Manage your Unplanned Expenses with an Affordable Personal Loan!

Let us go back a few decades. Do you member someone in your vicinity going through a financial crunch? Money for a wedding in the family, a medical emergency or funds to sponsor education. People looked at their friends and family for money to overcome these expenses.

The unplanned expenses like a medical emergency were harrowing.

Borrowing from friends and family came at a cost. So, when people failed to return the money on time, it strained the relations, causing irreparable damage. The other option was to seek money from a local moneylender. These were the folks who gave money on reputation or references. However, they charged a brutally high-interest rate. Non-payment often resulted in threats to family and social outcasts.

Then came the financial institutions that offered personal loans. All one needed was some collateral or a guarantor to secure the personal loan from these Banks. The process for these loans was cumbersome as even a short term personal loan required weeks or months to complete the processing.

As some of these unplanned expenses could not wait, people had to reach out to friends & family and moneylenders.

With the advent of instant personal loans, the dynamics changed. Applicants can now access a personal loan to manage their planned and unplanned expenses.

Here is how a personal loan can help manage unplanned expenses.

1. Break the Problem into Smaller Problems

When we are in the midst of a financial emergency, it seems unmanageable. Arranging a large sum of money in a short time can choke even the best optimists. When we break down this problem, the job becomes easy. A personal loan allows individuals to overcome the current situation with a predictable monthly cash flow. A personal loan disburses the amount in the applicant’s bank account for future monthly repayments.

2. Manageable Repayments

When we apply for a short term personal loan to overcome an unplanned emergency, the Personal Loan interest rate plays an important role. The applicant can schedule a monthly repayment based on the Personal Loan Interest Rates. This process makes the repayment manageable.

3. Living with Dignity

Asking for money from friends, family, and colleagues can be an awful experience. Both acceptance and denial dent our self-esteem. So, a personal loan helps the applicant access funds based upon their credit profile instead of pleading for the amount.

4. Self-Reliance

Being able to solve own problems provides satisfaction. One can overcome the unplanned expenses using their credit profile and application with the financial institutions.

5. Improves Credit Profile

A personal loan also helps individuals to improve their credit profile. For instance, when we take a short term personal loan and make timely payments, it improves our credit score. So, a good credit score helps in future loans like home loans and personal loans.

How to avail of an affordable Personal Loan?

Modern financial institutions help individuals avail themselves of quick personal loans. To choose the most affordable personal loan, an applicant needs to compare the personal loan interest rates and other terms.

As multiple applications negatively impact the credit score. So, applying with several financial institutions is a strict no.

The solution is a personal loan application with LoansJagat. LoansJagat is India’s leading technology platform that helps individuals get the best personal loan.

How to get the best personal loan with LoansJagat?

An applicant needs to submit a simple loan application on LoansJagat. LoansJagat then provides the offers from leading Banks and NBFCs. So, applicants can use the advanced tools on the LoansJagat platform to compare the loan offers from leading financial institutions. Applicants can then choose the best offer by evaluating the terms like personal loan interest rates, tenure and processing fee. So, LoansJagat also provides a dedicated loan officer to help complete the online documentation and formalities along with complete assistance.

Is a Personal loan only for unplanned expenses?

A personal loan helps to manage planned expenses as well. So, applicants can use a short term personal loan for planned expenses like travel, home appliances and education.

A personal loan helps to break down the expense into manageable equated monthly instalments.

Do you know someone who is facing an uncertain financial situation? Offer them the right advice. A Affordable Personal Loan makes the problem manageable by breaking payments in monthly EMIs without seeking money from friends and family.