You might need cash for a short-term car repair, or you might want to finance a costly home repair that could result in increased property value. You never know when an emergency will strike. Perhaps you’ll need a loan because your car broke down, or maybe you’ll need to finance a costly home repair. Whatever the case, an instant personal loan can come in handy when you need to access a sum of cash without worrying about selling something, borrowing from friends, or taking on a high-interest credit card. With online loan apps granting personal loans, we are able to access the funds we need. Personal loans are tailor-made for those who need money fast and on an immediate basis.  Here’s how 5 emergencies can be tackled with a personal loan.

Sudden pre-monsoon house repairs or electronics upgrade

With every stage in life or change in circumstances, say you are moving to a new house in the same city or a new one, there are moments when the thought of upgrading your house electronics crosses your mind, but you don’t have the money to buy them. Or due to unforeseen circumstances, a few utility spots in your house require new fixtures and renovations. These are one-time occasional spends for which most people typically do not bake in their budget. A personal loan can come in handy in getting you the money you need to make fixtures or purchase electronics in the house.

Consolidating multiple unsecured debts

A common emergency that personal loans tackle is paying off high-interest credit card bills before they cause debt trouble. Also, you can take one personal loan from any online loan app to pay off all unsecured debts from multiple sources and organize your financial trail. Instead of picking up multiple loans from different kinds of money lenders, it is better to take one personal loan and clear off old debts from multiple money lenders with different rates of interest and different due dates which can be quite a hassle to keep pace with. 

Medical emergency

No medical emergencies come with an announcement or with fair warning. What do you do when you have a medical emergency and you have no funds? Most of us resort to applying for a medical emergency loan. Now, what is a medical emergency loan, to begin with? Medical emergency loans are taken in the event of unexpected medical emergencies – to tide out a surgery expense or meet an expensive medical procedure or pay off an expensive medical bill when you find yourself short on funds. Medical emergency loans are typically taken by those people who are not covered by comprehensive health insurance plans with broad coverage.

Short summer course

In these fast-paced times, it often happens that to get ahead at work or enhance career prospects or pursue a creative course, we never ballpark anything spectacularly. Either we are dependent on our family/parents to pay for our needs or the family is dependent on our monthly salary for their needs. Nothing should stop you from doing that short summer course for lack of funds. A personal loan is an answer to such opportunities.

Sudden wedding/personal trip with a friend

Not all of us maintain backup funds to attend a colleague’s wedding or a distant relative’s last-minute wedding announcement or a friend’s milestone birthday celebration out of town. What do you do in this scenario? In such a scenario, an instant personal loan from an online loan app is the most convenient way to plan these trips without any heartburn. A personal loan will help you cover your expenses without having to give up on any for lack of funds.

How To Apply For A Personal Loan

Once you know what kind of loan you need, start looking for potential lenders or online loan apps. You can find loan apps online and get quotes from them quickly. You want to look for loan apps with low rates and flexible repayment terms. Once you find one that fits your needs, fill out the loan application online and complete the KYC procedure and within no time, the loan would be granted if you meet all the parameters. Personal loans offer a quick and easy way to access funds without selling something or borrowing from friends. 

Anil Sumra

Anil Sumra is a Digital Marketing Expert with more than 10 years of experience. He loves to write on various financial topics online to create financial awareness. He holds a bachelor’s degree in Finance & Management.

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