, even purchase any appliance which you have been eyeing for a long time.
5. Unveil the true cost
At Stashfin, it is crystal clear: you pay what you borrow. We offer the facility of an instant personal loan without charging any rate of interest (Terms & Conditions apply). This means you have to pay us back the amount you initially borrowed from us.
Here are some of the additional charges the borrower might have to pay:
- We charge a processing fee between 0-10% (excluding GST) on each loan.
- Bounce Charges Rs 500/- on every NACH/cheque bounce/failed EMI payment.
- If by any chance you fail to pay the EMI, Stashfin charges a penal interest on the overdue amount.
How to avail loan from Stashfin?
If you are planning to avail of a loan from us, there is no need to leave your comfort zone. You can simply download our Personal Loan App from the Play Store (Android) or App Store (Apple), depending on your device preference. You can also explore our website for the same. However, here are four easy steps to avail loan from our application:
- Download the app from the Play Store/App Store
- Sign up using your mobile number
- Add your personal details to check your credit limit
- Complete KYC, and you will be good to go!
Final thoughts
Applying for such an online personal loan offers short remedy in emergencies, however it is also essential to approach the technique cautiously at every step. By considering the above-mentioned elements, you could make a wise selection approximately whether this type of mortgage is the right preference for you.
So, what are you anticipating? Download our application now!