Despite the best attempts at planning our future, life throws unexpected surprises at us. These can include serious illness, marriages going out of budget, educational expenses, or any other unforeseen expense which can be really stressful financially and emotionally.
Instead of losing your night’s sleep over it, the best recourse is to opt for a short-term personal loan to get your life back on track. The issue, however, is that more often than not such loans are not available in a short span of time owing to their lengthy application process and the documentation which is needed.
In such a scenario, you can apply for a loan using a Personal Loan App which many prominent lenders, including Non-Banking Financial Institutions, provide these days. These loans require minimal documentation and are collateral-free. This means that in order to obtain the loan, you do not have to pledge any of your assets as collateral.
There are many different types of short-term loans which can be availed, a few of which are -
Unsecured or Personal Loans
The most popular of the lot, personal loans are very convenient as they can be used for almost any purpose ranging from credit card payments to going on a vacation. They are unsecured and can be applied using a loan app. They repayment tenor can be chosen as per your convenience.
Line of Credit
It is similar to a personal loan but gives you the liberty of withdrawing the money anytime you feel like. The interest is charged only on the amount which is borrowed and not on the maximum amount that is offered. This too can be used for any purpose.
Additional read: What Are The Best Options For An Online Short-Term Loan?
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.