Borrowers of today have many options available to have loans from various sources. The two most famous method of lending being in news these days is the personal loan and peer to peer borrowing. Which option of loan is better?
The personal loan is a collateral-free finance that is offered by different financial institutions. Applying for a personal loan is simple and can be made by anyone. One can easily apply for personal loan in Jaipur by just submitting the documents required. Within hours of verification of documents, the personal loan is approved.
Whereas peer to peer lending is relatively new to most of the borrowers. It is also known as P2P lending. This type of loan is also very simple as it does not involve any financial intermediary and is offered online. Getting approval to such loan is also a quick process. Before taking such funds, one must have a clear image of how much loan is going to fit into the finances. The application fee is charged, and certain credit checks have to be passed for getting them approved.
Why go with a personal loan when compared with the P2P option- For those looking for personal loan options online should better go with the personal loan option because of the following reasons-
- Personal loans are lifesavers- Getting the funds during the case of emergencies can be easily achieved by taking a personal loan. These loans are dispersed off after quick sanctions and approvals. The funds are directly credited to the borrowers account even on the same day. Thus, these loans are considered to be lifesavers.
- Reasonable ROI- The rate of interest on the personal loan is reasonable. They offer flexible repayment tenure so that the loan amount can be repaid from the budget without any problem.
- Collateral free borrowing- For taking personal loan there is no need to mortgage any asset to the lender. The personal loans are unsecured loans where no such policies are there for borrowing money to meet the expenses.
- Flexibility in fund usage- Personal loan can be borrowed from private personal loan providers in Jaipur to meet any expenses from remodelling of old house, marriage, vacation goals, starting a new venture, medical emergencies, to pay off credit card bills, to take tax benefits, and even improve the CIBIL score. There is complete flexibility in using the loan amount.
- Easy approval– Both self-employed and salaried personal are eligible to take personal loans. The lending bank just check the CIBIL score which tells about the paying capacity of the lender to access the situation of the borrower. These personal loans are approved very easily.
As with any loan, it is the choice of the borrower to decide which loan to go with. Get the questions related to personal loan answered by the best lending bank and commence the borrowing process. The loan application process needs few paperwork like submission of Aadhar card, PAN card, electricity bills, etc to be submitted on the portal and money is transferred to the borrower for personal use. Happy borrowing.