If you are looking for some kind of financial assistance, remember that long gone are the days when you could ask your friends or relatives. Nowadays, it is you and your smartphone! Download the right application, and you are more than good to go.
Moreover, certain tools like a personal loan calculator that is readily available nowadays help you plan everything accordingly. Emergency personal loans are designed in such a manner that they offer quick access to funds when urgent expenses arise.
What is an emergency personal loan?
As the term suggests, it is a type of unsecured loan that is usually obtained by individuals to cover unexpected or urgent financial needs.
These loans are designed to provide quick access to funds for individuals facing unforeseen financial expenses such as medical bills, home renovation, or any other kind of obligations.
What are its advantages?
- Instant Access
One of the primary advantages of such kind of loans is the speed at which you can access the funds. In many cases, you can easily receive the loan amount even within a day. This kind of access can be quite helpful if you are dealing with any kind of unexpected expenses that require immediate attention.
- No Collateral
Unlike other type of loans, where you are often required to keep a collateral, these loans are unsecured. This means you don’t have to pledge any collateral, such as your home or car, to secure the loan. This reduces the overall risk of losing valuable assets if, by any chance, you are unable to repay the loan.
You, as a borrower of this personal loan type, have complete flexibility in how you can use the funds obtained from this loan. Whether it’s covering medical expenses, consolidating high-interest debt, paying for car repairs, etc., you are not at all restricted in how you use the money.
- Potential to improve score
If managed in a responsible manner, this loan can help you improve your credit score. This is simply because making timely payments and successfully repaying the loan demonstrates financial responsibility to creditors and can positively impact your credit history.
How to avail this loan?
It totally depends on the platform you are using. Around three months ago, I was planning to avail this loan, and honestly speaking, the emergency personal loan rates in our country are pretty lucrative if you choose the right platform. One of my colleagues suggested the Bajaj Finserv application, and believe me, it is highly recommended!
- Download the app from the Google Play store or Apple App Store.
- Sign in or log in using your mobile number and email address.
- Go to the home page and click on loans.
- Choose Personal Loans once there.
- Fill in the personal details and the professional details required.
- Tap on Apply now.
Therefore, if you are in need of immediate financial assistance, this kind of loan is one of the best things. It is simple, super convenient, and instant. Now, there is no need to wait for days to get your loan approved. Just apply, and within no time, the amount is credited to your bank account.