Today, we are going to do something different, something that we see Deadpool do in almost all his movies (breaking the fourth wall). Our personal finance blog is not broadcasted live, so there are no walls. But, we always addressed our ardent readers in second person hoping to provide you information on a series of financial topics.
From now on it will be me, Loan Singh – your financial confidant, financial guru and simply your friend in financial need; who will try to educate you and help you get out of financial emergencies that affect personal finance among millennials today.
I have to admit, handling credit obligations is not everyone’s cup of tea. It is a bitter-sweet experience for someone who avails credit with gusto, but due to certain circumstances, happens to struggle with repayments. I have seen salaried individuals go through a lot of stress due to debts.
I met a friend recently, who had just paid through the nose for his pompous wedding. He split his entire wedding expense of Rs. 15 Lakhs between his credit card and borrowings from relatives. Now, a wedding is a wonderful occasion which deserves a prominent one-time expense, but then what about the travails in repaying the creditors. I asked him to simply apply for a debt consolidation personal loan from Loan Singh. Yes, he is a friend, but being salaried and having the appropriate credit score was enough for me to get convinced of his repayment capability.
Debt consolidation personal loan
Debt consolidation loan is a fresh loan availed to pay-off your other individual loans. It is much easier for you to pay-off one creditor each month and cycle a single loan instead of managing multiple ones. A debt consolidation loan is also used commonly for unsecured credit instead of secured.
When you move several credit card balances onto a single personal loan, you can reduce the multiple monthly repayments into just one. It does not matter whether it is secured or unsecured credit, your repayment capacity and credit score are always considered for credit approval. Once you avail the credit, you are either prompt in your repayments or struggle with clearing them.
It is always wise to consolidate your debts into a single personal loan, instead of transferring all your credit card balances onto one credit card. The debt consolidation personal loan will be cleared off after a period of time, but a credit card’s revolving repayment structure might test your financial resolutions for a longer time.
Credit card repayments, rent payments, utility bills, etc. can be covered under a debt consolidation loan. Once you realize you are in debt, and that you need to clear it off ASAP, you need to ask yourself if a debt consolidation personal loan is the right option for you or not? Debt consolidation is the best way to be debt free. Yes, you will still remain in debt, but you can bring a change in yourself to improve your finances and get your financials back on track.
Everybody does not get a second chance in life. You may be a shopaholic spending thousands a week but all that can change. Bring in a sense of discipline to pay the only EMI you have to pay and clear the debt consolidation loan as per tenure. Be in control of your expenses and set up auto debits or give a standing instruction to your bank to ensure prompt repayments.
There are 2 ways by which you can consolidate debt. One is by preparing a debt management plan, i.e. hiring a credit counseling agency to negotiate your debt on your behalf. Let’s face it, would this in any way reduce your stress or burden? The debt still remains, right? All that the counselors will tell you would be how much to pay each creditor based on your ability to save.
Or, you can apply for a ‘debt consolidation personal loan’. Of course, you can afford to pay for one loan instead of being drowned in debt. But remember to be prompt while paying the EMIs with Loan Singh. Building a good repayment history not only leaves you with a good standing with Loan Singh but also improves your credit score.
Which is the best website to apply for a debt consolidation loan?
Don’t wait for any monetary help from banks, get online and search for Loan Singh. Credit Card refinancing loan is a financial opportunity that is not offered to everyone. Being salaried for at least 6 months, with no credit blemishes, are the traits of someone who can avail a refinancing loan with Loan Singh.
Loan Singh’s benefits towards a debt consolidation personal loan
Before you jump on to the instant credit card financing personal loan bandwagon, keep in mind these personal loan related pointers. Let’s look at the benefits of applying for a credit card financing personal loan.
Before looking to apply for a credit financing loan, understand that although your debt would be wiped off, you will still be under the obligation to clear off the personal loan. Look at your spending patterns and how much cash remains with you after spending for personal needs towards loan EMI repayments. Budgeting is crucial.
- Swift processing
At Loan Singh, everything from application to disbursement happens online. With only Aadhaar, PAN and Bank statement/netbanking credentials, you can apply for a personal loan and pay for your emergency financial requirements.
- No collateral
Having no collateral requirement gives a personal loan an advantage over the secured loan. Even if you do not own any assets, you can at least get the funds from Loan Singh.
- Instant approval
If you provide your Aadhaar card, PAN card, and latest 6 months (netbanking downloaded, salaried account’s) bank statement, then you can almost surely get an instant approval. Your credit score needs to be good as well. For first timer credit applicants, the last 6 months statement is enough.
- Multiple purposes
An online personal loan can be availed for a number of purposes. The purposes of loan can range from the purchase of household appliances, credit card refinancing, electronic gadgets, debt consolidation, purchase of gold, holiday travel, instant emergency loan, home improvement, job relocation, medical expenses, home renovation, purchase of second-hand vehicles, to wedding loan, etc.
- Loan amount and tenure
The loan amount for a personal loan at Loan Singh can range from Rs.50000- Rs.500000. The repayment is done via EMIs, with interest rates on reducing balance method. The personal loan tenure can be from 3 to 36 months.
- Equated monthly installments
You can find out about the EMI amount you will be required to pay each month by making use of Loan Singh’s personal loan EMI calculator. You can avoid the default in EMI payments by providing Loan Singh with permission to auto-debit the EMI amount before the EMI repayment due date. Your personal Loan Singh dashboard allows you to track past EMI payments, pending EMIs and tenure remaining.
- Hassle free process
The personal loan process at Loan Singh is hassle-free because there is no hefty paperwork or running from bank to bank or filling multiple forms. You can apply for a personal loan right from your home and get the loan approved in just a few clicks.
- Information security
With Loan Singh being SSL (Secure Socket Layer) certified; all your personal and financial information submitted remains private and protected. You also don’t have to worry about the physical storage of approved documents or attested photocopies like in traditional lending processes.
- Prepayment penalty
At Loan Singh, you can clear a personal loan ahead of tenure and pay no prepayment penalty, unlike banks.
Loan Singh is a digital lending platform that prides in providing online and unsecured personal loans to salaried individuals. You can apply for quick funds as an easy emergency loan which is not a bank loan, but provide a loan with best personal loan interest rates. The instant funds, or instant loans, are small loans taken for purposes such as:
- Home improvement loan
- House repair loan
- Marriage loan or Wedding loan
- Medical loan
- Second-hand car loan
- Second-hand bike loan
- Consumer durable loan
- Vacation loan
- Debt consolidation loan
- Credit card refinancing loan
- Job relocation loan
- Travel loan
- Festival loan
You can calculate your easy EMIs using our personal loan EMI calculator. We accept bank statement, PAN, and Aadhaar for quick loan approval. A bad credit score or credit report errors can lead to personal loan rejection. The ‘Loan Singh Blog’ is one of the best finance blogs in India.
Loan Singh’s Online Presence
Loan Singh is not an anonymous digital platform. We are present on almost all leading social media platforms. All you need to do is look for us. Some destinations you can find us on are:
- Loan Singh on Facebook
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- Loan Singh on Youtube
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- Loan Singh Blogarama
- Loan Singh Google Review
- Loan Singh Medium Blog
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- Loan Singh Scoop It Blog
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- Loan Singh Digg Blog
- Loan Singh Blogger
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