One of the biggest benefits of a personal loan is that it is an unsecured loan which means that you do not have to pledge any of your assets as collateral in order to secure the loan. This is especially useful for those whose salaries are not high or have just begun their professional career - in either case, they will not have any asset of considerable value to offer.
There are also a number of other benefits of availing personal loan online which most people do not know about, a few of which are as follows -
Lower Interest Rates
When compared with credit cards, personal loans offered by most financial institutions including Non-Banking Financial Companies (NBFCs) offer lower interest rates. This is because credit cards can charge an APR of 15%, while the same rate in case of personal loans comes out to be 6% which is considerably lower. For this reason, if you find that you are in a situation wherein you are unable to pay off the loan on your credit card, you should consider opting for a personal loan.
Available for any Purchase
That’s correct. One of the biggest benefits of opting for a personal loan is that it can be used for just any purpose that your heart desires. This includes buying a car, expanding your business, or renovating your house.
In the case of other loans, there are restrictions regarding where the funds can be utilized, while personal loans do not have such limits regarding where and how they can be used.
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