In today’s digital world, short-term personal loans are being offered by new-age fintechs and digital lenders which are quick financing options in order to get your temporary shortage of funds solved. Just like the personal loans, short-term personal loans are the unsecured loans with no restrictions on the end usage of funds.
Here in this webcast, we have listed down the important aspects of short-term loans that you must know about:
Now, this is one of the key features of short-term personal loans that they are disbursed quickly. They provide rapid and hassle-free access to money from the borrowers without even involving a lengthy and time-consuming loan approval process. Isn’t it amazing? So, why not get short term personal loans for your emergency needs?
No need of a Collateral
Short-term personal loans do not require any collateral as these are short-term unsecured loans involving smaller loan amounts. This really works in full swings with the young salaried professionals who might not be able to get an unsecured loan from a bank in the absence of credit history.
As these loans are mostly available online through different applications and financial marketplace, such short term loans involve minimum documentation depending on the profile of the customer. The best part of short term loans is that they offer a completely paperless experience to their customers.
Flexibility in Repayment
These short-term loans offer flexibility in the repayment terms, depending on the tenure of the loan. If your repayment tenure is less than 30 days, you would have to pay wherein you pay full loan amount towards the end of the tenure. But if your loan tenure is of more than 60 days, then you would have to pay through EMIs. You can pay through digital payment modes like RTGS, NEFT and UPI, which further ameliorates the customer experience.
No Long-Term Commitment
The risk factor associated with the short-term personal loans is minimal, as these short-term loans involve smaller amounts offered for a shorter period of time. On the contrary, the long-term loans involve a commitment for a longer period of time which magnifies your risk of default due to uncertainties. But with short-term personal loans, you do not have to worry or compromise on any of the long-term goals.
Majority of people find themselves in need of a personal loan at some point in their lives. So why not you get short-term personal loans if at all you find yourself in hot waters. Many people need these short-term personal loans in case of emergencies like the medical accidents or even the car repairs. If approved, you can receive your funds within the very same day, thus allowing you to take care of your needs.