In this age of instant gratification, where one turns to the internet for every requirement, why should you turn to friends or relatives for urgent cash needs? There would be an obligation and your financial privacy will be disturbed too. Many-a-times we seek financing for lifestyle aspirations such as an exotic vacation or upgrade to a new vehicle. A personal loan comes in handy in such times. You can choose a traditional bank or go with new-age online money lenders. A personal loan from private finance is the best-option when you do not have the perfect credit history or employment history. But even otherwise, instant personal loan from private loan providers not only gives you access to credit but does it in a hassle-free way. Especially when you choose tech-enabled private money lenders such as CrediFiable. You can easily get private personal loans online fast and with utmost convenience.
Instant Personal Loan from Private Loan Providers Vs Bank Personal loan
Let us run through a quick comparison of bank loan and private personal loans online to check the pros and cons of each type of loan provider.
Private Money Lenders Have Easier Personal Loan Eligibility Checks
Banks, unlike their new-age online money lenders, have been around for ages still they are unable to fulfill credit needs of a large section of population. There are several reasons for it. To name a few:
- Low penetration of branch banking even in urban areas
- Out-dated and over stringent regulations for providing unsecured loans
Even with the rapid rise in technology and ease of access to personal information, banks have not much altered their eligibility criteria. It is still for an average person to tick all the right boxes in a bank’s eligibility check-list for personal loans.
In contrast, private personal loans online are available with simplified checks and balances thanks to their smart algorithms and technical prowess. Take instant personal loan from private loan providers and save time and hassle.
Online Money Lenders Give Access to Credit at Your Convenience
With a bank you can apply for a personal loan only at their specified branches and as per their timing. Compare this with private money lenders, who with their online presence, cater to your needs at a place and time convenient to you. All you need is an internet connection.
But Not All Personal Loan from Private Finance are in Your Best Interest
A word of caution is important here. Since private money lenders are not covered under the RBI regulations, some of the players may want to take advantage of the customers in urgent need of money. That’s why it is important for you to discern and choose from online money lenders with transparent terms and fair interest rates.
9 Benefits of a Genuine Private Personal Loans Online
We compile below a list of 9 features of an instant personal loan from private loan providers. This will also help you in discerning between genuine online money lenders vs a loan-shark.
1. A Personal Loan from Private Finance Comes at a Reasonable Rate of Interest
Private money lenders who are genuine tech-players will benchmark your risk profile with the rest of similar profiles and offer a competitive interest rate. For example, at CrediFiable we offer personal loan interest rates from 10.99% p.a. to 23.5% p.a. on a reducing balance, easily comparable to bank interest rates.
You should refrain from taking personal loan private finance companies that may charge flat monthly interest rates. Though the rate may sound nominal like 2% – 3% when annualized it works up to be 26% and 43% respectively.
2. Instant Personal Loan from Private Loan Providers Comes with Convenience
An authentic personal loan from private finance is always customer-centric. Genuine online money lenders will offer you ease of application with minimum documentation.
With CrediFiable, you can say no to running around to bank branches and filling lengthy application forms. All you need is 5 minutes of time to fill a simple online application form and upload your documents online. Our executives immediately get in touch with you with the loan EMI options. No lengthy forms, no documents attestation and no running around bank branches. You can conveniently enjoy instant personal loan from private loan providers while sitting on the couch at home!
3. Complete Privacy in Applying for Private Personal Loans Online
Nobody wants to make his/her financial situation public. When you take a personal loan from private finance your data security is paramount to the private money lender. All your personal and financial information remains safe and secure.
At CrediFiable, we use the best of technology protocols to ensure the safety of your data. So, you are not only safe from prying eyes of family and friends, but there is absolutely no fear of the data leakage as well. It makes for a win-win situation.
4. Your Loan – Your Time: 24/7 Availability of Online Money Lenders
The best thing about online money lenders is that you can apply for your personal loan from private finance any-time 24/7as per your choice. You can apply for a loan at any part of the day or night weekdays or weekends as per your own convenience. You do not need to stand in long queues during the bank working hours to get your loan.
Next time you are short of cash, just log on to our website and fill a simple form. You will find no constraints whatsoever while taking private personal loans online from us. Our 24/7 service is suitably created for your emergency needs.
5. Get Instant Personal Loan from Private Loan Providers, Thanks to Technology
New age tech-enabled private money lenders make use of technology much to your advantage.
At CrediFiable, we make use of technology to process the loan application fast and give you instant decision loans. Our intelligent engine uses a smart algorithm to take your complete profile into account and provide you final loan EMI options instantly. What’s more, the money disbursal is fast too. Once you choose your loan plan and upload the necessary documents the money hits your account within 3 working days. This is what is a true-blood instant personal loan from private loan providers.
6. Compare the Loan-Terms First and then Avail Private Personal Loans Online
When you visit a physical branch of a bank or NBFC you limit your chance of comparison and consequent benefit of availing the best personal loan option suitable for you. On the other hand, with genuine private personal loans online, you can check the interest rate, tenure, and all other terms and conditions over the internet and choose the best-suitable personal loan from private finance.
7. Holistic Loan Eligibility Decision by Private Money Lenders
Instant personal loan from private loan providers have tailored risk assessment model to democratize access to credit for all credit-worthy individuals. But to determine the credit-worthiness they go beyond your credit score and your employer profile.
At CrediFiable, we provide you with private personal loans online even if you:
- Have a credit score is less than 700
- Have Zero or very thin credit history
- Work for a small organization or a start-up
- Are new to career and yet to complete a year of work
- Have not yet completed three months in your current organization.
- Earn a monthly salary is 25k or above
8. Personal Loan from Private Finance Companies has Comfortable Repayment Period
Genuine private money lenders follow fair practices to the core. They do not act as payday loan providers who call for entire loan repayment in one go.
A genuine personal loan from private finance will have flexible repayment tenure so as not to overstretch the client’s monthly income and budget. CrediFiable offers loan tenure from 6-36 months enabling comfortable repayment for you.
9. Private Personal Loans Online Have No Hidden Charges
Customer satisfaction and transparent conduct drive business for online money lenders. Hence private money lenders not only provide you with competitive interest rate but the charges are also clearly mentioned. Nothing is left for future deliberation.
At CrediFiable a one-time processing fee of 2% – 3% of Principal is applicable. No documentation or any other type of hidden charge is levied by us.
We have given you now multiple reasons to choose an instant personal loan from private loan providers. You must assess your profile and go with the lender most suitable for your needs.