Drowning in debt? It can feel quite overwhelming like being stuck in a never-ending cycle of minimum payments and unnecessary mounting interest. In our country, with various loan options available, it’s pretty easy to fall into a debt trap.
However, this is where an online fast loan steps into the game. We at Stashfin offer such a facility without much hassle and in quite an easy way. For those who are not aware, this type of loan facility can be a powerful tool used strategically to break free and achieve financial stability.
Today, in this blog, let’s understand everything about such loans for debt consolidation, outlining effective strategies and offering valuable tips.
What is a personal loan? Why are more and more people inclined towards it?
As the name suggests, it is a type of loan that can be used for personal objectives and goals. This means that one can easily use this facility to fund a dream vacation, purchase the latest smartphone, or, most importantly, consolidate debt.
Furthermore, these loans are unsecured and don’t require any collateral. Therefore, they are totally dependent on the creditworthiness and the ability of the potential borrower to repay.
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No interest rate
When you join hands with Stashfin, you need not worry about any kind of interest. This means that you have to pay us back the exact amount you initially borrowed from us. This is because we don’t charge any Interest On Personal Loan amount.
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Flexible Repayment
These loans come with a flexible repayment schedule of up to 36 months. So, you as a borrower need not worry and hurry and just need to plan things in a very proper manner so that the loan amount is paid in time.
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Enhanced Credit Score
Once you pay the loan back on time without any delay, you’ll witness a positive impact on your credit score. This happens as financial institutions become aware that the borrower is responsible and not a threat.
Escaping a Debt Trap Using a Personal Loan: Strategies and Tips
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Know your existing debts
Before you apply personal loan, keep in mind to know all about your existing debts. Create a proper detailed list that includes a credit card or any other kind of pending bill. Further, take note of the amount you owe, the annual percentage rate charged on the debt etc,. This gives you a clear picture of your overall debt!
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Proper budgeting
A well-crafted and planned budget is your roadmap to debt freedom. Track your expenses and identify areas where you can cut back easily. The pro tip here is to allocate a small portion of your savings for unexpected expenses.
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Every Repayment matters
Consistency is the key! Ensure that you are consistent when it comes to paying back the personal loan finance repayment amount. You can easily set up automatic payments and avoid missed payments and late fees. Furthermore, despite getting access to extra funds, you can stick to your budget and prioritize only eliminating your debt.
Why Stashfin?
One of India’s leading platforms for personal loans, you can simply download our application via the Play Store (Android) or the App Store (iOS) or even explore our website.
We don’t charge any Interest On Personal Loan amount (T&C apply), and one can easily avail of this facility without any hassle. Once your application is approved, the amount will be credited to your account within no time.
Final thoughts
A debt trap requires a very strategic approach, and this type of loan can be the key to your financial freedom. By using the tips mentioned above and tricks, you’ll be well on your way.
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