How Small Loans Can Help Solve Personal Problems
The past two months have been financially difficult for Manish. As the sole breadwinner, he found it difficult to manage these expenses on his own. From unpaid utility bills and home repair costs to his mother’s medical bills – the expenses were piling up, leaving him stressed about what to do next.
It was then that he came across several emails from different lenders offering him a small personal loan. Manish knew that a personal loan was a great option for big expenses. After reviewing the lender’s eligibility criteria, he also realized that he could easily qualify for a loan. But he wondered if it could help him solve his personal financial problems.
Small personal loans offer quick cash assistance without any end-use restrictions. So whether Manish is looking to pay his mother’s medical bills or catch up on unpaid utility bills, he can get the funds he needs with an instant loan.
Here’s how a small personal loan will help him manage his personal expenses.
1. No End-Use Restrictions
A small personal loan will provide him with affordable financing that can be used for a variety of purposes. Unlike a home loan or auto loan which is used for a specific purpose, lenders will not inquire about the purpose when sanctioning a personal loan. Here are the different personal uses for which he can take out a small loan to ease his financial burden-
● Emergency expenses
Since Manish needed funds to cover his personal and family expenses during a cash crisis, a small personal loan could help save the day. He can apply for a short-term loan online and pay his utility bills, finance a medical emergency, home or vehicle repair costs, and more.
● Debt consolidation
A small loan is ideal for borrowers looking to consolidate existing debt and simplify payments. Manish can apply for a small personal loan to combine multiple debts and credit card payments into one monthly payment. Moreover, small loans come with affordable interest rates, which makes repayment more manageable.
● Renovation of the house
Whether Manish wants to upgrade his kitchen to something more modern or finish necessary repairs around the house, a small loan will make that personal expense affordable by dividing the payments over a period.
● Wedding expenses
Weddings can be an expensive affair where expenses can burn a hole in your savings. With a small loan, Manish can easily prepare for this major life event. From venue and decorations to catering and wedding outfits, a personal loan can help her manage it all.
2. Simple application process
In most cases, lenders offer a personal loan through a simple application process. Manish can get a small loan online by visiting the lender’s website. Most lenders only ask for KYC documents (Aadhaar card and PAN) and few income documents. Once verified, he can receive the funds instantly and manage his personal expenses seamlessly.
3. Fast processing
With the rise of digital lending, loan approval and disbursement have become faster. Most lending institutions use data analytics and artificial intelligence to check an applicant’s eligibility and creditworthiness and verify documents before sanctioning the loan. This allows for quick loan approval and fast processing. He therefore does not have to wait any longer to obtain funds for his personal and household needs.
4. Flexible eligibility criteria
A small loan can be used without worrying about extended eligibility criteria. With a stable source of income, a high credit score and a stable repayment history, the chances of loan approval are higher. Also, most small personal loans are unsecured forms of credit, which means that Manish does not have to offer any assets as security for the loan. Rest assured, it can easily meet various personal financial requirements.
5. Easy refund
Whenever a financial emergency arises, a small loan becomes a great option as it comes with competitive interest rates and a flexible repayment term. The interest rate depends on various factors such as income, employment and creditworthiness of the applicant and is lower than other types of loans in most cases. Moreover, he can choose a convenient repayment term of up to 6 years depending on his affordability.
This ensures that Manish can pay for IMEs hassle-free without burdening his monthly expenses. Therefore, a small loan becomes ideal as it divides one’s big expenses into smaller EMIs, ensuring easy repayment.
So, a small loan will give Manish unparalleled financial convenience like no other. Whatever his personal needs, he can quickly apply for a small personal loan from his preferred lender.
If you are also looking for a convenient way to manage your personal expenses, just like Manish, visit the Tata Capital website. With attractive interest rates, a flexible loan term and a convenient repayment structure, they offer the most competitive loans on the market. In addition, their small personal loan has no prepayment fees.
So visit the website today to learn more about their loan offers.