How to Treat Yourself with Instant Loans on Christmas?

The end-of-year celebrations bring with them the need to make big expenses. Buying gifts, throwing parties, and planning holidays may add to your money needs quickly. If money is limited, borrowing it might be the wisest choice. You can borrow a large sum through an instant personal loan and pay it back over time, usually in regular monthly payments.

Different lenders provide a wide range of loan offers. A holiday loan can be obtained with or without security, and unsecured loans only require a stable income and good credit. But secured loans often have more lenient terms than unsecured loans. However, the best part about unsecured instant personal loans is that defaulting on them might not result in collateral loss.

Benefits of Instant Personal Loans for Christmas

As Christmas approaches, thoughts turn to loved ones for whom you want to buy presents. To help you plan your expenses well this Christmas, instant personal loans come with some great benefits:

1. Flexible Repayment Options

There are many ways to repay your personal loan, including overdraft protection, interest-free periods, and step-up payments. Such systems support a range of monthly revenues and cost patterns. With a well-thought-out repayment strategy, you can manage EMI payments and make sound financial choices.

2. Quick Process

You can expect a quick response time when applying for an instant personal loan. Lenders swiftly process your application, allowing you to receive the money within days. In many cases, the funds are transferred within 24 hours of approval.

3. Streamlined Application Process

You can apply for an instant personal loan through the lender’s website or mobile app. You only need to add some personal details to kick off the process. Banks and NBFCs keep the application process simple and require only minimal documentation. So, the applicants hardly need any help with filling out the application form, and it can be done within minutes

4. No Hidden Costs

To put instant personal loan applicants at rest, most credible lenders implement transparent processes. All costs, including processing fees, interest rates, and foreclosure charges, are made clear at the outset. In fact, Piramal Finance charges no foreclosure costs on their personal loans after six months of on-time loan payments.

5. Additional Cash to Enjoy

The holiday season is notorious for unexpected expenses, so it is a good idea to set aside some extra cash. The ideal way to cover the holiday expenses would have been a salary raise or an end-of-year bonus, but these are rare. So, getting a personal loan for the holidays might help you get through a hard patch and cover any sudden expenses.

Offers for Instant Loans on Christmas

Many lenders, including banks and credit unions, are providing Christmas loans this year. Instant personal loans, including those marketed as ‘Christmas loans’, can be accessed easily. There is no uniformity in the terms, rates, or application processes among lenders offering quick cash loans. Given this, it is prudent to weigh all your choices.

Some loan providers will not even look at your credit, while others will have very low thresholds for approval. On the other hand, such lenders may quote high rates of interest, going beyond 40%.

Instant personal loan interest rates typically remain around 36%, but borrowers with a great credit history may be able to secure rates as low as 4% or 5%. We advise against taking out a Christmas loan with no credit check, even though it might provide you with quick cash and instant financial freedom.

Tips  to Apply for an Instant Personal Loan

1. Perform Market Research

When looking for instant personal loans, shopping around for the best terms and interest rates is important. Compare the offers provided by different lenders, and pick the one that is most transparent and meets your needs.

2. Find a Feasible Offer

Before agreeing to a loan, be sure the interest rates are manageable. In a hurry to get yourself a loan, you must neglect foresight. Plan ahead and ensure that the rates and EMI sum that you agree to fall within your payment reach for the coming months or years.

3. Track Your Credit

Knowing one’s credit score and report is crucial before applying for a personal loan. If your credit history is strong, you may qualify for a lower interest rate on a short-term instant personal loan. Credit monitoring and credit reports can be obtained every year at no cost by visiting Piramal Finance.

4. Plan Your Budget

Before asking for a loan, you should be sure that you will stay within your overdraft limit. You should also ensure that you will not be charged late fees because you fail to make your monthly payments.

Maintaining a good standing with your lender may need you to set up automatic payments from your bank account. Many lenders provide discount rates to customers who make their payments regularly and on time. Avoid incurring overdraft fees by keeping your bank account funded.

Conclusion

Since Christmas is at the doorstep, the expenses of your festivities and presents need to be taken care of. All of your Christmas needs can be met by taking out a personal loan. An instant personal loan means you can still shop for yourself this Christmas, even if you’re running later. All you need to do is maintain a good credit record and make a foolproof repayment plan.

If you need help understanding your personal loan options, talk to the experts at Piramal Finance. Or you can also just their website to check out all the Christmas deals they offer on personal loans and other financial products and services.