Personal loan is an alternative to payday loan. A person who is facing urgent cash needs can easily qualify for these loans and can get instant cash. They are based on simple online process. A borrower just needs to spend few minute over internet to fill in application form and submit it there only. He is asked basic personal details along with his current bank account number by the lender. His bank account is needed to do every money cash transfer involved in this whole process. They are simply fax less online loans
. A person can borrow lump sum cash through these loans.
Features of personal loans
• An applicant does not need to require perfect credit score while applying for these loans.
• He will be provided with required cash within few hours.
• There will be no extra charges implied for any money transfer.
• It is a 24×7 hours service.
• They provide quick, convenient and hassle free cash solutions as every step is carried out on online basis.
• Personal details are never leaked. Everything is kept confidential to ensure security to the borrower.
• Easy money provider for all imperious matters.
• Available for every major purchase like car or home.
Loan Repayment criteria
It is obvious that borrower has to return money back to lender. Following are some of the key points to keep in mind:-
• Interest rates may vary or can stay fix.
• Loan amount can be provided from 1-5 years.
• Repayment options can be selected by borrower as per his comfort. They can be weekly, monthly or yearly.
• If borrower fails to pay back money in time, he can be legally penalized by lender as per rules.
• In late repayment he will be charged little extra as late fee.
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Personal Loans – Better option than credit cards
Financial advisers always suggest borrowing personal loan instead of getting a credit card issued. This is so because of following advantages
1. Stability because of fixed interest rates: - A personal loan is that financial service which allows you to take lump sum money in one goes to be paid over a fixed period of time for almost one year. Interest rates implied in these loans are totally negotiable. Interest rates decided at the starting of loan agreement will remain fixed for the whole period. That means your payments and interest rate remain constant for the whole period.
2. Personal loan interest rate is lower than credit card: - A person can borrow lump sum money with personal loans if he is sure that he can afford to pay back on time. I don’t think that there is anyone who wants to pay 19 percent interest on credit card when he has better option of borrowing cash Interest rates with these loans are very low as compared to credit cards. They can be easily negotiable with banks from which you are going to borrow loan. Moreover if a borrower knows that he can pay back within years, then there is no better option than personal loans.
3. Easy payments keeps budget easy: - When a person comes to know about repayment amount in the very beginning then it becomes very easy to prepare a budget. If borrower is having fixed mo0mthly income then he can buy personal loan without any risk because he will be sure about repayment. Unlike credit card you do not need to be worried about minimum balance in your account to pay off the payment.
Personal loans provide long term cash solutions as compared to short term payday loans.