Top 6 Benefits of short-term personal Loan-

I need a short-term personal loan for a time of around 6 months. Is it really possible without getting into any fraud?

When you are in need of money fast, then a Short-term Personal loan might be the solution to your problems. Emergency like if you lost your job, or may be facing a car bill or may be your rent is due tomorrow. Whatever your crucial situation is a short-term loan can put money in your hands when you need it most.

Whether it is a Travel expense, a marriage expense or any emergency, Short term personal loans are perfect to meet some of the financial needs. Short term personal loan is a kind of unsecured loan which we can take for any purpose. It doesn’t require any kind of collateral security. The range of personal loan amount falls between 50k to 15 lakhs.  

Benefit of Short-Term Personal Loan-

Here are the Benefits or Advantages of short-term personal loan-   

 

Quick and instant Money in hands -

 

Personal loans are the best way to get funds in a short period of time. The process to apply for an instant short term personal loan is completely digital. This means that you can Apply for a personal loan right from your own mobile or laptop from your home. As it does not require any collateral, you can get approval for a personal loan instantly.

 

Predict your Financial Situation-

 

As the name shows a short term personal loan has a short tenure of a few months to 3 years. This means that you can smartly predict your financial situation and avail a short term personal loan.

 

Pay Less Rate of Interest-

 

As the tenure is smaller so there are less EMIs to pay. This way short term personal loans save you from too much rate of interest also. It is a thumb rule for short term personal loan that longer the tenure the higher the interest rate , the shorter the tenure the lower the interest on personal loan you have to pay.

 

No Compulsion to Pledge any Collateral-

It is an unsecured loan so you don't have to give any collateral. For Example, if you are taking a short term personal loan for some major repairs of your car. So, in that case you don't need to keep your car as collateral security till you repay the loan.

 

 Boost to Your Credit Score-

Any credit payment is done on time, that will improve your credit score. In the same way, if you take a short term personal loan and do the repayments on time then it can help give a good boost to your credit score which will help for any further applications.

 

Minimal Documentation-

The set of documents required for an application of short term loans is very less. You  require the identity proof details, bank account details, address proof, and employment details. All of these can be submitted online.

 

A short term personal loans lies on your credit score. If you have a good credit score, then you can get a great deal on the rate of interest. You might be offered a low rate of interest.Now if you decide to avail an instant personal loan for a short period, then you can Calculate EMI for personal loan by using the personal loan EMI calculator and plan your tenure accordingly.

With a short-term personal loan, you can get money instantly to meet your financial needs and repay the amount over a short period of time, usually less than a year. Your Own Funding provides quick short-term loans online up to Rs. 25 lakhs to pay for your personal requirements such as medical dues, wedding expenses, rents and more.