Should You Avail a Personal Loan to Fund Your Big Fat Indian Wedding?
For those who believe that life is to be lived doing what makes one happy, compromise is not an option. This sounds utterly appropriate for today’s youth, who not only foster decadent dreams but also know how to fulfil them. It is, therefore, not surprising to see millennial couples saying no to exhausting their savings and opening up to alternate options of funding their wedding to make it a memorable episode of their lives. One such alternative which is favoured due to its simplicity and ease of applying is a Personal Loan.
In the past few years, we have seen a rising acceptance for Personal Loans, especially when it comes to funding a ‘Big-Fat-Indian-Wedding.’ This has to do with the willingness of the people to move outside of their investment corpus, as well as recognise with the benefits offered by the Personal Loans that perfectly fit the contingencies that arise while planning a wedding.
1. Easy To Avail
Weddings are the best example of the times when sudden and inevitable need for funds may arise. Personal Loans come to the rescue by being more accessible to obtain as compared to other alternatives, and with no requirement of collateral. This can save your time and effort that go into gathering loan application documents in addition to conserving your cash, gold or any other assets that are usually deposited as security. Moreover, with the rise of online lenders, shopping for a Personal Loan has never been easier. Apart from providing loans at the convenience of your homes, they often present lower interest rates.
2. Quick Loan Disbursal
When you don’t have time to prioritize expenses and every outlay seems to matter, an instant Personal Loan is a way to go. It usually takes minutes for approval and less than a week when you can finally make use of it. Since there are more players offering the Personal Loans as compared to other close substitutes, you get not only a better deal but also a quicker one.
3. Flexibility of Use
From jewellery shopping and house renovation to planning a princely honeymoon, easily accessible Personal Loans serve the purpose for all. They are tailor-made to fight sudden financial emergencies and, since banks do not monitor the usage of funds, they keep the purpose of taking a loan concealed.
4. Consumer-Friendly Provisions
When the requirement exceeds the maximum limit, but your dreams are too valuable to be undermined, you can go for a joint application with spouse or parents, allowing yourself to take advantage of the lesser-known perks of Personal Loans. Given that you and your co-borrower fulfill the necessary eligibility criteria, this will enable you to avail a more massive loan amount bringing your dream wedding closer to reality. Over and above, there are many general purposes and low rate Personal Loans that can be used for just about any legitimate reason. So, once you know the type of individual loan you need and have undergone wise research on where to loan from, you are sorted.
What Makes You a Bad Contender For Personal Loans?
Banks are prudent while extending a Personal Loan. Since you do not need to pledge any of your assets as collateral, the chances of default are high, and hence, banks need to compensate for this threat in some way or the other.
1. Poor Credit Score
Having records of loan default on your credit report adversely hampers your credit score making it difficult for you to get a loan. Banks run a high risk of default by offering an unsecured personal loan. Thus, when you Apply for a Personal Loan with Bad Credit, it makes financial sense from a bank’s perspective to turn you down. Poor credit scores, more often than not, imply bad debts. Lenders of mortgage loans can be approached under such circumstances.
2. Low/Unstable Income
Your current income level and liabilities have a direct bearing on your loan repayment capacity. Needless to add, it does not make financial sense to avail a personal loan if you have low or inconsistent income since unsecured loans come at the expense of high-interest rates and a non-refundable application charge.
In such a scenario, you become an unsafe borrower and hence are sanctioned a lower than desired personal loan amount. Adversities don’t end there. Inability to pay regular instalments can lead to lower credit ranking making you a dangerous contender for any other type of loan too.
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