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!
Are you planning to avail of an online personal loan? Well, before actually going for one, there are tons of factors you need to take a back step and consider. Long gone are the days when individuals used to avail of such facilities without proper research and development. But now, as the internet advances with each day passing by, the complete process to avail of such facilities hashas changed. There is no doubt that instant processes, same-day approvals, and the promise of instant cash flow can be tempting, especially when faced with unexpected expenses or financial shortfalls. But, as a potential borrower, consider the bigger picture before you hit submit the final button. Today, in this blog, we'll discuss the top 5 things to think about before applying for an online fast loan. 1. Actual requirement Before availing this facility, think twice about how much amount you actually need. Every individual has different requirements, and they desire to get the loan amount on that basis. Therefore, consider your loan's purpose and why you need it. Once you finalize the same, then go for it! 2. Repayment plan Now that you have planned to take out an online loan instant ensure that you have a repayment plan. It is very important for every borrower to have a proper plan, as it helps a lot in managing overall finances. 3. Go through the fine print Before signing the agreement, you have all the right and time to read the fine print thoroughly and go through the personal loan policy. Understand all the repayment terms, late payment penalties, prepayment conditions, and any other fees associated with the loan. Further, you are free to ask for any kind of clarification on anything you don't understand in the first place. 4. Flexibility You are free to apply for the loan for any personal reason. Unlike an auto or domestic loan, where the borrower is bound to buy an automobile or a residential belongings, this sort of loan gives you a loose hand. You can plan a vacation with your family, refurbish or renovate your space or house, or, finally, even purchase any appliance which you have been eyeing for a long time. 5. Unveil the true cost At Stashfin, it is crystal clear: you pay what you borrow. We offer the facility of an instant personal loan without charging any rate of interest (Terms & Conditions apply). This means you have to pay us back the amount you initially borrowed from us. Here are some of the additional charges the borrower might have to pay: We charge a processing fee between 0-10% (excluding GST) on each loan. Bounce Charges Rs 500/- on every NACH/cheque bounce/failed EMI payment. If by any chance you fail to pay the EMI, Stashfin charges a penal interest on the overdue amount. How to avail loan from Stashfin? If you are planning to avail of a loan from us, there is no need to leave your comfort zone. You can simply download our Personal Loan App from the Play Store (Android) or App Store (Apple), depending on your device preference. You can also explore our website for the same. However, here are four easy steps to avail loan from our application: 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 will be good to go! Final thoughts Applying for such an online personal loan offers short remedy in emergencies, however it is also essential to approach the technique cautiously at every step. By considering the above-mentioned elements, you could make a wise selection approximately whether this type of mortgage is the right preference for you. So, what are you anticipating? Download our application now!
Availing a quick loan nowadays is as easy as ordering food from your smartphone. Just a few simple taps, and you are more than good to go. However, to avail such facilities, choosing the right platform is essential. Stashfin, one of the best platforms for personal loan finance, offers the feasibility to all potential borrowers. We offer this service directly from our website and even via applications that can be easily downloaded from the Play Store (Android) / App Store (iOS). What is a quick loan? A quick or personal loan is offered by banks, financial institutions, or online lenders to individuals for various personal expenses. It is called a “quick” loan, as the application process here is very fast compared to other types of loans, allowing borrowers to access funds relatively quickly. Further, these are unsecured loans, which means that they are not backed by collateral such as a car or house. Instead, creditworthiness is assessed based on certain factors such as credit history, income, and employment stability. The rate of interest and loan terms are determined based on the borrower’s creditworthiness. What are its benefits? Instant access to funds As the term implies, quick loans offer fast access to funds. The loan application process here is completely streamlined, and approval decisions are often made promptly. In many cases, funds can be disbursed within a few business days, allowing potential borrowers to fulfill their financial needs promptly. Flexible This online fast loan is very flexible and can be used in any manner. Unlike a car or home loan, which bounds the borrower to use the funds for a particular purpose, these funds can be used for various personal expenses. From consolidating debt, home renovation, medical expenses to even planning a vacation, you are free to use the funds as per your own choice. No collateral These are unsecured loans, which basically means they do not require collateral such as a car or a house. This eliminates the risk of losing any valuable assets if, by any chance, the borrower is unable to repay the loan. It makes personal loans more accessible to individuals who may not have substantial assets to pledge. Fixed-rate of interest They often come with a fixed rate of interest, meaning the rate remains the same throughout the tenure. This offers the borrowers predictability, as they know the exact amount they need to repay each month. Debt consolidation Personal loans can also be used for debt consolidation, which involves combining multiple debts into one single loan. By consolidating debts, borrowers can easily secure a lower rate of interest and simplify their repayment process by having only one monthly payment to manage. What are the eligibility criteria to avail of this quick loan service? Age You must be at least 18 years old to apply for a personal loan. In some cases, this can be higher, such as 21 or even 25 years old. Income Lenders assess your income to determine your ability to repay the loan amount. They may require you to have a stable income source, and if the income is high, it automatically increases your chances of successful loan approval. Credit history Credit history, as well as score, is evaluated by the lenders. A good score here indicates responsible borrowing and repayment habits, which can increase your chances of approval. Employment stability Lenders prefer borrowers who have a stable employment history. They ask for details such as employment duration, employer information, and income stability. Debt-to-income ratio Your debt-to-income ratio is also considered in the eligibility criteria. It is basically the percentage of your monthly income that goes toward debt payments. This is checked so the borrowers know you have sufficient income to comfortably handle the personal loan finance and your other financial obligations.