In the current dynamic and unpredictable world, unforeseen expenses can surface when you least expect them, leaving your financial stability in question. This is where personal loan step into the game! Whether it’s an unexpected medical bill, a vehicle repair, or any other urgent financial need, these loans offer the peace of mind that you’ll never run out of cash when you need it the most. What is a fast cash loan? As the term suggests, it is a loan type where a potential borrower can apply instantly and receive funds directly into the bank account on the same day. Most lenders process the application within no time and disburse the loan amount on the same day only so that one can access the amount quickly. What are its advantages and disadvantages? Advantages Flexible repayment Another advantage of this loan type is flexibility when it comes to repayment. You might be offered the option of setting the amount you want to pay for the repayment plan by simply changing how many requirements you would like to repay your loan amount. No credit? No issue It is a well-known fact that a solid credit record may help your chances to get the loan approved. But, even if you have no credit score or a bad one, you can still apply for loans with no credit. Here, you only need to ensure that you have a steady income and follow the credit conditions of the lender. No Collateral When you plan to avail of such a loan, you need not worry about putting down a valuable asset in the form of collateral. This is simply because it is an unsecured loan, and you’ll not have to submit any security or collateral when applying for an instant personal loan. Disadvantages High rate of interest Fast cash loans come with a high rate of interest. This leads to a cycle of debt if not repaid quickly. Negative Impact on Score If by any chance you are unable to pay the loan back, it can negatively affect your credit score and financial well-being. How to apply for personal loan from your home? Just make sure that you are using the right platform! Period. I availed of this financial facility from an application named ‘Stashfin’, and believe me, they offer a smooth experience. With just a few taps on your smartphone, you are 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! Conclusion If you are looking for immediate financial assistance, get personal loan! This has become one of the most popular ways to fulfil financial desires in recent years. Moreover, its accessibility from anywhere makes it a much more convenient option than the old-school methods. (Note: You are free to use the loan amount as per your wish. There are no such restrictions.)
If you are looking for instant funds, an online personal loan is one of the best facilities you can avail in the current times. With easy access to the internet, things have become more accessible and convenient. Therefore, we at Stashfin have only one motive in mind, to offer feasibility and convenience to all its customers as well as potential customers. Along with our official website, if you are looking for such a loan, you can also download our application from Play Store or App Store as per your device. What is a personal loan? It is a type of loan that individuals can borrow from a financial institution to meet their personal financial needs. Unlike a car or home loan, where the borrower is bound to use the money for a specific purpose only, this type of loan is quite flexible and can be used for any purpose. This includes consolidating debt, paying for medical expenses, financing an event/wedding, or even taking a vacation. These loans are typically unsecured in nature, which basically means that they are not backed by collateral like a car or house. Instead, lenders evaluate the borrower’s creditworthiness based on certain factors such as credit history, income, debt-to-income ratio and employment stability. As a result, the rate of interest and terms offered to an individual are often based on their creditworthiness, with borrowers having better credit usually receiving more favourable terms. What are the 5 things you should not do to get personal loan? Miss or Delay Payments Avoid late payments or defaulting on your existing debts, such as bills, ongoing loans or credit cards. This is because lenders consider your payment history as an indicator of your ability to repay debt. Therefore, a consistent record of timely payments clearly demonstrates financial responsibility. Apply for Multiple Loans Applying for many loan applications within a short span of time can definitely impact your credit score in a negative way. So, it is essential to first research lenders and compares every factor before applying. Inaccurate information Providing wrong and inaccurate information about yourself can lead to severe consequences. Therefore, be truthful and accurate about every information when you apply personal loan. Details include income, employment status, financial obligations etc. Max Out Credit Cards Running up high balances on your credit cards also increases your credit utilization ratio. This measures the amount of credit you use compared to your total available credit. Lenders prefer borrowers with a low credit utilization ratio, so make sure that you avoid maxing out your credit cards before applying for the loan. Make Major Credit Changes Before applying for a loan, avoiding making significant credit changes, such as opening or closing credit accounts, is advisable. This is because it affects your credit score and raises certain concerns for lenders. In order to avail loan from Stashfin, a personal loan app, you, as a potential borrower, just need to follow certain steps. Four simple steps, and you are more than good to go. Download the app Sign up using your mobile number Add your details to check credit limit Complete KYC!