Personal loans can be used to fund anything from a vacation to a home improvement project, to paying off high-interest credit card debt. When you apply for a personal loan there are many benefits that you will receive. Some of these benefits include can consolidate your debt, getting the funds you need in as little as 24 hours and more!
This blog post will examine five (5) benefits of applying for personal loans. Hopefully, you’ll find this information useful!
1. Get The Funds You Need In As Little As 24 Hours
Apply for a personal loan (also called an unsecured loan) and you could receive funds as soon as 24 hours after application. That means you could secure the funds you need quickly.
At 1MyFinance, your application will be approved in one(1) hour. We’ve served over 1000+ customers from Kuala Lumpur (KL) & Selangor. There is no 3rd Party Extra Charge.
Besides, we are also capable of providing flexible repayment terms depending on our customers’ needs. The repayment period ranges from 60 days to 60 months.
2. Consolidate Your Debt
Consolidating debt is the act of combining all your bills and financial obligations into one monthly, manageable payment. With a personal loan, you could manage your money better and it can save you on interest payments in the long run.
That means less time spent managing payments, which leaves more time for living life! It’s important to know how much you owe, who you owe it to, and how much they charge on average for every month before making any decisions about consolidating your debt.
3. Less Expensive Than Other Types Of Loans
The interest rate on a personal loan is usually lower than credit card debt, which allows borrowers to save money in the long run. There are also no late fees or penalty rates, unlike with a credit card.
However, there may be an origination fee that is assessed at the time of application and the borrower will have to make payments on a monthly basis until it is fully paid off plus interest.
Furthermore, you don’t need to show any sort of collateral to get this loan.
4. Improve Your Credit Score
This could be done by paying back your loans on time and not missing any payments. By doing this, you are increasing your chances of getting approved for larger amounts in the future.
It may also be possible to get a loan with better interest rates if you have had an excellent payment history in the past year or more.
5. No Credit Check Is Required
This means that you do not need to worry about your credit score, or checking what debts you have, in order to get the loan. Even if you have a bad credit score, you can get the loan simply by showing proof of income.
As long as there is evidence that you have an income sufficient enough to pay back the debt, you will be able to obtain a personal loan without having your credit score checked.
Summary
With so many benefits available, there are plenty of reasons why applying for a personal loan should be your next step! We hope this article has given some good reasons why applying for a personal loan could be beneficial.
Are You Looking For An Easy & Fast Loan Application Process?
We (1MyFinance) have solved over 1000+ customers’ financial problems from Kuala Lumpur (KL) & Selangor. The application process is absolutely safe.
We can approve your loan within 45 minutes. Free Consultations Are Available.
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