Importance of Instant Loan in Day to Day Life

Instant loans are those types of loans, which do not require too much of documentation and are approved really quick without any asset showcase. Human life is uncertain and unpredictable. A situation like a medical emergency or an unplanned trip can lead to cash crunches. Applying for an instant personal loan can help you out in these situations without cash imbalances.  

Why instant loans?

Paperless Approval: In a traditional personal loan, all the documents are submitted in hard copies to the bank. In comparison, Instant loan is applied online hence the documents are submitted online and the process is paperless.

Loan without collateral: An instant loan, more importantly, which is personal falls under unsecured personal loan category thus it does not require any collateral or security while applying for it.

Low processing time: It hardly takes five minutes to process the loan. In a traditional personal loan, the processing time is the 4-5 working days, which is way more than instant loans.

Flexible loan tenures: When an instant personal loan is sanctioned to anyone an offer of flexible loan tenure is provided. This offer can help in adjustable repayments.

Low EMI’s: Instant loans have low EMI’s as compared to personal bank loans thus it can be availed by the people who have a medium or low range of income.

When to apply for an instant personal loan?

Following are the situations that can demand an instant personal loan:

Medical Emergencies: Medical emergencies never knock before coming. Life is unpredictable where we don’t know what’s going to happen next. Accidents can happen to anyone anytime. A road accident or any kind of health deterioration leads to huge hospital bills. Sometimes the savings and insurance aren’t enough to cover the whole expenses. In these situations, instant loan plays an important role.

Business: the Life of an entrepreneur is not full of roses. Ups and downs are part of this. Sudden losses are common in the business field. The urgent requirement of money to raise the value of the company cannot be done by traditional bank loans. They take away valuable time and need security against the loan. Here, instant loans can help out to recover losses and raise the value of the company.

Wedding: Indian traditional weddings are a huge 4-5 day function. Everyone wants a dream wedding with everything to be over the top. The jewelry, dress, food, venue, gifts requires a lot of investment and sometimes to do everything best can lead to a cash crunch. At the end moment, nothing can be compromised hence instant loan can help to get the grand wedding without compromising with happiness.

Urgent travelling: Travel is a costly expense. Suppose, an emergency situation like medical calls for shifting the patient abroad, which can be only done by air. It requires a large amount of money. Borrowing money from a friend or family can be embarrassing. Hence, instant loan is considered a boon in such situations.

Debt consultation: Unpaid loans, past bills call for a … Read more

All you need to know about the annual fee on your credit card

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If you are using a credit card, then you are already familiar with how challenging the payment becomes at times. Nevertheless, the use of a credit card can help you make sure how much you are spending. However, spending too much is a challenging affair, especially if you own just one credit card.

Well, to resolve all your queries regarding the annual payment on your credit card here’s presenting the safest guide. Now, what exactly is the annual fee on the credit card you’re using lately? To know more, keep reading.

An Introduction to the Annual Fee on Your Credit Card

The annual credit card payment happens to be one of the common credit card fees.  It happens to be the fee which is automatically charged once every year to the credit card account. This is licensed to give you the benefits that your credit card comes with. When the annual fee is charged, the range generally ranges from $25 to $500. But this certainly depends on the use of your credit card. With a higher annual fee, the benefits are more than any general credit card provides.

Typical Card Having Annual Fees

Not all the credit cards have an annual fee. As a matter of fact, the cards usually have the amount fee that includes the premium credit card, reward credit card, as well as secured credit cards. The annual fee tends to increase the cost of having a credit card. In case you pay the annual fee, you need to make sure that the benefit from the credit card exceeds the cost.

How is the Annual Fee charged?

While the annual fee might be the one-time charge on the credit card during any month of the year, the charge is generally not very low. As a matter of fact, this cost is charged on a year completion. And the annual fee might also be divided up. It is more common for the cards to charge the fee only once every year.

How to Avoid the Cost?

There are many credit cards which charge the annual fees waived in the very first year. Upon the completion of the first year, the fee gets automatically deducted from the user’s account. In case, right upon the completion of the first year, the user decides the annual fee is not worth the cost, then he or she can also close that particular account. But before making such decisions, the user needs to make sure that he or she assesses the impact on the credit score and then redeem the accumulated rewards.

As a matter of fact, one can also be capable of switching to other credit cards with the issuer name remaining the same. However, it should be something that doesn’t come with an annual fee. But before anything else, he or she must know that by downgrading the account, you may also lose some benefits. And the user might end up without incurring rewards at a similar rate. This is true … Read more