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I didn’t realise how much I needed a personal loan!

September 6, 2019

Each option available for borrowing money has distinct terms and benefits. However, if you don’t have a sizeable asset, need cash in a hurry, and want the flexibility to use the money for whatever you desire, then you need a personal loan. Here is a breakdown:

No security needed

Many people have been denied access to finances because of a lack of collateral security. Whether or not you own a car or a home, you can qualify for a personal loan. You only need a proof of income to assure the lender that you can pay the loan. Additionally, if for some avoidable reason you default on payment, your home and car equity will not be affected.

Flexibility and fast reimbursement

You can get a personal loan for anything that you need. The coolest thing is that you don’t have to explain why you need it, as long as you use it for legal activities. You can also choose a loan tenure for up to seven years. Remember, the longer the duration, the lower the EMI.

Compared to other loans, personal loans are the fastest way to get money. It is the perfect avenue for anyone with an emergency since it does not require too much documentation.

Improves credit rating and diversity

When you apply for credit, the credit rating bureau gets your details. Missing credit payments or an overdrawn bank account can impact your rating and make it difficult for you to apply for another loan in future. However, continuous borrowing with timely repayments can significantly improve your credit rating.

Fixed interest rates

Personal loans are often available on a fixed interest rate. For the entire loan tenure, the equated monthly instalments may be fixed. One can rest easy knowing that the figure will not fluctuate from time to time. Additionally, it gives you a definite start and end date for clearing your debt.

Lower interest rates

Personal loans can allow you to combine all your financial obligations and pay off your debts faster. Instead of paying multiple loans at different interest rates, you can make one payment with a lower interest rate.

Contact Empowered Finance today for expert advice on personal loans.

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