Advance salary loans are basically a type of personal loans that are offered to salaried professionals across India. The terms of the loan and the rate of interest will vary depending on one lender to the other. One of the biggest advantages of such loans is that almost anyone could access them as far as they have a good credit score. Not just that, there are several lenders who disburse such loans within a couple of hours, if not a couple of minutes. Because of this fast processing time as well as high risk, such salary loans come with quite a high APR. However, it is always advisable to for loans whenever there is an emergency of some sort or when there is no proper policy available.
Income & Age Matter The Most
Getting your loan sanctioned depends on various factors such as age as well as income. If your income happens to be on the lower side, several banks would be hesitant to lend your their money. Having low-income results could cause you to pay high-interest rates or to submit a lot more collateral. Having a salary in advance comparatively will definitely add to your credit score, especially if you are the borrower.
Best Facilities For Prepayment Facilities
Here, you will be able to prepay all your outstanding amounts either partly or in full. However, this will heavily depend on the person who lends you the job. Several banks also give you the facility to pay the complete loan amount within 3 months after it has been disbursed.
Pay Zero Or Minimal Charges
Many loans can also be pre-closed where you will pay little or almost no penalties, depending on the bank you belong to.
Online Access Of Your Account
Getting a salary loan also allows lenders and banks to keep proper track of all your finances, how much money you owe them, the rate of compounding interest, and what you will end up paying in the long run.
Several lenders also give you the chance to get complimentary coverage on personal accidents while creating shield facilities which also sweetens the whole deal.
Provides coverage for finances emergencies
No matter what financial emergency you might be having, which could be quite pressing compared to the time you have in hand to clear it- all of this could be sorted out with the help of instant loans. The whole purpose of advance salary loans from the point of view of the customers is to clear all kinds of financial liabilities so that you can have a flexible period of time in which you can pay back all the loan that has been taken.
In other words, getting a loan on salary from a reputed company like Loantap is certainly beneficial, especially when you have met financial emergency or are in desperate need of cash. But it should always be treated as a last-minute resort, in case there is mismanagement of any sort which could lead to over-borrowing. Also, if you require a larger amount, you may want to pay this off using easy EMI which could also fit conveniently within the budget.