Why is a Personal Loan Better Than Borrowing from Family/Friends?
An instant personal loan is a viable option when you need quick cash. Work with a digital lending company that offers as less as ₹15,000 up to ₹4,00,000. It serves the needs of salaried millennials like you. For example, use the fund freely for vacation, rental deposit, medical bills, purchasing a two-wheeler or a mobile phone, educational needs and weddings.
This urgent cash loan is approved based on traditional credit score check as well as non-traditional data like social media footprint, basic KYC details, monthly salary and your career graph. You can choose a tenure between 3 months and 1.5 years per your repayment capacity. It is a better alternative to borrowing money from friends and family.
● Instant Money
The loan can be obtained from a smart and intelligent credit loan app. Simply download it on your Android or iOS phones. Input the necessary details and upload the documents to start the application process. The money is credited within under eight minutes which is the least possible time taken. It is beneficial to cater to emergencies like a hospital admission or a sudden home renovation. Quick cash might not be possible for friends since they can take a few hours to arrange the funds, especially if it is a significant amount.
● Set Repayment Schedule
The payback terms are usually silent in personal borrowings. You might be under pressure to pay as fast as possible to avoid bitter relations. This can be stressful at times, and you could hamper other financial goals. A personal loan from a Fintech company comes with definite EMIs and due dates. You can pick from a tenure of 90, 180, 270, 365 and 540 days and spread the instalments evenly. This is usually done as per your repayment capability. It helps plan the EMIs better and ensures peace of mind.
● No Collaterals
You might have to borrow money from family members against an asset. For example, gold jewellery is usually kept as security if you fail to repay. However, a personal loan is unsecured. It means it does not require collateral. This is quite beneficial for young adults who do not have expensive stuff like a car or a home to offer as collateral. An urgent cash loan lender simply requires you to tick off the laid down eligibility like good repayment history and correct documents to increase the chances of approval.
● Legally Bound
A personal loan is a legal agreement. You are not liable to pay higher EMIs unless at your discretion. The lender cannot ask you to close the loan early or change the rules. You will have documents stating the terms of the financial transactions. This can protect against unreasonable demands. But a friend or family member might ask you to return a higher amount. You are unable to refuse to avoid embarrassments or a strained relationship. Arranging funds in the eleventh hour can be pretty troublesome.
Conclusion
No emotion or awkwardness is involved in taking a personal loan. Instead, it is quite an organised and convenient process. No wonder personal loans are a much better option than approaching knowns.