6 Commonly Asked Questions When Looking for an Mini cash loan

by Ramesh Vemulapalli Digital Marketing

You can recover yourself from the economic recession especially during emergencies by availing an mini cash loan. Most of the mini cash loan are unsecured which means you do not have to pledge any collateral to avail loans. Hence, a lot of questions arise amongst the common people before proceeding further to apply for a personal loan.

Well through this article, I would like to provide an insight into all the commonly asked questions before applying for an mini cash loan.

How to choose the right lender?

Finding out the best lender is a bit challenging task. But with thorough research, you might be lucky to find the best one. Here are some key points to look out before finalizing the best lender:

● Lenders providing low-interest rates.

● Less processing fee and documentation charges.

● No hidden and pre-payment charges.

● Loan approval even for low CIBIL score.

What are the other aspects that a lender investigates before sanctioning your loan?

The prime factor that a lender checks for the borrower is his repayment capacity, as it helps the lender determine your creditworthiness through your credit history.

Will my age and occupation matters to get a loan?

Whether you are a salaried professional or a self-employed individual, the general criteria that a lender looks is your age, CIBIL score, occupation, income, and loan repayment capacity. This criteria may vary from one lender to another lender.

Can I take a personal loan to fund my personal necessities?

Absolutely yes. You can get a personal loan whenever you find yourself in a situation where you are short of funds for your emergency needs. No matter the reason, whether it is a medical emergency, wedding expenses, home renovation, child’s education or impromptu vacations, you can apply for a personal loan and use it for your needs.

How to repay my personal loan?

Your loan can be repaid in the form of equated monthly instalments (EMIs) over a certain period decided by you or the lender at the time of applying for a loan. Paying in EMIs will lessen the burden on you and can help you plan your monthly budget efficiently.

Find lenders who provide flexibility in repaying your complete loan before the committed tenure and they don’t levy any pre-payment charges.

Will I get a personal loan if I have a low credit score?

A credit score of 750 and above is considered the best and you will be offered loans with the lowest interest rates. But if your score is below 650, then chances are that you might get a loan at a higher interest rate.

In most cases, few lenders reject your personal loan application if you have a credit score below 550 as they believe that you are incapable to repay the loan.

But there are certain NBFCs which provides personal loans even if you have a low credit score. Do your research and find them to apply for an mini cash loan and get approved easily.

These are some of the common questions that are asked by everyone before applying for an mini cash loan. Apply through non-banking financial companies (NBFCs) as they offer loans within no time if you meet their simple loan eligibility criteria.