Easy availability of loans has gone to the next level with small personal loans readily available online. The minimum amount of loan available can be as less as Rs 15,000. Easy availability of personal loans makes it easy for you to meet your daily needs even during the crisis and financial crunch. Here we have listed out all the facts one needs to know before using small personal loans:
Table of Contents
Who Is Eligible For Such Loans?
The eligibility criteria may differ from one finance company to another. The broader criteria for getting and using small personal loans are listed below:
- Loans are available if you are a first-time borrower
- The applicant should be a resident of Australia
- The applicant must have the valid documents to verify the same
- Loans are available if you are salaried or self-employed
- The minimum loan amount is $150
- The maximum loan amount is $2000
- The loan term can range from 9 to15 weeks
- The applicant must have a good credit score
How To Apply?
Before using small personal loans, here are a few steps you should follow to apply for one:
- You must first fill up the digital form to apply for the loan amount online
- The reviewing of the online application happens in a matter of minutes
- The loan amount will be deposited into your account directly within minutes
- You will also receive a document that states the terms and conditions of the loan. If you have an issue, you can call their customer care service and ask for a negotiation
- You can improve your credit score by following these terms and conditions, and repaying your loan in time
What Are The Merits Of Small Personal Loans?
The countless merits associated with using small personal loans make it a popular choice today for businessmen and common people alike. Here we have listed down some of their major merits:
- You can apply for small personal loans in a matter of minutes, and they are passed too within minutes
- Repayment options for small personal loans are quite flexible
- The loan is approved with minimum documentation
- Debtor enjoys customer care support throughout the process of applying for the loan
- Individuals with salary as low as $300 per week can apply for these short term loans
Why is it Better to Take Personal Loans from Registered Lending Portals as Against Money Lenders?
There are many reasons why it is always safe to take money from registered and approved lending portals rather than private money lenders. Here we have listed a few of these reasons:
- Registered Lending Portals do a background check to see whether you are capable of returning the debt before lending money while moneylenders may lead you to a money trap which is unsafe
- You improve your credit score by using small personal loans from a registered lending portal and returning the loan within the stipulated time
- A formal agreement in case of borrowing from a registered money lending portal prevents you from being cheated
- Unlike the private moneylenders, the interest rates in case of loans taken from online portals are reasonable and terms are flexible
It is true that you should never depend on loans and external help to manage your routine expenses. If the need arises, you can always bank on authorized and licensed online portals that arrange the finances in a couple of days. Always conduct thorough research regarding the online portal before using small personal loans. Customize the EMI schedule to match your repayment capability.