There are a lot of situations when you may need extra money: the need to cover unexpected medical bills, make home improvements, organize a celebration of some special event, etc. The best solution in such cases is to apply for personal loans with low interest rates. More and more people choose this way of getting fast money due to the advantages offered by personal lenders in Sri Lanka. Find out how to get financial help when you need it most taking minimum efforts.
Personal Loan Benefits
Compared to bank loans, personal loans online have lots of obvious benefits. Among them are such as:
- The simplicity of the application procedure;
- Fast loan decision;
- No hard credit check;
- A possibility to get a maximum loan amount and choose the loan duration;
- Minimum of documents are required;
- No need to explain how you’re going to spend money.
Personal loans are becoming more and more popular because applying for a loan takes minutes. A possibility to save time is crucial nowadays taking into account the fast pace of life. Choosing this kind of financial assistance, you can save time and energy. If you get the best personal loans with low-interest rate in Sri Lanka, you’ll be able to save money as well.
Apply for Personal Loan
The process of applying for a personal loan is as easy as ABC. Several simple steps separate you from the desired amount of money you’ll be able to spend for your personal needs and wants. Have a look at the procedure that is a must-step for any lending company.
- Choose a loan amount;
- Select the repayment term;
- Fill out all the fields in the application form (Full name, age, employment, financial and banking details);
- Submit a loan application form online;
- Wait for the loan decision.
It doesn’t matter what lending company you’ll choose, you’ll need to provide the same personal information for the lender to know you are a responsible lender. Your details won’t be shared with third-parties. The basic information is required to determine whether you have overdue loans, whether you can afford to pay back the loan on time, etc. All these details will help the lender to make the right decision regarding your application. Take into account that if you apply for a loan for the first time, you can’t get the maximum loan amount.
Bank Loan vs. Personal Loan
If to compare bank loan with a personal loan online, it’s possible to say that there are lots of differences. The main one is that bank lenders are more demanding approving loans only in case a lender can provide a certificate of permanent employment. Perfect credit history is a must for a borrower who is going to apply for a bank loan.
Personal loan lenders are ready to give a helping hand to those who need money urgently offering more flexible terms of lending. This means that you’ve got more chances to get a loan online than when applying for a bank loan. When applying for a bank loan, you should be ready to provide many documents and wait until they are processed. It isn’t the best option for situations when you need money as quickly as possible. Personal loans are much more convenient and hassle-free. You can find out whether you’ll be given a loan the same day you apply.
Interest rates may vary in lending companies. They also depend on such factors as the loan duration, the credit rating of a borrower, and the loan amount. If you have a low credit score, you may be approved for getting a loan but the interest rate may be higher. Most companies in Sri Lanka have interest rate from 13% to 18%.
There are loans with a fixed interest rate and floating rate. The repayment term differs in them. When getting a loan with the fixed rate, you can choose maximum repayment term up to 5 years while loans with the floating rate may be taken for a period of up to 7 years. Loans with the fixed rate can be obtained if a borrower can confirm a regular monthly payment.
Here are the most common questions you need to get acquainted with before you get started with the loan application process.
Is personal loan safe?
What is the best place to get a personal loan?
Cashwagon is a good place to go if you need money urgently. They offer lending products at a competitive interest rate. This lending company provides financial help to those who have been rejected by banks. Here you can choose among a wide range of products and find the best one for you. Cashwagon will help to deal with a challenging situation in 30 min – it’s the time within which you’ll get a notification about the loan decision. Get the loan for 30 days and repay it in one lump sum enjoying the absence of hassle and paperwork.
Can you get a personal loan with a credit score of 550?
Yes, it is possible. Of course, the chances to get a loan with a bad credit rating are less but there are still companies which offer loans to bad credit borrowers. Keep in mind that the interest rate for a bad credit loan may be higher. Not all lenders offer loans to customers with a low score. So, you’re recommended to apply to at least three companies to increase your chances to get approval.
Is it a good idea to get a personal loan?
Getting a personal loan is a great idea if you need money quickly. But you should have a responsible attitude towards online lending. Apply for a loan only if you know that you’ve got a stable source of income and can repay the loan on the due date, otherwise, you’ll have to overpay for the debt consolidation.