In order to be financially stable, a little help doesn’t harm. Nowadays, tons of individuals are availing the facility of an instant personal loan that gives them a push ahead in their financial life. This has become one of the easiest and trendiest ways to gain access to money during tough times.

Now, these tough times might be renovating your current home, purchasing a necessary appliance or paying medical bills. Such types of loans can be a financial lifeboat in some situations.

What is a personal loan?

As the name implies, it is a type of loan that a borrower can use for various personal expenses. These include home renovation, vehicle repair, medical bills etc. However, unlike a house or car loan, an online instant loan is generally unsecured in nature, which means that it doesn’t require any collateral to back the loan.

Typically issued by banks, financial institutions and credit unions, availing these loans have become as easy as ordering groceries from your smartphone nowadays. Moreover, they are usually repaid over a fixed term, ranging from a few months to several years.

The topmost advantage of this type of loan is that it offers funds quickly, with a relatively simple application process and fast approval times.

What are its advantages?

• No Collateral

Personal loans are often unsecured. This means you, as a borrower, don’t need to put up any collateral (home or car) to qualify for it. So, it is a less risky option as the borrower won’t lose your collateral if you’re unable to repay the loan.

• Flexible

When you avail an instant personal loan online, remember that they are versatile in nature and can be used for various purposes. Unlike a car or house loan, which is often tied to specific expenses, these loans can be used for any purpose of your choice. This makes it a good option if you plan to cover unexpected expenses, renovate your home etc.

• Predictable Payments

These types of loans come with a fixed rate of interest and a set repayment schedule, which basically means that your monthly payments will remain the same throughout the loan tenure. This helps in planning the budget and managing finances more effectively.

• Minimal Documentation

Gone are the days when people used to keep many documents with them to avail a loan. Nowadays, a relatively small number of documents are required to apply for and obtain a personal loan. So this cuts down all the hassle for the borrower and makes the entire process much easy.

Which platform is the best to avail an instant loan?

Here, I’d like to share my personal experience so that the readers can easily understand and they, too, have a good experience. Around seven months ago, we planned to renovate our residence and found ourselves in a situation of fund shortage. However, one of my associates told me about Stashfin and how one can easily avail a personal loan from them.

Well, you can easily download their application on your smartphone as it is available on the Play Store and App Store. Moreover, they also give access to the same on their official website. I personally used their application, and it offered a completely seamless experience.

About Stashfin

Stashfin is a digital lending venture started by a team of former financial services professionals dedicated to disrupting traditional lending in India. The team has worked with reputed firms in the Banking and Financial Services space, such as Bank of America, Merrill Lynch, Citi, Deloitte, Kabbage etc in India and the USA.