All posts tagged: personal loans

Personal Loans

>What are Personal Loans?

Pr Personal loans are a category of loans that one can borrow from financial instruments available. These loans can be used for a variety of purposes such as renovation of home, repayment of debts, unexpected expenditure etc. However we must note that personal loans are not easy to obtain, and there are certain qualifications that one needs to have to get approved for a personal loan.

Below are certain points that you can pay heed to if you are considering to go for a personal loan.

Personal loans are unsecured.

This essentially means that in this case no asset or collateral is required as opposed to secured loans. Hence defaulting on personal loans means that the lender cannot set aside any property or mortgage against the loan. This is one of the major reasons for the difficulty in accessing personal loans. However the lender does have other actions to take. This includes reporting to the credit bureaus, having a collection agency or filing legal procedures for the same.

Personal loans have a fixed amount.

The amount that you can take as a loan is fixed in case of a personal loan. The amount fixed depends upon various factors such as the borrower’s income, credit rating etc. The borrower with a better credit score and a higher income can borrow a higher sum of money.

Interest rates for personal loans are calculated according to the customer’s salary

The interest rate is allocated according to the customer’s salary, the amount being borrowed, loan tenure and other criteria that differ from one lender to another.

Personal loans a fixed repayment period.

The repayment time period is fixed and ranges from 1 to 5 years.

Types of Personal loans offered by financial instruments

  • • Personal Loan For Low CIBIL Score (Not easy to get)
  • • Business Startup Loan (For SME and Start-ups)
  • • Same day loans( For people with cash emergencies)
  • • Loans for the unemployed
  • • Govt. Loans for Small Scale Businesses( For small scale business)
  • • Small Business Loans for Women
  • • Corporate Loan (For existing businesses or industrial houses) • Home Improvement Loan
  • • Medical loan
  • • Marriage Loan

Personal loans affect your credit score.

There is no collateral for personal loans; however defaulting on a personal loan can affect your CIBIL score. However, everything from applying for a loan (which means a new inquiry on your credit report) to how timely you make payments will affect your credit. The key to maintaining a good credit score is making your loan payments on time each month.

EarlySalary here is a great option for individuals to get quick access to instant cash without any hassles involved. The personal loans are approved in a matter of just 10 minutes.

All posts tagged: personal loans

Salary Advance

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Some situations demand the need for that extra cash. The hammer of Emergencies can strike us anytime, and can cause a financial imbalance.
The very situations can put us in an embarrassing spot where in we have to resort to sources for borrowing personal loans.
One such source is our work place. Salary advance is the solution that we think of falling back onto. However getting an advance from our employer is not often an easy task.

There are various factors that impede our decision to ask for money from employer. We will list down some below
1. Work Environment: The work culture, and organisational policies are influential in determining the granting of salary advance. Some organisations post their salary day guidelines on their website. Some do not. In such cases seeking permission from the HR head or your boss may seem like an unachievable task. Explaining the need is an even more cumbersome task. You would have to figure out the perfect time to visit your boss, so that your request is not over looked.
These situations might push your bosses to look deep into your private finance management, which is not a great thing.
2. Paperwork: Layers of paperwork deter our will to ask for a salary advance. We dread taking a loan, because we do not want to surmounted by innumerable documents.
While some smaller organisations might agree for a loan with a handshake, others might ask you to deep dive into piles of documentation.
The documented agreement could talk about a repayment date. This could be your next salary date or a pre-decided period within which you need to repay the loan.
The paperwork could also include a clause that permits your employer to debit the repayment amount from your future paycheck. Some employers may even charge a few bucks to cover the paperwork.
3. Official agreements are binding: Borrowing from your employer is very different from borrowing from family or friends. You cannot have the attitude of “ I will pay whenever I can”. There is a fixed date, and failure to repay might be consequential in a bad way.
4. Your image perception by others: – Before you borrow, you are also enveloped by thoughts like “ What If I am unable to repay? What will my colleagues think of me” “Am I putting my reputation at stake by borrowing ?” “Will I strain my relationship with my boss?”All of these thoughts pester you even if you are borrowing for the first time. Also if this is a lifestyle issue, then resorting to your employer is a big no-no.
5. Acceptability : The higher you go up the corporate ladder, the probability of you getting a loan will be lower. Instead of going through the hassle of asking for a loan from your employer, use EarlySalary. EarlySalary is a one stop solution to all your cash worries. You do not have to think twice before asking us for money. Procedure for online application is very easy. The money transfer is an instant process, there is no paperwork and hesitation involved.
EarlySalary offers personal loans at a very low rate in the quickest possible way.
EarlySalary is a win-win solution for both the employees and the employers. The employers too would not have to bear any financial constraint. They would escape the paperwork involved.
EarlySalary renders a happy employee and employer situation.

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