How many times has it happened in life that you need immediate cash/funds but don’t have any? These situations can be overwhelming and overbearing for any individual. To tackle such situations, one can easily apply for an online personal loan and get easy, quick access to funds.
In case of any financial emergency, these online personal loans can turn out to be a savior for you, by offering you instant and quick access to funds. Furthermore, there are various options available in the market now with advanced technologies that can offer you access to these funds within a short span of time, and with minimum documentation.
FatakPay is one such name that can help you get easy and quick access to online personal loans and help you in case of a financial emergency. Additionally, applying for a personal loan can help you in various manners with your financial planning.
Some of the major roles of personal loans we are going to discuss as we move along the blog.
What is a Personal Loan?
A personal loan is a form of unsecured loan which is given to you without any collateral, at a low interest rate for quick and easy access to funds. With FatakPay you can avail yourself of these online personal loans with a minimum documentation, easy repayment plan and low interest rates which can help you with your financial planning.
Additionally, you can avail yourself of this online personal loan for numerous purposes such as home renovation, travel, education expenses, marriage or others. Some of the most common ways, an online personal loan can help you in financial planning are listed below.
Availing Online Personal Loan
Now, as we said, the purpose of an online personal loan can vary as per your needs and requirements. Availing an online personal loan can help you in the below listed ways:
- Debt Consolidation
Among all the reasons for availing an online personal loan, debt consolidation is one of the top reasons. With the help of a personal loan amount, you can utilize this fund for timely repayment of all your debts and consolidate all your debts together and foster a better financial plan.
This can help you pay off all your debts in an easy manner without putting too much strain on your financial savings and other funds.
- Emergency Expenses
In any case of emergency, be it a home renovation, medical, travel, or educational, you can avail yourself for online personal loan and get immediate access to these funds. This is especially helpful if you don’t wish to use your other savings and funds or have run out of your savings.
Since with personal loans there is no requirement of collateral, you can avail yourself of these in time of any financial emergency.
- Build Credit History
It is a fact that with timely repayment of your bills, and loan amounts you can build yourself a good credit history and a good credit score. If you have a low credit score, you can avail yourself of this online personal loan, ensure timely repayment and in the process build a good credit score for yourself.
This credit score is going to be of use in your future, if you wish to apply for any other form of loan. With a good credit score you can get better offers, lower interest rates and an easy repayment plan as well.
- Large Amount Purchases
If you are planning for a huge purchase which can consume a good amount of your savings, applying for a personal loan can help you in such a situation. With the funds of personal loan, you can make your purchase and repay the loan amount with an easy repayment plan.
- Financial Freedom
If you are looking for some financial freedom, availing yourself of a personal loan can help you in the process. With the funds of personal loans, you can utilize them to make your major expenses, repay the loan amount with an easy process, and keep a good amount of savings. This can help you in maintaining and establishing your financial freedom.
Additionally, with personal loans you don’t have any risk of losing your assets in case of non-repayment as there is no collateral with personal loans, it further offers you financial security.
FatakPay and Online Personal Loan
As we mentioned above, with FatakPay you can get access to easy funds in the form of a personal loan. With zero collateral and minimum documentation, FatakPay is backed by RBI-regulated NBFCs which add to the safety and security of this platform for availing such emergency loans.
Furthermore, it offers you an easy repayment process, enabling you to make the repayment in an easy manner while also helping you build your credit score. Additionally, FatakPay enables you to access the application with your mobile device, making the overall process of loan application simple, and convenient for you.
Concluding Points
From above mentioned points, it is evident that applying for an online personal loan can help you in different aspects of your financial planning. Also, with lenders like FatakPay you can get easy access to your funds with a simple online application form.
This helps you to get quick access to funds in case of an emergency, enabling you to have better financial stability. Additionally, personal loans further help you in building your credit score, which can be beneficial in future while applying for a different loan amount.
FAQs:
1. Are 7 day loan apps legal?
No, 7-day loan apps are not legal, and users should not engage with any such apps as these can be fraudulent.
2.Which loan app is banned by the RBI?
Apps like RupeeGo, Punch Money, Grand Loan, Lend Now, Cashfull and several others are banned by the RBI.
3.What are the illegal loan apps in India?
Some of the major illegal loan apps in India are Infinity Cash App, Kredit Mango App, Cash Ray App, and Mobipocket App.
