How to get quick personal loan? - Buddy Loan

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HOW TO GET QUICK PERSONAL LOAN

• Guide on Steps and factors

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WHAT IS PERSONAL LOAN?

• Personal loan is a short to medium term unsecured
  loan (no collateral) that you can use to meet
  your financial needs.
• Though most commonly used to meet expenses
  related to debt consolidation, vacations and
  unexpected medical expenses, personal loan rates
  may be used practically for any type of expense.

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When Should I Apply for a Personal Loan?

• At the time of financial or medical emergency
  Instant Personal loans are disbursed quickly,
  therefore, they are best suited for financial
  emergencies. Since they can be used for any
  purpose, you can avail it to fund big medical
  expenses.
• When you wish for less documentation To apply
  for INSTANT personal loans, you require minimal
  number of documents. Therefore, its documentation
  process is simpler and faster than many other
  secured loan options.
• When you want money to fulfill multiple purposes
  If you want money to fulfill multiple financial
  commitments, apply for unsecured loans. Unlike
  for many secured loans
• To consolidate your debts Finding difficult to
  track multiple loan and credit card EMIs? If yes,
  you can consolidate them by taking a personal
  loan. Doing so will not only making repaying
  debts easier but also will save on the interest
  amount.
• You do not have collateral If you do not have
  collateral or do not wish to put your collateral
  at risk, apply for easy personal loans as these
  loans are unsecured, which implies that it does
  not require collateral.

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Personal Loan Eligibility Criteria

• Dos
• Know your credit score before applying for
  personal loan
• Research different personal loan rates offers to
  get the best deal
• Read the fine print carefully
• Pay your loan installment full every month
• Borrow what you can repay

• Donts
• Submitting multiple applications to get a
  personal loan for self employed.
• Going for the first loan offer that comes your
  way
• Partially paying your loan installment
• Missing the due date of your loan installment
• Asking for a personal loan interest rates as per
  what you want rather than what you need
• Signing the loan-related documents without
  properly reading or understanding them

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Factors on which Eligibility criteria are based

• Repayment Ability Applicant should have worked
  for an organization or been involved in a
  business for a certain number of years.
• Income Applicants should have the lender
  stipulated monthly repaying capacity or minimum
  salary.
• Age Applicant must qualify for the applicant
  age bracket defined by the lending institution
• Credit Score Applicant should have the bank
  specified minimum credit score and good credit
  history.
• Existing EMIs Applicant should not have any
  other loan liabilities or must have strong
  ability to take additional debts.

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Some of the major factors are

• Credit History Your credit history helps lenders
  analyze your repayment behavior . If you have a
  poor credit history, you will get personal loan
  at higher interest rates.
• Income For lender your income is an assurance
  of repayment. Therefore, the more you earn,
  lesser will be your personal loan interest rates.
• Employer When examining your loan application,
  lenders also consider the reputation of the
  organization you work with. You can enjoy lower
  interest rates on personal loans if you are
  associated with a well-known and stable
  organization.
• Lender-customer Relationship If you are planning
  to apply for personal loan with the bank you have
  an account with, your good relationship with your
  lender can also help in getting you lower
  personal loan interest rates. In addition to the
  rate of interest, borrowers must also consider
  other charges such as pre-processing fees,
  foreclosure charges, etc. before applying for
  personal loan.

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