A personal loan is a small, short-term loan that you may use to cover expenses until your next paycheck arrives.
You may apply online, and the decision to lend you money is made nearly immediately. In most situations, the whole application may be completed online, and the loan amount can be deposited into your bank account the same day you apply.
A personal loan is an unsecured loan, which means it does not need security, such as the ownership of a home or a vehicle.
Who Is Eligible to Apply for A Personal Loan?
To be qualified for a personal loan, you must be over the age of 18 and employed with a monthly take-home salary of at least Rs 30,000. A bank account with a valid debit card is also required.
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How Do You Apply for A Personal Loan?
Most loans can be found online, so there’s no need to wait for scanning or sending documents.
You will be asked for your name, address, monthly income, and employment information, the date of your next payment, the amount you intend to borrow, and your bank account information.
After submitting your application, you should get a response from the payday loan provider within minutes. They will send you an email with their decision to the email address you provided with your application.
Loan lenders base their decision to give you money in part on the amount you wish to borrow in comparison to the amount you earn.
Borrow only what you need; the less you borrow, the more likely your application will be approved and the less interest you will accrue.
How Do I Pay Back the Loan?
The loan agreement will tell you when you have to pay back the loan amount plus interest. The payback date is generally your paycheck, which is why the loan is called a personal loan.
The loan company will get the money back from you by taking it out of the bank account you listed during the application process. This is the account where your paycheck goes.
Repayment Over a Longer Period of Time
Lenders may extend their terms if you find yourself unable to repay all or part of the amount owed on the due date.
If this occurs, you should call your payday loan provider as soon as possible and explain your situation to them.
They will then be able to discuss your alternatives and how to proceed with the loan extension.
Even if you are unable to completely settle the payback amount, it is best to pay as much as possible on the due date.
This will help you keep your interest payments to a minimum. Some organizations may charge you extra fees for extending your loan; you should confirm this before signing your loan agreement.
Payday Loan Companies Must Be Regulated
Payday loan organizations that are properly regulated must follow tight rules controlling the finance industry.
As with any financial product, it is always a good idea to double-check that the company providing the loan is properly regulated.
The payday loan firm you’re applying to should include its Consumer Credit Licensing number in its loan terms, and it should also be approved by the Office of Fair Trade.
If you have any doubts about whether the lender’s company you are considering applying to is completely regulated, you may contact one of these authorities for further information.
As long as the payday loan company to which you are applying is properly regulated, there will be a recognized organization to which you can make any complaints, and you can be confident that you will not be subject to any unfair practices.
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