One of the trendiest ways to avail of instant funds for personal use is a personal loan. It has completely revolutionized how people avail funds and has been able to get more fan following than a credit card.
A simple personal loan apply is initiated easily via your smartphone only, and you, as a potential borrower, need not go anywhere. Since the beginning, we have had one goal in mind, i.e. to offer convenience to all the customers as well as potential customers.
What is a personal loan?
As the term implies, it is a type of loan that offers borrowers funds for various personal financial expenses. These can be consolidating any ongoing debts, home renovations or improvements, paying medical bills, education costs, or even funding a family vacation.
However, unlike specific-purpose loans (like auto loans or mortgages), personal loans are generally unsecured. This means they don’t require any collateral in order to secure it. However, some lenders may offer secured personal loans, which do not require any collateral.
How to avail of a personal loan?
Availing of this type of loan is as simple as ordering your favourite food snack simply from your smartphone. You just need the right application, an internet connection, and you are more than good to go. We at Stashfin primarily focus on feasibility and convenience.
In the current era of digitalization, people avoid travelling to financial institutions and tend to save a lot of their energy, fuel, money and, most importantly, time.
What are the pros and cons of a personal loan app?
Pros
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Instant approval & disbursement
Such applications have streamlined processes, utilizing technology and algorithms to assess your creditworthiness, hence make loan decisions quickly. If approved, funds can be disbursed straight to your account within a short period.
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Accessible
Loan app personal may have more relaxed and easily eligible criteria than traditional lenders, making it relatively easy for individuals with limited credit history or lower credit scores to qualify.
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Convenient
It allows you to apply for this loan type from the comfort of your home or anywhere with internet access. The entire process is entirely in line, saving a lot of time and effort compared to those old-school traditional loan applications.
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Transparent
We at Stashfin, one of the most loved applications, offer clear and transparent information about Rate of interest, fees, repayment terms, and potential penalties. This enables the borrowers to make informed decisions and understand the costs associated with the personal loan.
Cons
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Higher Rate of interest
Personal loan apps may have higher interest rates compared to traditional lenders. It is essential to carefully review and compare interest rates to ensure you get the most favourable terms available.
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Limited Amounts
While online personal loan application undoubtedly offers convenience, they may have specific limitations on the loan amounts they can provide. Therefore, if you require a huge chunk of money, you might need to explore traditional lenders.
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Scam potential
There are many applications out there from which you need to be cautious and research the reputation and credibility of personal loan applications. Avoid paying exorbitant amounts of interest, hidden fees etc.
Conclusion
If you are looking for a personal loan, look nowhere else. At Stashfin, you’ll be able to receive the funds you require within a blink of an eye. Therefore, download this personal loan application, and you are good to go!
