Tired of cutting expenses and saving for that vacation you are planning or the home renovation that is long due? Saving money is undoubtedly an excellent option to meet urgent financial requirements, but taking a free personal loan is a savior to meet the urgent financial needs. The only difference being, you save first and spend next in case of savings, which is not practical in case of significant expenditure. But in case of personal loans, you can borrow all the funds you need at once and pay it back in installments so, you spend on your needs first and pay next.
The concept of personal loan has helped a lot of households to tackle emergency financial shortfalls. Whether it is debt consolidation, medical or educational needs—the personal loan has your back, so it is not wrong to call it a multipurpose loan. You can apply for the loan and get it approved irrespective of the type of your need. That read enlightening right? This article will tell you all about personal loans and why should you consider applying for one.
Are personal loans secured?
Personal loans are unsecured—so you don’t need to pledge collateral as a security to avail one. However, there are downsides to unsecured loans—the interest rates being high as no security is involved. Also, the processing fees are high as there are a lot of risks involved from the lender’s side.
What is the maximum amount you can borrow?
It varies depending upon your income and profession. The loan is sanctioned, considering the factor that the EMI does not exceed 40%-50% of your monthly income. Also, if you have any previous dues while applying, the lenders will consider that too. For self-employed appliers and business owners, the loan amount will be determined on the basis of the profits earned and recorded in the statement. For salaried employees, it is based on their salary and other liabilities.
What are the necessary documents you need while applying?
The documentation requirements might get a bit complex, varying from bank to bank or lender to lender. But there are some apparent documents you need to present while submitting your application, which includes:
- Proof of Income.
- Residence Proof.
- Identity Proof.
- Copies of your license.
- Copies of your degree.
All these factors are a must-know if you are planning to apply for a personal loan. You can head to a credit union, bank or online lenders to get a personal loan. One such online platform is Violet Cash which makes a loan application and approval easy as pie.
Why apply for a loan with Violet Cash?
Violet Cash is a vast network of lenders and dealers who ensure that you are provided with the required funds in an easy and hassle freeway. The journey from application to disbursal comprises these three quick and easy steps:
Submit application: In the first place, enter all your details in the request or application form. And you need not to worry about your data; it will be kept secure and confidential.
Review the offer: After the offer is made, you can review the offer and accept it. In that case, your application will be processed further. If you are not satisfied with the offer, you have the right to refuse it.
Approval and Disbursal: After you approve of the offer, your loan amount will be disbursed. The money will be transferred straight to your bank account, and you can use it the way you want.
With the help of this guide, surely you can know all about personal loans, procedures and application. So, apply for a personal loan today with Violet Cash, click and apply.