A frequent use of personal loans is covering medical expenses, which many people opt for. Here’s the rationale behind this choice: Flexibility: Personal loans offer freedom in expenditure, unlike certain other loan types. This flexibility allows you to address a range of medical expenses, such as hospital bills, treatment fees, medication, dental procedures, or vision … Read more
Use a small portion to treat yourself Before you get down to the business of using the annual bonus for financial planning, you may set aside 10-20% of it. You can use this amount to treat yourself and your family. It is your well-deserved bonus for which you worked hard the entire year. Hence, you … Read more
In February 2024, the RBI data showed that credit card spending reached Rs. 1.5 lakh crores, a 26% annual growth. Within these spends, the usage of credit cards for payments like rent, tuition fees, vendor payments, society maintenance, etc., to individuals has picked up in the last few years. The RBI is not comfortable with … Read more
Facing a difficult financial situation can certainly challenge your commitment to saving, but there are smarter approaches than depleting your emergency fund or selling investments. An alternative option is to explore loans from banks or other financial institutions such as NBFCs. However, the decision between opting for a personal loan or a payday loan depends … Read more
Securing a personal loan is based on various factors that lenders evaluate to determine your capacity to repay the loan. There are various steps you can take to enhance your eligibility for a personal loan and potentially secure more favourable loan terms, such as lower interest rates or increased loan amounts. Here are some essential … Read more
Personal loans fall under the category of unsecured loans, meaning they lack collateral such as a car or house to back them up. While this makes them more accessible compared to secured loans, they often result in higher interest rates. Also, in contrast to other loan alternatives, personal loans are frequently easier and faster to … Read more
These unions emphasize member service and financial well-being, whereas banks focus on maximizing profits for shareholders. Credit unions often provide lower interest rates on loans, reduced fees, and a more customized banking experience. Credit unions can frequently be a compelling choice for personal loans for several reasons: Possibly lower interest rates: As non-profit organizations, credit … Read more
The suitability of an annual percentage rate (APR) for a personal loan varies based on several factors but typically ranges between 6% and 12%. Here’s a breakdown to assist you in gauging what constitutes a favourable APR for your circumstances: National average: As of February 28, 2024, the average APR for a personal loan in … Read more
A personal loan agreement, occasionally referred to as a personal loan contract, is a legally binding document that delineates the terms and conditions of a loan between a borrower and a lender (such as a bank or credit union). This document essentially details the rights and responsibilities of both parties engaged in the loan. A … Read more
Engaging in home renovations involves substantial financial commitments, and a lack of preparation can undoubtedly result in setbacks. The expenses associated with renovations vary based on factors such as the project’s scale, chosen materials, labour charges, and unforeseen complications. Explore smaller, more manageable renovation projects or look into financing options if needed. Adequate budgeting and … Read more