Some of the commonly asked questions about Personal Loans, which you may be interested in.
1. What does a Personal Loan mean?
Personal loan is a type of loan that can be spend for almost everything (including some unplanned expenses or every day bills). What is important, this type of loan is unsecured, which means you don’t have to furnish any asset as a collateral to get it. Personal Loans are offered mostly to people with high credit scores and the process of applying for this kind of loan is very simple.
2. Which documents are important to file in order to apply for a Personal Loan?
There are no many necessary documents for a process of applying. You will only need these one’s:
– an identify document (with your signature and address)
– some income documents confirming your salary
– application, which you can complete online and it only takes a few minutes
– in some cases, there will be necessary to also confirm your employment.
3. Shall I specify the end use of the money from my Personal Loan?
It is another benefit of personal loans. We do not inquire in your expenses and it depends only on you whether you will buy a new equipment to your house or pay your debt with money from your Personal Loan. You don’t have to worry about that.
4. What does EMI mean?
EMI is a shortcut from Equated Monthly Installments. It is defined as ,,a fixed payment amount made by a borrower to a lender at a specified date each calendar month”. That is what most of lenders are interested in – whether you are capable of paying the EMI.
5. How long does it take to get a Personal loan?
The process is very quick and in most cases it takes only a few minutes. It provides also to fast cash transfer to your bank account. Don’t waste you time – you can get your money within one hour and spend as you want! This is probably the fastest type of loan.
6. Is my credit score checked before the process of applying for a personal loan?
In most cases – no. But you have got to know that it all depends on a lender. Some of them would like to review your credit score ,while others are not interested in this activity.
7. Why should I choose a personal loan?
First of all, this is probably the fastest way to get an amount of cash, which you would like to spend in a short period of time. But there are also some many important advantages connected with this type of loan. You don’t need any collateral as security and you can spend your money on your own purposes (we don’t inquire in your expenses). The process of applying for a Personal Loan is quick because there are no many paper work, in oposite of other types of loans. Often, you will also decide about the payment deadline and amount of money you will pay to lender every month. This kind of loan is flexible so you can pay more, when you would like to or pay less – without any penalty.
This list contains only some of the most important questions for a future borrower. You can ask our experts about anything you want. We are here to help you!