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A debt trap is referred to a situation which is not a worth of its value and drains off all your money. It can also be termed on the basis of loans that have no real objective to avail for. Several times the loans you acquire have higher interest rates along with huge EMIs that lead you into debt trap. To illustrate, when you " Apply For Loan " for exotic trip, shopping, lavish party or purchasing expensive gadgets, sometimes these unnecessary needs may turn your loan into bad debt. It is not often that every loan turns into a debt because some loans are worth to opt but the loan products that cannot be justified in the terms of usage, interest rates and tenure are said to be bad loan. For illustration, a loan of 2 year tenure to purchase the latest smart phone can be a bad debt as that handset would become outdated within these 2 years of repayment period and it’s just wastage of money. An unsecured loan with high interest rate availed for a medical emergency is justified a...

However, loans are the financial products that can make your lifestyle better by offering you the access to money with which one can fulfill his/her personal and business requirements but you should also keep in mind that you have to repay it with chargeable interest which is necessary to maintain good financial health. Many individuals " Apply For Loan " to fund your various needs such as business, medical emergencies and other purposes etc. Sometimes, repaying a loan seems to be hectic, especially in the times of recession or global pandemic situations. Therefore, we are jotting down some of the strategies in this article that would help you repay your loans quickly without any hassle. Let’s have an eye to understand them in detail: Spend within your budget: One should never live beyond his/her budget and never overspend in case they have to repay the loans. A close watch on your monthly budget will give you idea about unnecessary expenses like fancy dinners, impulsive sh...

In recent times, availing a loan is as easy as blowing a candle from a cake unless and until if you have a good credit history. However, CIBIL is a key factor for getting approved for any loan but there are several other factors which are really significant to take a loan for handling any financial emergency. In this blog post, we have jotted down some of those factors which are required to be in hand before you " Apply For Loan " besides a good credit score. Debt to income ratio: Along with your credit report, your income and debts acquired by you plays a major role to get an access to any kind of loan service. Lender must check your debt to income ratio to have an idea about the bridge between your monthly income and debt obligations. If the ratio rises to 40% of your gross income then lenders won’t lend you money for your needs as you are declared to be overburdened with debt and a new loan might impact your financial situation adversely. Employment history: Besides CIB...

Loans are the best funding options which can be availed to fulfill any of your financial needs. The loans come under secured and unsecured categories offered by all the top lending institutions and banks which make it easier for the common people to " Apply For Loan " . However, some of the loans are unsecured so lenders are stringent about their loan terms and conditions for approval as they want to be sure about your repayment capacity. In this blog post, we have discussed about some of the factors that a borrower should keep in mind while availing a loan to ensure 100% loan approval. Check your eligibility: It is one of the most significant factors that decide your loan approval. So, before you apply for any loan, it is necessary to check the eligibility criteria asked by specific lender. The basic set of eligibility criteria include minimum age of 21 years, job stability and regular monthly income etc. which may vary from one lender to other. Research well about the lend...