Online personal loans are by far the easiest to take for the borrowers. Their biggest advantage? That they are collateral free and can be utilized for anything. Furthermore, you’re not required to submit heaps of documents as proof and the loan amount also gets disbursed fairly quickly.
However, have you ever given the timing of such personal loans a thought? Let’s go over some of the probable scenarios wherein it would be best for you to take a personal loan.
Repayment of a high interest loan
In case you have an already running loan that you are paying high interest on, it would be ideal for you to take a cheap personal loan and repay that other loan in part or full. Let’s say you have a hefty credit card loan amount outstanding with the bank, on which you are paying interest in the vicinity of 24% to 36% per month. It would be far better that you take a personal loan with a fixed interest rate ranging from 11% to 18% instead, thereby significantly reducing your total interest outgo.
For credit score improvement
Your credit report and credit score are very critical when it comes to applying for any loan product. The simplest and easiest method of improving your credit score is by taking some small online personal loan and repaying it ahead of or on time. As a result, the future prospective lenders will see good credit history in your report and will be more forthcoming in offering you credit.
Home Improvement
Rather than opting for a loan on the property, you can opt for a good personal loan deal, to meet your immediate home improvement needs. It’s an excellent method of financing home renovation without having to put your home papers as collateral. Another positive of an online personal loan is that its tenure would be lesser, and hence you won’t need to carry the debt burden for very long.
Medical emergencies
Although a large number of people have medical insurance these days, you never know what kind of medical emergency you are faced with, and at what time. When you need money at such short notice, there is no better product than an online personal loan to meet your requirements. These loans get processed very fast and the documentation requirements are also minimal. In fact, some lenders credit the loan amount almost instantly.
Wedding Expenses
It’s a well-known fact that an Indian wedding is a lavish affair, and so is the honeymoon that follows the ceremony. There is no need of exhausting all your savings or facing the embarrassment of borrowing money from your relatives or friends. You can always opt for an online personal loan and easily finance your wedding expenses, as well as the vacation which follows.
Higher Education
If you’ve been contemplating going for higher studies, whether abroad or in India, opting for an online personal loan to meet the necessary expenses can prove to be a very good idea. A personal loan will pose no restriction on how you utilize the loan amount, and can be used for managing expenses other than the tuition fees. You can also use it for daily expenses, accommodation, books etc.
Impromptu Vacation
You’ve been slogging at work for long and have been looking for the right opportunity to get away from the hustle and bustle of city life. It’s the end of the month and you don’t have much left in your bank account. Suddenly your friends make an impromptu vacation plan. What will you do? An online personal loan can be a godsend in such scenarios and can help you easily fund such instant holiday plans.
If you have decided to take an online personal loan, make sure that you compare different loan offers, and weigh their pros and cons well, before opting for any specific deal. GoSahi.com is a reputed platform that makes such comparisons a breeze and also helps you successfully avail the loan, right from the application stage, till the disbursal of loan to your account.
