Six Situations Where You Can Depend on Instant Personal Loans for Expenses

by Josh Biggs in Finance on 22nd June 2020

“Nothing is permanent in this wicked world – not even our troubles.” – Charlie Chaplin.
The world as we know it is full of uncertainties that cannot always be priorly planned. A scarring example of that is the COVID-19 pandemic that has altered each of our lives in unimaginable ways. Sound financial planning for every turmoil that life throws upon us is a near-impossible deed. Thus, having easy access to collateral-free credit that is almost instantly available has been nothing less than a boon. No wonder instant personal loans are so widely popular. 

Simply put, an instant personal loan provides you with quick and easy access to extra cash when you need it the most. These loans typically have monthly installments over two to six years.

Instant personal loans by SC can be easily availed by applying online with the instant in-principle decision in minutes. The loan amount usually depends on various factors like your income, credit history, etc. Instant Personal loans should not be mixed up with loans on credit cards. The latter usually have a higher rate of interest, and a high credit card limit to apply for one. A personal loan on the other hand depends on your income, credit, and banking history. A loan on a credit card also requires you to pay back the amount in shorter duration as compared to the other. Here are the top six situations where you can rely on an instant personal loan for your financial expenses.

  1. Medical Emergencies: In the event of a medical emergency, ideally, health insurance should be able to cover the expenses. But if you do not have such insurance coverage or the expense exceeds the covered amount, you may consider an instant personal loan to foot the medical bills. Additional expenses like medications, medical travel & aftercare can also be financed by a personal loan.
  2. Consolidation of Debt: Multiple loans and outstanding credit card balances with varying interest rates and balances due can be consolidated into one monthly payment. It will be beneficial for you to take a personal loan in this situation especially when the rate of interest of the previously accumulated credited amount has a higher rate of interest in comparison to the personal loan taken to pay off the debt. Although risky, this gives you some more time to repay your bills and give you some time to manage your payouts accordingly.
  3. Home Remodeling or Renovation: Many of us aspire to aesthetically decorate our homes with elegant interiors. This can be taken care of with a personal loan especially for people who don’t want to get into a home equity line of credit. Putting on a new roof, remodeling your kitchen, bathroom or adding a garage, landscaping or hardscaping, can all be the reason for taking out a personal loan. If you are looking out to renovate your home, but have kept the plans on hold due to the lack of funds, then you should consider taking up a personal loan.
  4. Making a Large Purchase: Expensive electronics goods, major household appliances, and cars can be immediately bought leveraging an instant personal loan, rather than having to wait months or years to save up for them. You should not miss out on sales and great price offers, currently provided on an item solely because you have not saved or planned to buy it earlier.
  5. For Wedding/Festival Expenses: In India, weddings and festivals are celebrated with grandeur, attracting a large chunk of our expenses. You can opt for an instant personal loan to sail through such events especially if you require some immediate extra cash.   
  6. Fulfilling Your Dream Vacation: Travelling might not be a passion for all but spending a dream vacation in the luxurious and breathtaking places of the world, is something most of us dream of.  Thus to take a pause from the hustle-bustle of our daily monotonous life and to spend some quality time with loved ones and rejuvenate yourself, a fulfilling vacation is necessary. Here’s when an instant personal loan can come in handy to relieve you of your financial woes and give you some peace of mind.

Easy hassle free Instant Personal Loan By SC. Image Source:

In a nutshell, Personal loans are best suited for emergency purposes when you have a shortfall of cash or you need an instant lumpsum amount. The interest rates charged vary with different banks and customer banking relations. The tenure of repayment also determines the same. Other than the options stated above, an individual may also apply for a personal loan to expand his or her business, especially if the company has just started or it needs some urgent cash flow. This type of loan is preferred when the requirement of capital is too small to take out a business loan, and a shorter payback duration is preferred. 

A word of caution- Prefer loans with simple application procedures and check the approval turnaround time. Please don’t fail to plan for repayment and always keep track of the fees and charges related to any loan.

Categories: Finance