Online Personal Loan Applications: Today’s Financial Saviours

Have you been getting calls from your credit card lender every day? Struggling to pay your long credit card dues? Unable to sleep peacefully due to your credit card burdens? If yes, do something about it! Have you thought of taking a personal loan to pay off your dues? You read it right!

 
Many of you may have taken a credit card right after getting your first job and mindlessly used it for shopping, partying, and more. It is time to mend your ways and get rid of those unsettled dues right away. You can do it by applying for a personal loan. With a personal loan, you can clear all your credit card dues in one go and then repay the loan slowly via equated monthly installments (EMIs).

Paying off credit card dues is just one of the uses of personal loans. Since it is an unsecured loan, a personal loan can be utilised for numerous purposes. Whether you want to refurbish your apartment, fund your child’s beach destination wedding, sponsor your spouse’s much-aspired music course, or buy that vintage bike, you can take a personal loan and meet your needs successfully.

Nowadays, getting a loan such as a personal loan or a car loan is amazingly simple as you can apply online! You may visit official websites of lenders or neutral third-party financial websites. You can compare different loan options, loan interest rates, fees and charges, and everything else about the loan online and then make a calculated and sensible decision.

Boons of Applying for a Personal Loan Online

You may wonder what is so great about applying for a personal loan online. Once you see how an online application process can be comprehensive yet smooth, you will understand the advantages of it.

1. You can check your eligibility: When you apply online, you can check your personal loan eligibility in a few seconds! Now, isn’t that a beauty? You do not have to go on worrying if you will be eligible for a particular loan or not. You can instead find out instantly by entering relevant details. You will be required to key in your age, income, employment status, credit score, loan amount, your city of residence, loan tenure, etc. These are some of the factors that determine your eligibility. Once you enter this information, you will get a result on your screen which will show if you are eligible or not. In case you are not, you can take necessary steps to improve your eligibility. If you are eligible, you can move to the next step of your application process.

2. You can compare various personal loan interest rates: When you apply online, you can view several interest rates for personal loan on a single window itself. You can compare multiple personal loan rates of interest and then pick the one that suits you the best. You will also be able to compare processing fees, late payment charges, prepayment fees, and other aspects related to a personal loan. All this can be done without calling a bank representative or visiting a branch.

3. You can find out your EMIs: It is very important to be aware of your overall personal loan expenses before you apply for one. You can do this by using EMI calculator. You can find this on your lender’s official website or on financial websites. You will only have to enter your loan amount, loan tenure, interest rate, and processing fee. If you think you may prepay your loan, you can enter details related to that in your calculator. After you give all the details, you can click ‘calculate’ and see the results. You can key in different amounts and tenures to compare EMIs before you select a loan. This step will assist you in planning your overall monthly expenses extensively. 

4. You can submit documents online: Most lenders and financial websites that allow online personal loan applications enable you to upload mandatory documents online itself. You do not have to step out of your home and go all the way to a bank branch to furnish your documents to complete your application. This paperless documentation process is faster and simpler.

5. You can monitor the status of your loan: After you apply for a loan, you may wonder if it will get approved or not. You can stop being curious and find out for yourself by checking the status online. Once you submit the application, you will receive an application number. You can enter this online and get the exact status of your loan application. This will give a clear picture of what is happening to your loan.
 
So, what are you waiting for? Find the personal loan product that suits your needs and financial condition, and apply for one instantly. Always remember to pay your EMIs on time to avoid any stressful situation.