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. 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. 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. 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 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! 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. 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. Looking for a Small Loan Apply Online? Download our application now!
If you are looking for a personal loan, then you might be very well aware that many factors come into play for the personal loan application approval. From credit score, income to even employment stability, there are tons of factors considered. At Stashfin, once such factors are scanned, the loan is approved instantly, and the potential borrower gets the loan amount instantly deposited in the account. This makes the whole procedure quite efficient and fast, giving financial stability to the required borrower. What is a personal loan? As the name implies, it is a type of loan that you can borrow from a financial institution, such as a bank, credit union, or online lender, for personal use. It is usually an unsecured loan, which means that you don’t need to provide collateral, like a house or car, in order to secure the loan. On the other hand, unlike loans designed for specific purposes, such as car or home loan, this loan can be used for a wide range of purposes. These can be debt consolidation, home improvement, medical expenses, education, etc. So, what are you waiting for? Come to Stashfin and start the personal loan apply process now! What are the factors influencing personal loan approval? Credit Score It is basically a numerical representation of your creditworthiness based on your credit history. This score reflects your past borrowing and repayment behaviour. Keep in mind that higher credit scores increase the chances of loan approval, while lower scores have the opposite impact. Income The income of the potential borrower is considered by the lender in order to evaluate your ability to repay the loan. They may ask for income proof after you initiate a loan apply online, and a higher income positively influences loan approval. Employment Stability Lenders may consider the stability of your employment or business. So, having a steady job or a business with a consistent income can enhance your chances of loan approval. Debt-to-income Ratio (DTI) It is a measure of your monthly debt obligations relative to your income. Lenders basically use this ratio to determine your ability to handle additional debt. Generally, a lower DTI is preferred, as it indicates a lower risk of default. Existing Financial Obligations The lenders consider another very important factor, that is existing debts. These are home, car loans, credit card balances, and other personal loans. Remember that such obligations undoubtedly affect your debt burden and can impact your financial ability to repay a new loan. How to avail of a personal loan? We at Stashfin, one of the top rated personal loan app available, ensure that all our potential borrowers face no hassle while availing of such a loan. With just a few simple steps, the borrowers are more than good to go. You can easily visit our official website or simply download our application on your Android smartphone or iPhone. Download the app from the Play Store/App Store as per your device preference Sign up accordingly using your mobile number Add your personal details to check your credit limit Complete KYC and you are good to go! Conclusion So, before you initiate an online personal loan apply, keep the above-mentioned points in mind, which can affect your approval. If you do this before applying, you are in for a smooth application process without any kind of hassles.