There are moments in life when we find ourselves in immediate need for a cash injection in case of unexpected expenses, such as bill payments or home improvements. At times like this, a Personal Loan seems to be the best solution.
Personal loans are probably the fastest and most easily available of retail loan products. Unlike other retail loan products such as home loans or loans against property, you don't need to produce any collateral or security to avail a personal loan. The paper work is also minimal compared to other loans; making the loan processing quicker. Getting a personal loan is cheaper than borrowing on your credit card.
You also do not have to specify the end use of the money while taking a personal loan. All the lender is interested in is whether you are capable of paying the EMI's (Equated Monthly Installments) every month on or before the due date. The uses of the personal loan are varied. Debt consolidation, home improvement, car purchase and vacations are some of the most popular uses that the personal loan proceeds will be used in. There is no restriction from the loan provider on the usage of the loan proceeds. You're in control.
Immediate funding. You can get the funds you need quickly with a personal loan. It's a good solution if you need rapid financial injection.
Flexible payment options. Often, you can choose the date of payment, how to pay and how much you pay. Sometimes lenders will even create a flexible loan that allows you to pay more now and less later, or vice versa, even early repayment without penalty.
Quick Decisions. Personal Loans do not require collateral or guarantors which makes the application process relatively quick and simple.