People taking loans can be classified based on an array of circumstances, needs and financial security associated with them.
The Early Birds
Responsible people pay their bills, clear off the rent and purchase monthly supplies. Some set side funds for investment. Sometimes this leaves the salaried individual with lack of funds for emergencies. For such individuals a personal emergency loan offers the perfect solution.
The Pack of Cards
Some credit card user pay their bills on time, every time. The other type carryover their debt on to the next month and pays interest to credit card companies. Credit cards offer a seemingly simple solution for medical expenses, gold purchase or travel abroad. Keep in mind though that credit card payment defaults reflect on a credit report and could jeopardise future borrowing ability.
The Tech Savvy
With Millenials embracing technology in almost every field of commerce, finance and communication, when it comes to loans, millennials prefer Digital lending platforms. Easy document upload and an online application to disbursement process helps borrowers avoid the unwanted hassles of personal loan application at banks.
The Perfect Match
The perfect borrower would be one who has the right financials in terms of adequate balance in their account; good spending habits, prompt credit card bill payments and who in the future is likely to be punctual in repaying EMIs.
So which borrower trait suits you the most? Your personal loan awaits you.