In an emergency , whether you need money for a marriage, medical expenses or for consolidating higher interest debts you definitely need money , but what if the bank rejected your loan approval due to bad credit history, because it is generally advisable to have credit score more than 750. So, what your next move?. We tell you, a personal loan is a great boom when you need money without too much of hassle or borrowing from the friends and family. No matter, what’s your reason for taking a loan, unlike many other loans, a personal is convenient , there is no restriction how the borrowed amount is finally used- that means, borrower can use this loan for any purpose.
There are 5 attractive benefits of personal loans:
- No credit check personal loans: One benefit of a online loans no credit check, is that your bad credit score will not become the reason for rejection of loan or will not be damaged by the higher credit score. Non financial institutions offer no credit check loans that operate very differently than traditional loans. In which lender will not check your past credit history and pre-approved a loan within 48 hours.Everyone need to submit there document digital signature
- Hassle –free loan processing : One of the biggest personal loan benefits is the application process . You can apply for the loan from the lender website, once a lender approved your application, the money will transfer directly to your account.
- No need of Collateral against loan: A personal loans come in the category of unsecured loans. Simply put, in which borrower does not want to mortgage collateral such as your gold, property, home and so forth.
- Easy repayment process: The payment terms of the unsecured loans are very fixable so that the borrower can pay back the money in easy installments. Generally, the tenure of the loan goes up to 7 years there you can choose the pay off plan according your repayment flexibility.
- Fixed Rate Interest : If you want a loan for the renovation of the house, travel or down payment of the house in personal loans the EMIs will remain fixed for the entire loan tenure. So, you don’t have to worry about the interest rate changes. You can also go for the payday loans because this same feature is also available in 2000 payday loans bad credit.
- Tax benefit : If you used the loan for the house renovation or construction, you avail the tax deduction of up to Rs 2 Lacs under section 24 for the interest part of the financial year.
- Minimum documentation and faster disbursal : Personal loans are disbursed faster than other credit card loans while only few documents are required like salary slip, KYC documents, home address, bank statement and so on.
- Building credit history : In order to build good credit history you can take advantage of a personal loan by paying back EMIs on time because the entire repayment method of a personal loan is very easy and flexible and so is disbursal.