When there is a personal loan why you need to pay an extra interest rate on other financing loans

personal loan

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In the world of the finance sector, there are various loan options, but the question is how we can find the particular one that redressed our debt with low-interest rates. Nowadays, banks have become so strict against the loan policy because  ifwe saw the past records of paying back EMI’s on time, there are many faulty costumers who were unable to repay the fund to the bank and that’s the reason why banks tighten their loan policy. Most of the banks offer loans to the only individuals who have a good credit score. But, if you are running with bad credit history, how you can take a loan from the banks.  No worries, still there is an option which is round the clock available for the individuals who have a poor financial record and that option is a personal loan.

personal loan

A Personal loan is a kind of loan where the lenders lend money without checking your past financial record. It is also known as an Unsecured loan for bad credit  because your asset is not always at risk of liquidation. A Personal loan is considered great for many advantages and some of them are listed below:

  • No Collateral: Borrowing loan with no collateral is the best thing in a personal loan because you don’t have to keep any type of assets like property, gold, and other persona signature. This the greatest reason that makes a preferred choice over the other finance options.
  • No credit check: Since as per the Credit Information Bureau, all the borrowers must have credit score more than  700, means anything greater than 700 is considered in a good credit history and they will easily get the loan with low interest rates. But, as we said above in finance sector personal loans no credit check is the option for the individuals who are running with the bad credit history. However, a high CBIL score suggests good credit history and responsible for the easy process loans, but there is also an option for the bad credit individuals is no credit check in which individuals don’t check the credit history or run the soft credit check via alternate bureaus.
  • Easy process: personal loans do not consist of heavy paperwork.For the guaranteed personal loans with bad credit, all you need is to do, search the ideal lender’s website and then fill the application and click on the submit button. Once your application is received by the lender, he will call you for the further process and after that, your loan will be transferred to your bank account within 48 hours.

Eligibility criteria for the personal loan:

  • The applicant must have age 18 or above.
  • The applicant must have a stable line of work either regular or monthly income.
  • The applicant must have an electronic transfer bank account because directly transferred fund directly in your account.
  • A valid email address and phone number and a resident card.
  • The applicant not currently signed to anticipating entering a debt management plan.

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