PERSONAL LOAN

A personal loan is the type of loan that is normally granted for the purposes of personal (medical), family (education, vacation), or household (extension, repairs, purchase of air conditioner, computer, refrigerator, etc.) use, as opposed to business or commercial use. Such loans are described as either unsecured or secured by the asset purchased or by a co-signor (guarantor). Unlike business loan or SME loan, to qualify for a personal loan, you do not necessarily need to own a business.

Personal Loan is your ultimate short-term solution for instant cash and they can be used either for traveling, wedding, medical emergency, home renovation, or anything else that is described as personal. A personal loan can give you the kind of flexibility to use the funds according to your convenience and need.

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However, unlike many other kinds of loans in the market, there is no restriction on how the borrowed amount is finally being used – the borrower normally has full freedom to use the money for any purpose that they want. There are two attractive features of a personal loan that you should know:

  1. Complete flexibility of end-use. There are absolutely no sorts of restrictions on how you would spend the loan amount. This in contrast to a home loan or auto loan where all of the loan amounts can only be used in order for you to buy a property or a vehicle respectively.  A personal loan gives you a freedom that allows you to use the money in any way you want.
  2. Lack of collateral. A personal loan is often known as an ‘unsecured loan’, meaning that you are not required to provide any security to the lender whether it is in the form of cash, shares or any other assets or collateral. This might make it even more attractive to some customers who might not be able to raise the cash that is required as collateral.

Applying for the personal loan also comes with few advantages and benefits. And among the benefits are the ones that you wouldn’t get with other types of loans which make it even more attractive to you. The main advantages of a personal loan include the following:

  1. The approval process however is relatively quick (because they do not require as much documentation as you need when you are applying for a home or auto loan).
  2. There are absolutely no restrictions on how you want or can spend the money.
  3. Don’t need to offer any collateral. So if you do not have any assets such as a home, or shares or gold to offer as security for your loan, but you are in need of money urgently, this is perhaps one of the most convenient options.
  4. Lower interest rates. Imagine if suddenly your credit card balances and interest rates are too over the moon, then a personal loan might be potentially able to help you especially with debt consolidation
  5. Diversify your credit profile. Let’s just say that you only have a couple of credit cards. Opening a personal loan would help to diversify your credit profile to show credit cards and an installment loan.

Besides than Personal Loan, you may be interested in other loans services such as Business Loan, SME Loan and Caveat Loan.