Applying For An Instant Personal Loan? – Things You Need To Know

There are many occasions when you would require funds at a short notice that include medical emergencies, marriage expenses, and a child’s higher education. 

Although personal loans are provided on tenures ranging between one to five years. With a shorter tenure, it is better for you to pay less interest, the EMI will be relatively higher. So, decide the tenure of the loan as per your income and convenience.

Lenditt is one of the digital lending platforms that will offer customers with instant personal loans a loan for people who would need to meet their needs. The best instant personal loan app that can start providing loans in minutes to young professionals without using paperwork. Some of the important aspects of applying for an instant personal loan are mentioned below.

Key Points To Apply For An Instant Personal Loan

• Good Credit History Score

For calculating a credit score firstly your history of credit repayment score should be between 300 to 900. If you have a score of 750 this is considered to be an ideal score for applying for any personal loan. Lenditt does not require any credit score to apply for a personal loan that is one of the highlights of it, as they don’t look into your credit history at all.

Your application can get rejected with a low credit score or even have to pay a higher interest rate on your loan. For a good credit score, you can start using your old credit cards with a good credit history and start paying on time.

• Comparing The Interest Rates 

You need to start comparing the interest rates of various lenders to get the lowest rate and also compare the rates offered by different financial institutions on platforms such as Lenditt a best instant personal app. Lenditt will help you in taking the right decision in selecting a personal loan at the lowest interest rate and opt for the type of interest that suits you best for repayment of EMI.

• Cost Details

You need to make note of the numerous costs like processing fees, prepayment fees, and late payment fees. You need to check on the total expenditure which will help in guiding you to decide whether the loan is affordable and in managing your finances in a better manner.

• Checklist For Loan Requirement

You will have to make a checklist for the amount of loan you apply for as per the requirement. People mostly take personal loans for buying a vehicle, financing a wedding, medical emergency, and planning a holiday.

If you are not sure how many personal loans you would like to apply for, then it is better to opt for a flexible personal loan.

• Evaluate Your Repayment Capacity

By keeping track of the details of repayment, the Repayment term is the time period when you can make your EMI payments. You can also start using a personal loan calculator to estimate your monthly EMI well in advance and plan your repayment. It is better to have a repayment period as short as possible, for a longer tenure the overall interest rate will be higher.

• Avoid Falling For Fraud Offers And Plans

You will come across many lenders across the market that offer low-interest rates or schemes or floating rates of interest that may appear low initially but will start increasing substantially. Few of the lenders bury the costs and charges in paperwork. It is very important to find the appropriate lender who is transparent for a good personal loan experience.

• Check On Flat Interest Rates

You must not fall into a trap with the lowest interest rates. Generally, flat interest rate loans are offered at a much lower interest rate. However, that does not mean you will be charged less.

• Fast Disbursal

Unlike other loans, you can apply for personal loans and get them approved as early as possible. Most self-employees or salaried employees require loans during emergencies. It is very difficult waiting for days to get your application approved and then the amount disbursed will not serve any purpose. Therefore, check the disbursal time before applying. Here comes another major highlight of Lenditt which offers loans instantly.

• Eligibility For Applying For A Personal Loan

The lenders will check on an applicant’s current salary/income, current employer/Occupation, repayment capacity, CIBIL score, and monthly payment obligations. The credit score is highly important and the chances of approval of the application will be on favorable terms.

Lastly, don’t forget to consider many factors before applying for a personal loan. Nowadays, you can apply for an instant personal loan without documents and you can get the loan immediately as you don’t have to wait for a longer period. Consider the above points as a guideline to choose the best loan and it is important to decide what suits your financial situation.