avail personal loan

Smart Ways To Save Your Money Through Personal Loan

Personal-Loans (1)

A financial emergency can arise at any time in life and one needs desperate measures to tackle such situations. At such times availing of personal loans can bail you out of the difficult situation. A personal loan can be availed for fullfill your ant requirement i.e, wedding expenses, medical emergency, travel funds, tutions fess, home renovation, debt consolidation and much more. Here are listed some of the smart ways in which an instant personal loan can help you save money. These are:

  • If you have accumulated debt on credit cards, it is better to take a personal loan and pay off your credit card dues which will reduce your monthly burden. Credit cards have a much higher interest rate as compared to personal loan interest rates.
  • If you have a big expense lined up like a wedding in the family or home renovation, it makes sense to take easy personal loans and keep repaying it equated monthly installments over the years instead of depleting your savings in one go.
  • Your credit card debts can severely impact your credit rating and make you fall in the category of high-risk borrower, therefore it is advisable to take a personal loan and pay off your credit card debts to improve your credit score.
  • Credit card usage involves hidden charges and additional costs that customers are sometimes not aware of. Personal loan interest rates are lower and do not involve any hidden charges.

Must Read: Things to Check Before Availing a Personal Loan Online

How To Get A Personal Loan Without A Job?

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Getting a personal loan can be a daunting task if you are without a job but there are few ways by which you can secure a personal loan even if you are unemployed.

Instead of approaching a financial institution for a personal loan, you can ask your friends and relatives to lend you money on a nominal rate of interest lower than the financial institution interest rate. But make sure to repay the loan amount as per your promised timeline to avoid bitterness with your friends or relatives.

Approach private lenders in case your bank refuses to give your personal loan. Private lenders usually sanction unsecured loans by charging a higher rate of interest as compared to banks. In that case you can get a loan from any lender if you fulfill the personal loan eligibility and have an ideal credit score. 

Take advantage of your credit score with your existing financial institution. If you have taken a loan earlier from your associate financial institution and have repaid it on time without delays, your financial institution will consider your loan application even if you are out of job by taking into consideration your creditworthiness.

If you are without a job, you can also apply for a personal loan against your life insurance policy or by pledging your movable or immovable assets in the form of property or gold jewellery. In this case, the bank’s risk proposition decreases drastically, which helps you get the loan at comparatively cheaper rates.    

Additional Read: Reasons – Why You Should Take A Personal Loan?