Are you planning on applying for a personal loan? Do you have commitments that require you to avail of a loan? Are you a first-time borrower? Well, if you’ve answered yes to any of the above questions, we are here to help you understand what’s right for you.
A personal loan is a credit form borrowed from a bank or a non-bank firm to fulfill your personal needs. While there are so many platforms and banks out there that will lend you a personal loan, as long as you have a good credit history, it’s still important for you to choose the best out of them all.
A personal loan is usually availed for renovations, festivals, family events, and clear existing debts with higher interest rates. If you have a personal loan with a higher interest rate, it’s recommended that you apply for a personal loan with a lower interest rate and clear the existing debt. We also recommend you to check the authenticity of the lender while sharing your personal details.
Things to Keep in Mind While Availing a Personal Loan
Here are some tips on choosing the right personal loan.
We live in a digital era. Artificial intelligence has sprinkled its magic on the financial stream as well. Unlike the olden days, where one had to stand in a queue for hours and complete excess paperwork, we are lucky to have options that accept loan applications digitally. Look for a platform where you don’t have to physically travel or wait for weeks or months to get the loan amount. Money View is known for its hassle-free, online loan process. Experience a completely paperless application process only with us.
● Safety and Security
When you apply for a personal loan, you’ll be asked to validate your salary, address, and bank details. Such information is considered crucial and one might misuse your credentials for personal benefits. With a platform like Money View, you can rest assured knowing that your information is safe and used purely for the purpose of processing your personal loan. We do not share your information with anyone else without your knowledge.
Stay clear from harassment and unrealistic timelines. Many times, people feel the pressure of EMIs and skip payments. This affects their credit score and puts their assets at risk. Money View provides flexible repayment tenure of up to 5 years. This way, you can opt for an EMI that doesn’t put you or your family under any financial stress and you can make the payments on time without fail.
● Interest Rates
One of the most important aspects is to check the interest rate on the personal loan. Higher the interest rate, the higher the amount you’ll be paying back to your lender. Ideally, you should choose a comfortable tenure while trying to lower your interest rate for that tenure. Luckily, apps like Money View offer a lower rate of interest starting at 1.33% per month.
● Quick Delivery
Gone are the times when you had to wait for weeks or months to obtain a loan. When in need, get a personal loan as quickly as possible. Check for the disbursement time period. With Money View, you are sure to obtain a loan in the first 24 hours. Our loan process is done digitally and if you’ve done your part right, we work faster to help you in your time of need. We want you to attend to your emergencies immediately.
For any of this to happen, it’s important that you maintain a good credit score. You can do so by making your payments on time. When you skip an EMI, your trust score is likely to drop. When you have a lower credit score, you have very few lenders to choose from. Most loan applications are rejected because of a low credit score.
How to Apply for a Personal Loan on the Money View App
You’ll be surprised to know that we have a simple four-step loan application process.
1. Check if you’re eligible
2. Select your loan plan from the options
3. Upload valid documents
4. Money transferred to your account
We understand during the time of need you need the fastest loan process. That is why we try our best to deliver loans in the first 24 hours. Our digital platform is simple and fast. We provide financial services throughout India. Connect with our professionals via call or email for more information. Our friendly staff is just a phone call away. We will answer all your queries and help you choose the right personal loan plan. Call us today!