How Personal Loans From Online Lenders Can Help This Holiday Season
The holiday season is already here in style. As is the case every year, bearing the expenses of Dhanteras, Diwali and Bhai Dhooj in a single month can prove to be a stretch on one’s wallet.
But there is nothing new in this story. Each holiday season, spending ends up exceeding forecasts and budget, especially thanks to inflation which continues to eat into individual savings. For those who don’t bother to save for a rainy day or lack the urge and time to budget, those expenses can seem like an added burden, dampening the party mood.
Either way, some expenses are significant and need to be funded. Fortunately, a personal loan can be an individual’s best friend on such festive occasions because it could help them enjoy those special times exactly as they want. For those who don’t have a credit card, a short-term personal loan repayable in 90 days or less may be the best alternative.
Unlike a home or car loan, there is complete flexibility in spending the money on a personal loan. In other words, it can be used for many small expenses that keep popping up throughout the holiday season, even after all purchases have been made and dusted.
On the positive side, a personal loan is generally an unsecured loan. Therefore, there is no need to go through a long and tedious process of pledging collateral. Most people tend not to have a qualifying collateral in the first place. Personal loans also allow repayment flexibility by offering several choices for the repayment tenure.
Besides, there are other advantages such as convenience and speed of using the loan. Everything being digital, you can apply for a personal loan online from the comfort of your home. If all the documents are at hand, it hardly takes a few minutes. Subsequently, the loan amount is paid directly into their bank account, almost instantly.
Unlike banks, instant loan applications do not rely solely on credit scores to assess borrowers. Instead, they use artificial intelligence and machine learning algorithms to deeply analyze other data points that correlate with a borrower’s intention and repayment capacity. This means that personal loan applications are now truly democratized and accessible to the vast majority of potential borrowers.
Convenient and fast personal loans from online lenders this holiday season can help people cope with unexpected cash shortages and have a happier celebration with friends and family. As the country prepares to spend a lot online and offline, it certainly helps to have a financial alternative that can step up when needed.
(By Gaurav Jalan, CEO and Founder, mPokket)