Startup Counter

Menu
startup counter logo
Menu

PERSONAL LOAN

If you need extra cash to pay for home improvements, finance a wedding or consolidate high-interest debt, you might want to consider a personal loan. Used wisely, an unsecured personal loan can fill a void in your budget without risking your home or other assets.

Explore Advantages of Personal Loan

Let's Connect

INTRODUCTION

  • If you need extra cash to pay for home improvements, finance a wedding or consolidate high-interest debt, you might want to consider a personal loan. Used wisely, an unsecured personal loan can fill a void in your budget without risking your home or other assets. As with other loans, rates for personal loans hinge on your credit score, income and debt-to-income ratio, and they’re not the right choice for everyone. Consider these pros and cons of personal loans before you make a decision.

introduction

ADVANTAGES

Personal loans are typically best for people who want to consolidate debt or finance a large purchase without putting up a home or vehicle as collateral. Benefits of personal loans include:

  • They are versatile.

    Unlike a car loan, a mortgage or a student loan, a personal loan can be used for many purposes — car repairs, medical bills, a dream vacation, debt consolidation and much more.

  • Interest rates are decent.

    Personal loan rates are favorable compared with rates on credit cards. As of late July 2020, the average personal loan rate is 11.88 percent, while the average credit card rate is 16.04 percent. For the most creditworthy consumers, personal loan rates hover in the range of 5 to 6 percent.

  • No collateral is required.

    Unlike mortgages and home equity loans, which are secured by your house, most personal loans are unsecured. This is especially attractive to consumers who have nothing of value to use as collateral.

  • A variety of lenders offer them.

    You can borrow personal loans from traditional sources, like banks and credit unions, or from online lenders, such as SoFi and LendingClub.

  • Excellent credit is not required.

    It’s possible to get a personal loan with bad credit. Some lenders even cater to borrowers with less-than-stellar credit. Just know that you’ll pay higher rates, which can exceed 35 percent.

  • Monthly payments stay the same.

    Interest rates on personal loans are fixed, so your payment is the same every month.

  • You can borrow the amount you need.

    Whether you need a few thousand dollars or $100,000, you can likely find a loan with limits that fit your needs — although the available amounts will depend on your credit score.

  • Loan approval is quick

    While mortgages and home equity loans can take at least a month to close, it’s possible to apply for a personal loan online and have an answer the next day. If you are approved, the money is typically deposited into your bank account within a few days.

  • There’s a range of repayment terms

    Many lenders have multiple repayment options for personal loans. Terms can range from a year to seven years, depending on your lender and your credit.

Partners

List Of Documents Required For Personal Loan

  • Proof of Identity like Passport/ PAN Card, Aadhar card, Voter's ID, Driving License

  • Proof of Residence like Utility Bill, Passport or Leave and License Agreement

  • Bank Statement for the last 3 months with income details

  • Salary slip for the last 3 months

  • 2-3 Passport Size photographs

CloseMenu

Request Quotation/Call Back
From Startup Specialist