People may need additional money in hand for multiple reasons. Whether an individual needs funds for a planned expense or to cover an emergency, applying for a personal loan online is the best way out. These days, many lenders have instant loan apps to make personal loans easily accessible to everyone. For instance, the Fullerton India InstaLoan app offers personal loans of up to Rs. 25 lakhs with instant approval and 24-hour disbursal.
The best thing about instant personal loan apps is that they come without end-use restrictions. Consequently, the borrower has the freedom to use it the way they want. These are the top 10 reasons people apply for a personal loan online.
Reasons why to Apply for a Personal Loan Online:
- Medical Emergency
A medical emergency can happen at any time. Since it is already a physically, mentally, and emotionally challenging situation, financial worries should be the last thing in a person’s mind. Sometimes, even health insurance does not suffice to cover the high medical costs. However, it’s possible to get the needed funds within a few hours and give them the best treatment they deserve with a personal loan.
- Higher Education
Education loans have their limitations, and they are not that easy to avail of. Besides that, they do not cover all the costs involved. This is when an instant personal loan online comes to the rescue. Apart from covering the entire admission and course-related expenses, a personal loan also helps fund expenses like student visas, travel tickets, accommodation, study material, equipment, etc.
- Home Improvement
Whether the family wants to remodel the kitchen, renovate the bathroom, change the flooring, or extend a balcony, a personal loan can help cover all expenses. Using a personal loan, the borrower can pay for all the costs, including material, labor, transportation, contractors, interior decorators, etc.
- Vacation
When life gets monotonous, everyone looks forward to a small break with family or friends. However, a lack of funds often blocks the plan and becomes an obstacle. Those planning for a vacation but falling short of money can come across a personal loan to fund their dream holiday.
- Wedding
A wedding is one of the biggest days in a person’s life, and they want to make it memorable in different ways. However, financial constraints should not be the reason for compromises on the big day. Apply for a personal loan through the Fullerton India InstaLoan app to cover any wedding-related expenses, like venue, catering, photography, wedding outfit, gifts, invites, or honeymoon.
- Pay Credit Card Bills
Credit card bills accumulate and increase the debt until the individual repays them fully. However, full repayment is not possible due to the never-ending debt circle it creates. This is when it’s better to pay the credit card bills using a personal loan. Use the loan to pay off the outstanding balance and get easier EMIs and lower interest rates to deal with.
- Unexpected Expenses
Unexpected expenses may sometimes arise out of nowhere. That is why it is crucial to have some funds ready for emergencies. One effective way to cover an unexpected expense is taking a personal loan.
- Buy a Flashy Gadget
Whether an individual wants to buy a new laptop or purchase the latest iPhone, a personal loan can help pay its price in EMIs. With a personal loan, the individual does not need to borrow money from friends or relatives or shell out considerable amounts from emergency funds. A personal loan can help them buy their desired gadget without feeling the pinch in budget.
- Debt Consolidation
Imagine being in a debt trap with multiple credit card bills and loan EMIs. Scary, isn’t it? This is one primary reason why many people take a personal loan. They use this loan to pay off their current debt and consolidate them into one monthly EMI at a lower interest rate.
- Build Credit History
Getting a personal loan is an excellent way to build a credit history. With regular EMI repayment, one can show their future lenders that they can repay their debt on time. Building up the credit history and achieving a higher credit score will also help get lower interest rates and save money.
Additional Read: Know how instant personal loans are changing the lending space
Whatever the reason is for applying for a personal loan, the Fullerton India InstaLoan App makes the entire process easier and quicker than one can think of. The app has a 7-step procedure to apply for a loan within minutes. Supporting 100% digital and paperless loan procedure, it makes funds available to everyone without leaving their homes.