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Secured vs. unsecured personal loans: What you need to know

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When shopping for personal loans, borrowers will find that there are two main types of loans — secured personal loans and unsecured personal loans. Secured loans A secured loan is  a type of loan in which a borrower pledges an asset such as a car, property, or equity etc., against that loan . The loan amount made available to the borrower is usually based on the value of the collateral. Pros Less stringent eligibility requirements Often has lower interest rates than unsecured loans Secured loans usually have higher borrowing limits than unsecured loans Cons Collateral can be taken if you default on the loan Failure to repay the loan as agree can damage your credit Where to get an unsecured loan Unsecured loans, like the name suggests, is  a loan that is not secured by a collateral such as land, gold, etc . These loans are comparatively riskier to a lender and therefore associated with a high interest rate You can get an unsecured loan from a bank, credit union or online lender. P

How to Get a First Time Business Loan

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  How to Get a First Time Business Loan one of the first things you’ll want to do is learn exactly what it takes to qualify for a small business loan for the first time—as this understanding will be essential to your preparation process.     1. Check your credit score. The first step to preparing to apply for a first-time business loan is checking your credit score. the better your personal credit score, the more likely you are to qualify for a first-time small business loan, and one with the best rates and terms. So, as you start preparing  to apply for a business loan , you’ll want to take a look at your personal credit report, know what your credit score is, and take any necessary steps to improve your credit. 2. Determine how much funding you need. The next important part of preparing to apply for a first-time business loan is determining exactly how much funding you need—plus, how much funding you can actually afford. there are a variety of reasons why you

How to Get Easy Loans for Quick Money ??

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Looking for quick financial assistance to manage your expenses ? Easy Finance now offer different types of instant loans to help you meet your financial needs. Read this blog to learn more... There are times when you might need quick access to extra funds. From personal emergencies like hospital expenses or home renovations to purchasing the latest new car, there can be several instances when you might need quick financial help. Managing such expenses is now easier with the different types of quick loans offered by top banks in the country. So, how do you get an easy loan when you need one? Follow the steps mentioned below: 1. Selecting a Lender (Important) first step to selecting a proper lender. Compare the loans, interest rates, processing fees, and eligibility requirements to select a lender that best suits your needs. Many such low-interest loans have hidden costs that can make the borrowing very expensive. Also, keep the reputation of the lender in mind before selecting one

What Types of Bank Loans in India

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  What Types of Bank Loans in India Personal Loans: Most banks offer personal loans to their customers, and the money can be used for any expense like paying a bill or purchasing a new television. Generally, these loans are unsecured loans. The lender or the bank needs certain documents like proof of assets, proof of income, etc. You must remember that the rate of interest associated with these loans can be on the higher side.   Credit Card Loans: When you are using a credit card, you must understand that you will have to repay all the purchases you make at the end of the billing cycle. Credit cards are accepted almost everywhere, even when you are travelling abroad. As it is one of the most convenient ways to pay for the things you buy, it has become a popular loan type. Home Loans: These loans generally come with longer tenures (20 years to 30 years). The rates offered by some of the top banks in India for their home loans start at 8.30%. Car Loans: A car loan helps you to pav

Documents Needed for a Personal Loan

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Depending upon different financial companies and NBFCs, the documents, pre-requisites, interest, and processing fee differ. But what remains constant is the KYC document. Know Your Customer (KYC) is a mandatory process for the identity verification of the borrower. An individual’s KYC documents include: Aadhar Card PAN Card Voter’s Card Driving License A salaried person is required to submit their last six months of salary slips, whereas self-employed borrowers are asked for IT return papers. Simply Easy Finance offers personal loans with paperless documentation. It is a reliable digital platform to avail personal loans with minimum documents. Once the required documents are approved, the loan is disbursed instantly into your registered bank account within 24 hours. Documents can also differ based on different loan types. For instance, an education loan or a medical loan will require some additional documents like: student's academic documents 1.