Life is unpredictable, and emergencies come unannounced, catching all of us off guard. The biggest example is the COVID-19 pandemic, when many people lost their jobs, needed medical aid, and found themselves in a financial crunch. Such situations demand you to dip into your life’s savings. Thus, disrupting your financial and investment planning.
Fortunately, you can get quick loanswhen you need funds during emergencies. These personal loans enable you to get the required funds through quick approvals and disbursals, especially with the availability of online loans.
Here are 5 reasons why you must consider a quick personal loan for urgent financial help:
● No Need to Pledge Assets
Personal loans, also known as unsecured loans, have easy terms and eligibility criteria. Also, you don’t have to provide security to get the loan. Most lenders offer collateral-free loans, ensuring that people from different backgrounds can get funds for unexpected financial emergencies. This is a crucial feature for two primary reasons- firstly, it saves people from pledging their property, car, jewelry, etc., especially those with no assets to offer. Secondly, it eliminates the lengthy process of evaluating and verifying securities.
● Efficient Online Application Process
During a financial crisis, you look for emergency money help and instant cash flow. Personal loans make this possible by allowing you to apply online through a streamlined, easy, and time-efficient process. You simply need to fill in the required details, verify salary, age, employment, and citizenship eligibility, provide minimal documentation, and it’s done. You can complete this process from the comfort of your home. Use the EMI calculator to find your loan affordability, monthly installments, and repayment tenure. Once your documents are verified, you will get instant approval, and the loan amount will be transferred to your bank account at the earliest.
● Instant Loan Disbursal
Generally, applying for a loan, submitting all the documents for verification, seeking approval, and getting the amount is a long process. This is hardly helpful in case of a financial crisis. However, that is not the case with a personal loan. As it needs no security, the approval and the loan disbursal take no time. You get quick access to funds after around 24 hours of approval. Thus, you have the required cash in your account to timely manage emergency expenses. This option can be quite helpful in case of pressing needs, such as medical treatment or home renovation.
● No Restrictions on the Use of Funds
In case of unforeseen and emergency expenses, you either have to use up your savings or take a personal loan. Using your life savings should always be the last resort. Also, the amount may not suffice. Therefore, seeking a loan is a better option, especially if you need a high-value loan amount. Furthermore, you can use the funds for any purpose, such as a medical emergency, vacation, home renovation, etc. If you are using the cash for treatment, then it can help you meet expenses associated with tests, medication, hospitalization, and even post-hospitalization care.
● Easy and Flexible Repayment Terms
Once you have dealt with the emergency, it’s time to repay the loan amount. Fortunately, most financial institutions have flexible repayment terms to suit your capabilities. You can calculate EMI according to your budget and get an affordable interest rate on the loan. Lenders also offer easy terms so you can borrow efficiently. Moreover, lenders extend Flexi loans, so you can withdraw money as and when required from the sanctioned amount. The best part is you pay interest only on the amount you use.
Rather than depleting your savings, seek a personal loan for emergency expenses. The terms are easy, repayment is flexible, and the verification process is simple. You can apply online within minutes and get the required sum in a few hours. Adding to it, you get a competitive interest rate, and a streamlined digital system makes the application process seamless.
Tanvi Kaushik specializes in Content Marketing and works with the Digital Team at KreditBee - India's fastest personal loan platform where self-employed and salaried professionals can easily avail of personal loans in just a few minutes when in need of quick funds. Tanvi writes to-the-point articles on personal finance and budgeting which are truly appreciated by her readers. She is committed to making money matters easy to understand even for the layman. Her commitment to her work doesn't stop her from pursuing her hobbies of hiking, trekking, and going on adventurous trips.