Cash flow problems is a reality for all of us. How do we responsibly take out loans to meet our financial needs?
Everyone dreads the last ten days of the month. For most of us, our bank accounts are pretty low. Yet, there always seems to be an expense or unexpected bill to make.
So, is taking out an instant loan to deal with cash flow a good idea? The truth is it depends on how you decide to use it. The most important part is that you make an informed decision.
Small personal loans can be a good way to solve cash flow problems, but it's important to use them wisely and responsibly.
Here are some things to consider before taking out a instant app based personal loan:
Interest rates: Small personal loans may have higher interest rates than other types of loans, so it's important to compare rates and choose a loan with a fair rate.
Fees and charges: Make sure to understand any fees and charges associated with the loan, such as processing fees or prepayment penalties. A reputable loan company should respond promptly to an email or Whatsapp text to the support team of the loan company to clear any questions you might have.
Repayment terms: Make sure that you can afford the monthly repayments and choose a loan with flexible repayment options. You’ll also score a better credit rating for next time if you pay all your EMIs on time every month.
Credit score: Your credit score may affect your eligibility for a personal loan and the interest rate you receive. It’s always a good idea to prioritize the minimum payment on your loan EMI as it will have a direct impact on future credit limits.
Loan purpose: Make sure that you are taking out the loan for a valid reason and not just for frivolous spending. An emergency health issue, wedding expenses, educational expenses, or home renovations are all good reasons to take out a loan because these are planned expenses and you can pay it back over time.
At NIRA, we offer personal loans that are safe, transparent, and affordable. Our 'No Tension Loans' can be up to one lakh, with fair interest rates (2-3% pm), flexible repayment options (up to 12 months!) , and no hidden fees .If you make more than 11k a month, you are welcome to download the NIRA app from Google Play and see how much you can get approved for in just 3 minutes. Apply for a small personal loan with NIRA today and experience hassle-free borrowing!