There are times when, despite doing everything you can, you somehow cannot manage funds needed to sail through a crisis. A crisis or an emergency would most often cross your path when you are least prepared. And the problem gets compounded when the problem is related to you or your loved one's health. The instant personal loan can come to your rescue during those unpredictable times.
Read on to find out how instant personal loans, in general, and medical loans, in particular, can help you tide over any crisis.
What is an Instant Personal Loan?
An instant personal loan is a loan you can avail when you need urgent funds to meet a sudden financial obligation. The most common and frequently availed personal loan is the medical loan. The best feature of an instant medical loan is that it gets approved within a few hours. Another advantage is that, unlike a loan against property, you do not need to submit any collateral security for availing a personal loan. Hence, an instant personal loan is all you need to get funds without any worry.
Why Would You Need an Instant Personal Loan?
The most significant advantage of an instant personal loan is that you can use it for any purpose you need to. So, you may treat the personal loan as a medical loan, vehicle loan, home loan, business loan, and so on.
The following are some of the urgent reasons why people avail an instant personal loan:
1. Medical Emergency
Unlike a mediclaim or a health insurance policy, an instant personal loan, which also works as a medical loan, does not impose any limit to how much money you can get. Hence, it does not matter how much you require to pay hospital bills; You always have the option to increase the loan amount, leaving you with some extra cash.
2. Vehicle Purchase
Due to erratic traffic and overloaded public transport, it sometimes becomes imperative to buy a personal motor vehicle. An instant personal loan will come in handy during such times. An instant loan often offers better terms than a vehicle loan. Hence, you may save a considerable amount by choosing an instant personal loan over a vehicle loan.
3. Home Improvement
At times, you need to carry out urgent repairs of your home, which may include electrical repairs, plumbing work, or repairing structural defects. An instant personal loan can provide you with the money you need to secure your critical asset. Moreover, you may also extend the tenure up to five years, which can help you to improve your home without creating a dent in your wallet.
Other than the purposes mentioned above, you may also use the instant personal loan amount for any purpose you like, which may include meeting urgent business capital requirements, sponsoring a major event, constructing a house, or spend it for personal reasons.
What Makes an Instant Personal Loan One of the Most Popular Loans?
There are several advantages of an instant personal loan. The most prominent benefits are:
1. Ease of Loan Application
The application process of an instant personal loan, which includes a medical loan, is reasonably straightforward. You may download the lender’s application or visit the website and register the loan application. Generally, the application verification is done online, and after satisfactory verification of the documents, the loan gets approved, and the amount gets transferred to your bank account.
2. Low Rate of Interest
Instant personal loan interest rates are often lower than credit cards. Less EMI means more savings. Generally, the interest rates are related to your credit score, income, and monthly liabilities. You may use the personal loan calculator to get an idea about the EMIs.
An instant personal loan, or medical loan, can prove to be a blessing when life throws unexpected surprises and challenges. With industry-leading lenders like Fullerton offering online loan applications, you can get the funds in your account without moving an inch out of your living room.