Since the Covid-19 outbreak, more and more people have been inclined towards the internet to apply for small personal loan online. Long gone are the days when individuals actually used to visit financial institutions to avail of this facility.
Remember that you, as a borrower, are entirely free to use this loan for any purpose. From covering unexpected expenses, paying off bills or debts, funding a small home renovation project, or even financing a family or friends vacation, this can be used for any personal purpose.
What is a small loan?
This is a type of loan that is typically granted to individuals for personal use. It provides a relatively small amount of money, usually ranging from a few hundred to a few thousand dollars, depending on the lender’s policies as well as the qualifications of the borrower.
Moreover, such loans are often unsecured, meaning they do not require collateral such as a home or car to secure the loan. Instead, once the loan application is submitted, the lender takes into consideration the creditworthiness of the borrower based on certain factors like credit history, income as well as employment status.
What are its benefits?
Easily Accessible
Small loans online are generally easier to qualify for compared to larger loans. The lender here has more relaxed eligibility criteria for smaller loan amounts, making them accessible to a wider range of borrowers, including those with average or even fair credit scores.
Instant approval
Personal loans, especially smaller ones, often have a streamlined application and overall approval process. Some lenders can easily provide same-day or next-day approval as well as funding, allowing potential borrowers to access the funds they need promptly.
Versatility
Such loans are typically not restricted to specific purposes. The borrowers have the flexibility to use the funds for various personal expenses, such as medical bills, vehicle repair, debt consolidation, home renovation, etc.
No Collateral
Unlike secured loans that require collateral, an online small personal loan is often unsecured. This means that the borrowers do not need to pledge any assets as collateral in order to secure the loan.
Consolidation of debt
Small loans can be an effective tool for consolidating high-interest debts. So, by combining multiple debts into a single personal loan, borrowers can simplify their finances, potentially lower their overall interest rates, and make managing payments more manageable.
How to avail of a small loan?
Availing of a small loan nowadays is super easy with Stashfin. You can easily visit our official website or download our loan app via the Play Store/App Store, depending on your device.
- Download the app from the Play Store/App Store
- Sign up using your mobile number
- Add your details to check your credit limit
- Complete KYC and you are good to go!
Conclusion
Stashfin, one of the trending and top small loan app, always ensure that all potential borrowers face no hassle while availing of this facility. Moreover, we ensure that the amount is disbursed within a short span period, enabling people to fulfill their needs accordingly.
