Traditional loans have helped several people in achieving their goals and aspirations. Whether it is to buy a home or a vehicle, such loans have helped pave the path towards a more fulfilling life. However, traditional loans come with their own set of limitations and constraints. For instance, most of these loans are secured loans in which you need to pledge collateral. Besides, the process of availing these loans can be lengthy with extensive documentation.

If you are looking for a simpler alternative, online personal loans could be your preferred choice. Instant loan apps have simplified the process of availing personal loans by bringing them at your fingertips. With a loan app installed on your smartphone, you can apply for an instant loan without stepping out of your house. Also, you get real-time status on your loan application and disbursal on approval, in a matter of hours.

With these apps, you can obtain a high personal loan amount and meet your financial needs. Another attractive feature of an online loan app is that you don’t have to specify the purpose of availing an instant loan. 

Here are some scenarios for which you may want to consider availing a personal loan through an instant loan app.

  • Home renovation – With a personal loan, you can now remodel or refurbish your house without worrying about expenses. Since home renovations can be expensive, apply for a personal loan to ease the financial burden. 
  • Paying off debt – Taking a personal loan through an instant loan app to repay financial obligations can be a good reason to obtain credit. Being under multiple debts can be stressful. Be it credit card dues or money taken from friends or family, debt can cause worry. While pending credit card dues can crank up interest rates, not clearing them on time could impact your credit score too. An instant loan can help you in debt consolidation with easy repayment schedules. 
  • Medical care – Medical emergencies typically come unannounced. Quality medical care can be expensive and without adequate liquid cash to manage bills, it can be a trying time. Obtaining a personal loan can help resolve such situations and ensure the best possible medical care in time of need. 
  • Pay for your wedding – You may want to make your wedding the most memorable day of your life, but you are worried about growing expenses. A well-planned wedding can be expensive. In addition, even the smallest aspects like flower decoration can upset your budget. A personal loan can be your best choice at such a time. With an instant loan app, you will be able to manage the expenses and make it a grand affair to remember. 
  • Improve your credit score – A good credit rating is essential to avail future credit from banks and NBFCs. It not only helps you qualify for loans, but in some cases, you may even get credit at lower interest rates. Although it sounds unlikely, taking a personal loan can actually be useful in improving your credit score. Your credit rating is based on your repayment history, and you can improve it by paying your EMIs regularly and on time.

Personal loans can be an easy and convenient way to resolve financial emergencies. You can also make the process of loan application more hassle-free by going for pre-approved offers. An instant loan app can hasten the loan process without even having to step out of one’s home. The Bajaj Finserv Personal Loan App is a one-stop solution that can help you immensely in your financing needs. You can click here to know more about the Bajaj Finserv App.