When someone faces an unexpected onslaught of hospital bills, job loss or cash flow in business, he/she needs instant money. Every financial expert advises having at least 3 months worth of living expenses to aid you in any financial emergency. However, it is saddening that many people don’t have sufficient funds which make them completely unprepared for such financial urgencies.
Therefore, if you are suffering from the same circumstances and don’t have any emergency fund to rely upon, then we are telling you about few loan solutions that can get you quick money without causing a dent in your finances. We have outlined these categories in which you can "Apply For Loan" to fulfill your needs:
Personal Loan: One can get a Personal Loan without pledging any collateral to deal with a financial crunch. It is a quick type of loan which is processed with minimal documentation and mostly offered by fintech companies. An individual can also apply it online and get access to money within 24 hours of approval.
Personal Loan can be a best option if someone needs urgent cash and wish to repay it in easy EMIs. Every lender accesses your documents carefully and sanctions you a loan when you have a good credit score. Once you meet the eligibility criteria, your loan gets easily approval.
Borrow from friends: In case you need small size funds urgently, you can borrow it from your close friends. From decades, it has been a common practice as it is the best option to get quick funds but has its own disadvantages. Firstly, you are risking your relationship and secondly you will feel a sheer awkwardness of being indebted but if you stay disciplines and determined about repaying the money, then it would be best way out among all.
Use maximum limit of your credit card: This magic card allows you to borrow funds up to your set credit limit. You can make the EMIs or pay you balance in full afterwards but if you miss any repayment, you may have to pay the high interest charges as well as it impacts your credit score adversely. It can be a quick fix but high interest charges can left you in a debt burden.
Gold Loan: In India, selling or buying gold is common practice. Most of the people invest in gold and sell it at the times of financial crisis. Nowadays, there is a new alternate to it which is loan against gold where you can put your ornaments as collateral and get funds according to the percentage proposed by the lending institution based upon the market value of the gold. It is an easy option and has flexible repayment structure than any other loan.
Loan against insurance policy: Insurance policies not only secure your future but also offer a good return on your investment. Well, policyholders also get a benefit of securing loan against it these days. These loans have lower rate of interest and helps you in urgent need of funds and its value doesn’t change with the market.
Comments
Post a Comment