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6 Things You Must Know Before You Apply for a Personal Loan

6 Things You Must Know Before You Apply for a Personal Loan

We all need a bit of help from time to time, especially when it comes to money. A personal loan can be a lifesaver in times of need, by helping you pay for unexpected expenses, tide over an emergency or even plan a much-needed break from the daily grind.

However, there are a few things you should keep in mind before filling out a personal loan application. Ask yourself the following questions:

  1. How Much Will You Require?

The first thing to consider is how much money you need, not how much you can get. Most personal loans incur interest on the complete loan amount, regardless of how much you actually use.

  1. How Quickly Do You Need It?

Traditionally, personal loans can take days or even weeks to be approved, and disbursal of funds takes additional time after approval. This doesn’t help you handle financial emergencies.

  1. How Long Will You Need It For?

Conventional bank loans have a fixed repayment period, decided by the lender. Delaying the loan repayment will cost you, and affect your credit score, but prepayments are also penalized.

  1. What is the Total Cost of the Loan?

The interest rate is only part of the total loan cost. You also need to account for processing fees, late payment charges, penalties for early closure or prepayment, and add-on charges.

  1. Will You Need to Provide Collateral?

Personal loans are generally unsecured, which means you don’t need to provide a deposit or put up an asset as collateral. A poor credit score will usually make you ineligible for unsecured loans.

  1. Have You Shopped Around Enough?

Take your time to explore different loan products before signing up for one. Compare rates, repayment terms and additional benefits as well, such as a credit card linked to your loan.

Skip the bank queues and apply for a personal loan online

Everything is online these days, including loans and other financial services. Apps such as MoneyTap can help you get a personal loan with just a few taps on your phone screen, rather than running back and forth between banks. The application process is quicker, and funds are available instantly upon approval.

MoneyTap is a personal line of credit, which combines the benefits of a personal loan and a credit card. Here’s how it works:

  • 24/7 Access to Funds– Transfer money to your account or use the MoneyTap credit card anytime, anywhere.
  • No usage, No interest– Only pay interest on the amount you use from the loan, not the entire approved limit.
  • Flexible Repayments– Pick repayment terms that fit your needs, with flexible EMIs and zero prepayment fees.
  • Know Your Rates– A handy personal loan calculator helps you compare interest rates on loan tenures.

Download the MoneyTap salary advance loan app and submit your details. It’s free to apply for a personal loan, and takes only minutes!

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