How personal loans can help you boost your finances


A personal loan can be quite a handy tool to improve your financial situation. While many believe it to be adding to your debt burden, it can actually be quite useful in reducing your costs. Being an unsecured product, an online personal loan is easy to avail without any collateral. Let’s take a look at how they can help you boost your finances. 
  • Better Option
In times of urgent need for cash, we all jump to the easiest possible solution available to us and fail to explore all the options. An online personal loan is any day a better option as against credit card loans, for, there’s a big difference in the interest rate on both. A personal loan can help you save on the interest you may pay on your credit card. 
  • Build Your Credit Score
A good credit score is a must to avail of any type of credit from financial institutions. If you are planning to buy a home or a car, a low credit score can ruin your chances of getting a better deal on loans from them. You can work on it by availing a small personal loan and making timely payments. It will help you build on your credit score. The process is gradual and takes time. Alongside, you can also work on increasing your cash inflow and reducing other expense. It will eventually help in boosting your credit score. 
  • Consolidate Debts
If you are serving multiple loans from private lenders, friends, credit cards, etc. it can make your life like a hell. Keeping a track of all the loans and payments can become quite tedious. Plus, you may also end up paying more interest. With a single personal loan, you can consolidate and pay off all your debts and reduce your cash outflow. 
Avoid Paying Hidden Costs
With credit cards, you have recurring annual charges which may change any time. On the other hand, personal loans have fixed costs like processing fees and interest. Unless you default on a payment and attract penalties and late payment charges, you only have to pay the one-time fee as additional cost while availing the loan.
With an online personal loan, you can save on money substantially and improve your finances. If you are thinking to avail a personal loan, check out the eligibility on MYFI. We are a leading online lending platform that connects you with lenders across the industry. We offer you a hassle-free online loan application and documentation process that is convenient and easy. So, take that first step towards boosting your finances. Apply with MYFI & fly!

Comments

Post a Comment

Popular posts from this blog

5 Signs of Hidden Drug or Alcohol Use

As per the World Drug Report 2017, as many as  29.5  million people globally suffer from drug abuse-related disorders. Alcohol and drug use have led several people to a point of total ruin, even as they find it impossible to prevent sliding down the slippery slope once they get addicted to it. And in such cases, it is essential that their near and dear ones spot early signs of such abuse so as to identify the need to put them through  rehab . The following points will serve as a checklist for the same. Social Withdrawal There are two reasons why people who have developed an addiction choose to stay away from their loved ones. The first is obvious – they are aware that they would be found out, and hence, they prefer to hide so that they do not have to own up to their substance abuse. The second is a bit more problematic – that they have begun to prefer the company of the addictive substances than their kith and kin. This would typically happen when the addiction has progressed
Read more

How to choose an appropriate de-addiction center?

Having to select a  de-addiction or rehabilitation center  is one of the more puzzling decisions that one would have to make. This is because unlike for other decisions where one can rely on the experiences of near and dear ones, very few people would be able to narrate their experience of going through rehab. Nevertheless, the fact that you might have recognized the need to undergo rehab is in itself, a small victory over your addiction. Here are a few things you may want to keep in mind before you choose a de-addiction center to register with: Ascertain your treatment needs Before you decide to choose which rehab center to go for, you need to understand the type of therapy you require. You can decide this by having a discussion with your family physician or a professional psychotherapist. Physical Changes People who are into drug abuse may exhibit changes in their bodies such as losing or gain suddenly, extreme laziness or hyperactivity, bloodshot eyes, nasal congestion
Read more

Manufacturer & Supplier of Fire Resistant Hydraulic fluids in India | Hardcastle Petrofer

Image
Hardcastle Petrofer is a leading manufacturer and supplier of  Fire Resistant Hydraulic Fluids . Hardcastle Petrofer was the first to introduce Fire Resistant Hydraulic Fluids to the Indian industry by indigenously manufacturing the product and supporting the performance through unmatched service backup. These fluids find their usage in operating conditions as an alternative to combustible mineral based hydraulic oils for ensuring safe working conditions. Fire Resistant Hydraulic Fluids Range HISAFE A SERIES OF HFA FLUIDSHIGH WATER BASED FLUIDS  for critical applications such as roof support systems in underground mines. HISAFE B SERIES OF HFB FLUIDSINVERT EMULSION TYPE FLUIDS for applications such as side load dumpers used in underground mines. HISAFE C SERIES OF HFC FLUIDSWATER GLYCOL FLUIDS  for diecasting units, steel plants, foundries, excavators, mines, offshore applications, etc. HISAFE D SERIES OF HFD FLUIDS- DU SERIES ANHYDROUS ESTER FLUIDS  for aluminum, steel indust
Read more