Personal Loan from a Non-Banking Institution

Personal Loan from a Non-Banking Institution

The only certain thing about life is its uncertainty. One can never predict the demand of finances which may arise with a certain situation. If savings are not enough, then, the next best option is to borrow money from lenders, as banks are not always favourable and the reasons might include poor credit history, low income or no income, no guarantor etc.

Lenders are organizations or budgetary foundations that loan cash, with the desire that it will be paid back.Lenders can either be public or private, where public lenders are banks or financial institutions, while private lenders are non institutions. They lend money in the capacity of companies or individuals.

In case of public lenders, there are stringent requirements that need to be fulfilled by the borrower. Public lenders look at the credit ratings of any potential borrower. Where the whole process becomes very time consuming, private lending comes to one’s rescue. Private lenders lend money to even those people whose credit ratings are not great. You will not require worrying much as they look at other important factors like a continuous source of good income or the fact that the borrower has not taken any previous loan.

In order to avail loans easily from a private lender, one should be prepared to show her/his creditworthiness. Before approaching a private lender for a loan, a list of things like a source of income, a physical asset or personal savings should be prepared.

There are two types of loans on the basis of collateral requirement:

1) Secured Personal Loans – These loans are given against some collateral. Generally, it is some asset possessed by the borrower.

2) Unsecured Personal Loans – These loans are given only on basis of the relationship between the lender and borrower and they are not backed by any collateral.

If one wants to save time and make the whole process of borrowing money a hassle-free experience, one should look for private lending options. Getting a personal loan by salaried individuals have become extremely easy these days. There are many companies that specialize in providing personal loans to customers like CASHe. They assess the potential buyers online and provide quick and easy personal loans online without any hassle of paperwork and signatures.CASHe is an instant online loan provider, where you can get short term loans from Rs. 10,000/-, up to Rs. 2 Lakhs at the tap of a button. You can get loans at interest rates as low as 1.5%, in-spite of a no credit score. They will only need a self-attested copy of your PAN card, Aadhar card, latest salary slip, & last three months’ bank statement to be uploaded in the app. You can download the app from Playstore and Appstore both.

In today’s world of variety, there are a number of options for borrowing money but only a few meets the requirement of a convenient and time-saving experience.So, be well informed and make a wise decision.

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