Who doesn’t wish to obtain a loan which is collateral free and gives full authority to the borrower on using the loan amount and how they like it. Travel personal loans are great if you wish to take a vacation with your family without breaking your bank balance. The other best part about personal loans is that they are easy to obtain as the lender only takes your credit score and income into consideration. One may relate these loans with higher interest rates but if you have a good credit score, then you can certainly negotiate with the lender for better rates. But how do you know if a personal loan is the right choice for you or not? Let’s figure out!
- HOME IMPROVEMENT
Personal loans are a better option than home loans if you are thinking of renovating your home as these loans do not require you to put your home as collateral and have shorter loan tenure than home loans. This means you can use the loan amount to improve and renovate your home without any interference from the lender.
- REPAYING LOANS WITH HIGHER RATE OF INTEREST
Repaying loans with higher interest rate using the amount from personal loans is a smart move to do as it helps you save on a lot of money which you would otherwise give as interest. For example, it is a good option to pay credit card loan outstanding at 24-36 per cent interest rate for a personal loan which is at an interest rate of 11-18 per cent.
- MEDICAL EMERGENCY
Medical emergency tends to take a toll on one’s savings. Personal loans are a great option to choose in case of medical emergencies. The cherry on the cake is the fact personal loans are disbursed quickly and do not require much documentation. LoansJagat provides an excellent platform for you to compare different lenders and choose the best which meets your needs. It also lets you apply online, thereby further reducing the hassle.
Personal loans are great for funding self or your children’s education. The loan amount can be used to pay for education fees, accommodation charges, food and also daily expenses.
Personal loan for marriage ensures that you have ample funds in hand to take care of expenses which comes with a wedding. Be it shopping or venue, personal loans are great for meeting out smallest and biggest of wedding-related expenses. It also saves you from embarrassment from getting totally out of money post-wedding.
- IMPROVING CREDIT SCORE
Credit score and personal loans go hand in hand. A personal loan can be used to better one’s credit score for quick approval of loans in future. By making monthly EMIs on time, your credibility increases tremendously. Also, a good credit score puts you in the negotiating position with the lender for better terms and rate of interests.
Personal loan for vacation may seem funny but indeed it is that reality which allows you to travel without having to use your savings. Travel personal loans are a great way of ensuring you have the best of time with your friends and family on your vacation and rejuvenate self thoroughly without having to think about finances. One can use the money for transportation and accommodation and also keep some for daily expenses. These loans don’t pinch as they have shorter tenure and can be repaid with easy EMIs.
Personal loans are not just any other loan. Like any other loan, it also comes with a lot of responsibility and should be treated with the utmost importance. These loans empower you with spending but should not be made a habit for meeting out day to day expenses. The other important thing is to check your pocket and repayment capacity before getting self a personal loan.