Even when you are trying hard, meeting and achieving some goals may need you to bridge a financial gap. A personal loan is one of the most popular options to do so immediately. It offers funds faster and more easily compared to secured loans.
How A Personal Loan Can Help
This loan doesn’t need you to risk your assets as security and works in a simple way:
- It gives you money that is to be repaid over a predetermined length of time
- A financial institution lends you money at an interest rate
- The rate depends on your credit score, history of repayment, earnings, debt and other factors
Where Can I Use The Funds?
- You can use a personal loan for any cause of your choice, whether it is higher education, a dream wedding or any other life goal
- There is a lot of flexibility and no restriction on how you can use these funds
Here’s how a loan can fulfil your personal goals:
| Going for a dream vacation | Everyone has a desire to see new places and create everlasting memories by traveling the worldGetting a personal loan can help fund your travel plans.You can use it to book travel, stay, entertainment and more |
| Organising Your Dream Wedding | Weddings are celebrations that happen once in a lifetime, so it is normal to plan a grand eventWhether its booking the venue or catering, you can plan a perfect wedding with a personal loan |
| Starting Your Entrepreneurship Journey | Small business owners and self-employed individuals often turn to personal loans when getting a project off of the ground or covering unexpected costsA well thought-out loan can be a way to get the funds necessary to transform business ideas into realityYou can get the necessary financial boost for launching marketing campaigns, growing operations, or acquiring goods for your business |
| Purchasing Special Items | The funds from this loan can also help you pay for large expenses that may be out of reachYou can use it to buy jewellery, a new car or high-end electronics |
| Renovating Your Home | Repairs and renovations can make your home more comfortable and raise its value Personal loans can give you the funds to do up your home and upgrade your lifestyle |
Other Uses Of A Personal Loan
It can also help you in various other ways during a crisis. You can use the funds for:
| Medical Emergencies | Medical emergencies can strain your monthly budget due to hefty healthcare bills An instant loan is always there to ensure that you and your loved ones get proper treatment and can recover stress-freeFrom hospital stays to medicines and other essentials which insurance doesn’t cover, these loans can help you pay for it all |
| Debt Consolidation | A personal loan may also allow you to consolidate multiple high-interest debts – like credit card balances – into a single, more affordable loan.Doing so will allow you to consolidate your existing loans and reduce the total interest payable which, in turn, speeds up the repayment of all those obligations |
| Unexpected Expenses | A personal loan be a life-saver when you do not have enough cash reserves to cover unexpected expenses such as car servicing or home repairsInstead of over-utilising your credit card and paying back with high interest, you can avail of an instant loan. |
Benefits Of Personal Loans
Now you know that loans are an efficient and reliable financial tool to achieve your goals, here are some major benefits which you cannot miss:
| Lower Interest Rates | The interest rates on these loans are significantly lower than credit card loansThe interest rates usually range from 9.99% to 44% p.a.. and depends on the amount, credit score, and repayment time |
| Zero Collateral | These are unsecured loans, and unlike secured credit options, they do not require security or collateralThis reduces your financial load because you can obtain them without having to provide any assets as collateral |
| Flexibility of Use | Flexibility is one of the primary benefits of an instant personal loanFrom upskilling to travel, from home improvement to medical bills, you can use it freely |
| Improve Your Credit Score | Your financial health determines the future of your dreams and this is indicated by your score When you pay off a personal loan on time, you can improve your score and qualify for affordable credit in the future |
A good credit score can help you attain financial security as it positions you to get personal loan from loan apps at a pocket-friendly terms. To check and improve your credit score every once in a while, you can analyse it for free using the OneScore loan app. It provides a complete breakdown of your credit score and personalised insights on how to improve it.
OneScore is also a one-stop shop for managing your credit score, so you are on the right track to getting a quick loan with ease during an emergency. Empower yourself and download the app today!
