Personal Loans vs. Payday Loans: 10 crucial differences you need to know
1 week ago

Personal Loans vs. Payday Loans: 10 crucial differences you need to know

Live Mint  

If you are short of funds and urgently need money to cover an unanticipated expense, you can rely on a personal loan. We are referring to the pay day loans, which are quite similar to personal loans but still vary in terms of interest rate, loan amount and repayment period, among other criteria. Purpose: Personal loans are offered by banks, NBFCs, or digital lenders, usually for general purposes whereas payday loans are very short-term loans that are designed to cover urgent expenses until the next salary is credited. Interest rate: Personal loan charges a lower interest rate typically 10–24 percent per annum whereas pay day loan charges a higher interest that ranges between 36 percent to 60 percent. Processing fee: The fee of processing a personal loan typically varies between 1–3 percent of the loan amount whereas payday loan charges a fixed fee or high percentage of loan amount.

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How to calculate EMI for instant personal loans? A step-by-step guide
1 week, 3 days ago

How to calculate EMI for instant personal loans? A step-by-step guide

Live Mint  

Instant personal loans are a popular choice for people looking for instant cash to cover their expenses. What is an instant personal loan EMI calculator An instant personal loan EMI calculator is an online tool which helps you calculate your EMIs accurately and quickly. Since the loan tenures provided in instant personal loans is shorter as compared to other loans, …

Choosing the Right Type of Personal Loan for You
1 week, 4 days ago

Choosing the Right Type of Personal Loan for You

Live Mint  

Among the diverse financial products available today, personal loans stand out as a flexible and accessible option for individuals looking to meet their financial needs. Whether it's consolidating debt, funding a wedding, or managing unexpected medical expenses, personal loans can be the bridge to achieving your financial goals. Types of Personal Loans Understanding the different personal loan types can help …

5 key tips to boost your chances of instant personal loan approval
2 weeks, 3 days ago

5 key tips to boost your chances of instant personal loan approval

Live Mint  

Personal loans are one of the most convenient tools to access emergency funds. Source of income Most lenders would quickly approve instant personal loans for borrowers with stable incomes and steady employment. Different lenders may have a minimum monthly income limit to grant an instant personal loan. Good credit score One of the major criteria lenders look for when approving …

Online vs. Traditional Personal Loans: Which option offers better rates and flexibility?
2 weeks, 4 days ago

Online vs. Traditional Personal Loans: Which option offers better rates and flexibility?

Live Mint  

Personal loans have become a popular choice amongst people who want quick cash to meet their financial obligations or just need some extra funds for a celebration or a luxury vacation. Online vs traditional personal loans We will be analysing this on certain parameters which include the application process, interest rates, customer experience and many more. Application process Online personal …

7 types of personal loan repayment method: Which one is best suited for you?
3 weeks, 3 days ago

7 types of personal loan repayment method: Which one is best suited for you?

Live Mint  

Managing loan repayment properly can really make a difference in your financial health. Understanding personal loans A personal loan is essentially an unsecured loan for which a large amount of money can be received for purposes that one might want, like any medical crisis, house improvements, travel, and also any form of debt consolidation. One, however, should analyse before applying …

Personal Loan EMIs: A borrower’s guide for a smooth repayment strategy
Trending News
3 weeks, 6 days ago

Personal Loan EMIs: A borrower’s guide for a smooth repayment strategy

Live Mint  

A personal loan is a flexible financial option that facilitates quick access to funds for home improvements, meeting medical emergencies, travelling, or educational purposes. Unlike home or auto loans, personal loans do not require collateral but frequently have higher interest rates. In the early periods of the loan, a larger amount of your EMI is dedicated to interest, and the …

5 key benefits of personal loans that you should know about –– flexibility, lack of usage curbs, and …
Trending News
4 weeks ago

5 key benefits of personal loans that you should know about –– flexibility, lack of usage curbs, and …

Live Mint  

Life often presents us with unforeseen expenses includeasily available to people. Knowing the key benefits of personal loans can help you make well-informed financial choices to achieve your objectives. The interest rates on personal loans are usually affected by several factors, including your credit score, income, and the loan amount. Quick disbursement process: Personal loans are approved and disbursed within …

Pros and cons of personal loans: Is borrowing right for you?
1 month ago

Pros and cons of personal loans: Is borrowing right for you?

Live Mint  

Personal loans are one of the most sought after products in the field of finances, since they fulfil the need for instant money for any purpose. Personal loans are usually repos which are meant to meet specific needs despite the fact that as much as lenders set caps depending on your income and your ability to repay. No collateral required: …

What is a personal loan? A comprehensive guide for first-time borrowers
1 month ago

What is a personal loan? A comprehensive guide for first-time borrowers

Live Mint  

Personal loan loans are flexible financial options that can be availed in pursuit of different goals of life such as paying an emergency medical bill, funding home improvements or realising that special dream vacation. Important factors to consider before taking personal loans 1.Loan terms and conditions: Before taking a personal loan, always read the fine print. 2. Credit score: It …

Instant Personal Loan: A Step-by-Step Guide to Getting Quick Cash
2 months ago

Instant Personal Loan: A Step-by-Step Guide to Getting Quick Cash

Live Mint  

An instant personal loan is a type of unsecured loan that can be applied for online, eliminating the need to visit a bank branch. The application process can be completed in just a few simple steps. To qualify for an instant personal loan, you typically need to meet the following criteria: Age, CIBIL score, and work experience. The loan is …

Unlock Quick Cash with Instant Loans: A Comprehensive Guide to Financial Solutions
2 months, 1 week ago

Unlock Quick Cash with Instant Loans: A Comprehensive Guide to Financial Solutions

Live Mint  

Instant loans are a type of credit that allows you to obtain funds in a short amount of time with minimal processes. These loans can be beneficial for various urgent financial needs, including medical emergencies, educational purposes, travel expenses, and wedding expenses. To apply for an instant loan, you can visit the official website of your respective bank and fill …

What are personal loans and how do they work?
2 months, 3 weeks ago

What are personal loans and how do they work?

Live Mint  

Personal Loan: While personal loans are popular for urgent needs, they carry high interest rates. To obtain a personal loan, you must adhere to specific guidelines and meet the Personal loans primarily depend on your credit score, financial status, and current market conditions. Interest rates vary by bank, but they are usually calculated using a simple formula: Interest rates vary …

What are instant personal loans? Here are 6 essential features that define them
6 months, 3 weeks ago

What are instant personal loans? Here are 6 essential features that define them

Live Mint  

Instant personal loans are a loan category specifically crafted to offer rapid access to funds, typically featuring a quicker approval process compared to standard personal loans. Diminished loan amounts : Compared to conventional personal loans, instant personal loans frequently have lower maximum loan amounts. : Compared to conventional personal loans, instant personal loans frequently have lower maximum loan amounts. Best …

Personal loans for big purchases: Here are the pros and cons
6 months, 4 weeks ago

Personal loans for big purchases: Here are the pros and cons

Live Mint  

A personal loan presents a viable option for financing significant purchases. In contrast to credit cards, which may have variable interest rates based on your creditworthiness or the state of the market, personal loans provide peace of mind. Possibility of reduced interest rates: Interest rates on personal loans are usually lower than those on credit cards, especially for borrowers with …

Personal loans vs payday loans: What is the difference between the two? MintGenie explains
8 months, 1 week ago

Personal loans vs payday loans: What is the difference between the two? MintGenie explains

Live Mint  

Facing a difficult financial situation can certainly challenge your commitment to saving, but there are smarter approaches than depleting your emergency fund or selling investments. Best Personal Loan for you at lowest interest rate Instant Apply Cost : Personal loans typically offer much lower interest rates compared to payday loans. While a personal loan might have an APR ranging from …

Personal loans pros and cons that you must be aware of
9 months, 2 weeks ago

Personal loans pros and cons that you must be aware of

Live Mint  

A personal loan represents an unsecured borrowing arrangement available from institutions such as banks or credit unions. Best Personal Loan for you at lowest interest rate Instant Apply Characteristics of personal loans The demand for immediate funds is a widespread challenge, whether it’s an unexpected medical emergency or an unplanned wedding. : Due to the absence of collateral that lenders …

Need A Personal Loan? Check Out The Different Types Available In India
1 year, 1 month ago

Need A Personal Loan? Check Out The Different Types Available In India

ABP News  

Personal loans are a great way to help with big expenses when you might be short on liquidity. Financial institutions offer travel-specific personal loans to help you deal with expenses related to flights, hotel accommodations, shopping, and much more. Education Loan Lenders provide education loans to help students realise their educational goals and achieve their dreams of securing higher education, …

5 scenarios in which quick Personal Loans can be useful
1 year, 6 months ago

5 scenarios in which quick Personal Loans can be useful

India TV News  

Getting credit now is easier than ever before. Here, personal loans are a viable choice because you can use the funds without any restrictions, and this includes paying off existing high-interest credit. You only have to pay the interest applicable on the personal loan Moreover, when you consolidate your debt, you are effectively closing your other credit accounts. Lenders provide …

Personal Loans to Meet your Financial Needs
3 years ago

Personal Loans to Meet your Financial Needs

Deccan Chronicle  

The advent and rise of personal loans have provided possibilities to meet a variety of financial needs for consumers. Personal loans can be a great way to meet your financial needs without having to resort to high-interest credit cards. In that case, personal loans can be used for a variety of purposes, including: Medical expenses If you have a medical …

Instant, app-based loans could lead you to debt traps
3 years, 2 months ago

Instant, app-based loans could lead you to debt traps

Live Mint  

The adoption of technology amid covid-19 in the Indian financial ecosystem is on an overdrive. The promise of real-time access to loans makes instant app loans more attractive than personal loans from established banks, especially for urgent requirements. Loan sharks: Regulators in advanced economies such as the UK and the US have issued strict guidelines against loan sharks offering instant …

Personal Loans: Step-by-Step Guide to Choose the Best Loan for you
3 years, 3 months ago

Personal Loans: Step-by-Step Guide to Choose the Best Loan for you

News 18  

Both 2020 and 2021 have been terrible for the economy. And while credit cards are an easy option, personal loans are still preferred over because they are the cheapest and are available at interest rates as low as 10.25 per cent. Other Charges Before finalising any loan option, you need to understand the extra charge involved in the personal loan …

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