EarlySalary: India’s Best Loan Provider Company
EarlySalary is a one-stop-shop for all of your cash-on-hand requirements. Whether it’s for shopping, travel, bill payment, or any other cash requirement, we can help you get through your tough times.
Of course, a sudden need for a significant sum of money or a loan can strike at any time in life, as many of us have learned the hard way. Obtaining a quick cash loan from a bank in an emergency can be difficult and time-consuming.
The amount of paperwork and processing required to sanction the loan would take a long time. At such times, an immediate loan would be really beneficial.
Benefits of a personal loan?
This loan is one of the best tools that a person who is in need of money can utilize. It is quick and easy to apply for and qualify for. It comes at a low-interest rate which is useful as it reduces the amount you pay back.
Measuring the benefits
Here are a few of the benefits you can expect if you apply for a personal loan.
Quick application and approval
The application process for this type of loan is fast and requires very little documentation. You need to submit the necessary documents and make payments as and when you are approved for the loan.
Easy to access
If you find it difficult to access credit, a personal loan is the best option to borrow money. It can be accessed within a day and a 1% transaction fee will be charged.
Good interest rate
The interest rate on this loan is an important consideration. Although this loan is the easiest to get, it should be treated as a business loan as it is a business expense and not one for individuals to use on their spending. A personal loan is, therefore, better for businesses. They can avail of loans to expand their business, buy equipment, hire staff and acquire assets that they can not afford to do otherwise.
No credit check
This type of loan is not as strict as a secured loan. Also, as personal loans are not secured by assets, there is no guarantor and so there is no need for a credit check. Also, the loan will have a moratorium period of six months during which you are not required to make repayments.
Personal loan versus business loan
For business owners, obtaining a personal loan is more costly because it can take a lot of time to get approved for a loan compared to getting a business loan.
Several reasons can explain why this is the case. To qualify for a personal loan, you need to have an established credit history which will be easier to establish if you are the owner of a business.