In the current digital era, availing the facility of a loan is as easy as ordering groceries/food from your smartphone by easily sitting in your comfort zone. Open your App Store/Play Store, and you’ll come across various personal loan apps. But, the matter of the fact is that landing up on the right application is what helps you in the long run.
There is no doubt in the fact that the ease and accessibility that financial applications offer has led to a healthier country in financial terms. Long gone are the days when people used to travel to banks in order to gain access to loans. Nowadays, it is just you and your smartphone.
What is a personal loan?
As the name implies, this type of loan is all about borrowing money from a bank or other financial institution for personal purposes. Now, the purpose here can be purchasing an electronic appliance, paying for an event/wedding, consolidating debts, or even home renovation.
Unlike other types of loans that bind the borrower to purchase a specific thing like a car or home, this loan is quite flexible and can be used for any kind of personal use. However, it is unsecured, which means that it doesn’t require collateral and is granted on the basis of the ability to repay the loan and the creditworthiness of the borrower.
What are its advantages?
From a lucrative rate of interest to instant access to funds, a personal loan has a lot on the table to offer. So, if you are in need of urgent funds, this is one of the best options to avail.
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Flexibility
When you avail this type of loan, you are not bound to spend it on a particular thing. It can clearly be used for a wide range of purposes, such as debt consolidation, home improvements or unexpected expenses.
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No Collateral
These loans are unsecured, which means they can be availed without putting up any collateral. Unlike home or car loans, it is totally based on the creditworthiness of the borrower as well as their income.
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Credit Score Improvement
When you avail this loan, making regular and timely payments on it helps improve the borrower’s credit score. This also helps them to avail access to funds in the future easily.
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Instant access to funds
This type of loan has gained much popularity in recent years. The prime reason behind it is that it is approved and funded quickly, which definitely helps in emergency situations.
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Low Rate of Interest
When you avail this loan from personal loan apps, they offer a lower rate of interest. This helps borrowers to save money on interest charges.
How to avail the personal loan?
Availing loan from Stashfin offers a seamless experience for all users. With just a few taps, the potential user is more than good to go.
- 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 are good to go!
(Tip: You can also avail the same facility from our website.)
