A personal loan is a loan one can use for personal, family or household uses. Such forms of loans are unsecured, which means that there is no need for any collateral, such as land. All you need is proof of your individuality and a regular means of income. One can repay personal loans in fixed monthly payments.
Two significant benefits of Personal Loans:
Total flexibility of end-use – There are no limitations on how you can spend the balance of the Loan. It is in contrast to a home mortgage or a car loan where one can use the loan amount to purchase a property or a vehicle. A personal loan gives you the freedom to use the money in whatever way you choose.
No collateral – A personal loan is an ‘unsecured loan,’ meaning that you don’t have to provide any guarantee to the lender in the form of cash, stocks or other properties. This can make it more appealing to individual consumers who may not be able to collect the money needed as collateral.
Will I get a personal loan even though I have poor credit at Vivaloan?
At Vivaloan, they believe that everyone deserves to have access to credit. While credit is one element of your application that has been evaluated, their lenders find a wide range of factors to decide your eligibility, including your details, jobs and the state of residence. They work with lenders offering loans to those with outstanding credit, decent credit or bad credit. Even if you are in the process of restoring your home, you will still be qualifying for a home.
How much could I borrow?
At Vivaloan, users can apply for a loan of between $100 and $15,000. The amount you get depends on a variety of factors, including your salary, work, credit score, place of residence etc. Not everybody will receive $15,000. If your original application for a loan amount does not meet the criteria, you may still be eligible for a lower amount of the Loan. Just follow the instructions given on their online form to claim a smaller sum in real-time.
Vivaloan offers easy and safe access to personal loans tailored to your financial needs and lifestyle. You just need to fill in the loan amount you require and get a real-time answer. Popular uses for personal loans include the completion of significant acquisitions, improvements or upgrades, the restructuring of debts, or only the payment of unforeseen expenses, both primary and low.
The form online is easy and safe. The app takes less than 5 minutes to complete and compatible with both iOS and Android users. To apply for a loan, you would need to have proof of identity, jobs and a regular source of income. After that, you get matched to the lender, check and e-sign your loan agreement on the spot. Soon after, you get the money directly into your bank account as early as the next business day. Visit the site and start instantly.
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A travel loan is a relatively new concept in the field of banking and financial sector.
In the domain of personal loans, there is a category of loans given for the purpose of travelling.
This loan is for domestic or foreign travel.
With the era of globalization and liberal markets, backpackers and couples, family vacations across continents have increased.This familiarity with the entire market area of the world by the tourism and hospitality sector has made it possible for banks to start creating travel loans.
To enable the possibility of people with fewer funds to take EMI loans and pay sums of money for a long trip abroad easily, many private banks, namely, HDFC, Axis, ICICI, Tata Capital, Bajaj Finserv have started giving out these loans.Standard rates on these loans include a processing fee, prepayment charges and of course the varying interest rates based on the CIBIL score.
They are given out, for salaried, eligible customers in short periods of time, sometimes as short as 10 seconds.The amount, Interest rates and durationLoan ranging from Rs 1000 to 15 lakhs are generally disbursed.
When a fixed amount of money is lent to the borrower with a fixed repayment time, it is called personal loan.
They do have a fixed interest rate over the repayment tenure.Further, personal loans are segregated to two other categories, unsecured and secured, which we shall discuss more on.
Beside all the benefits, if you still want to default your score, It is pretty good as defaulting your financial image.Buddy Loan offers a solution to each of your financial nuance, with a wide pool of lenders.
It disburses unsecured loans, yes loans without a collateral with lower interest rates starting at 11.99%p.a.
The careless: There are people who avail the loan and not care enough to repay it on time for many reasons such improper calculation between income and expenses.People realise those mistakes once they start paying the EMI.
The candid: People who have real tight situations and genuine problems to deal with.
