No matter how well you have planned, emergencies and uncalled for expenses can show up anytime in life. It could be an overshot monthly budget, an unexpected repair work, travel, education, wedding, home renovation or a medical emergency. Some of these situations need immediate attention and an instant cash flow to meet your requirements; short term loans can certainly help you with that.
What are short term loans?
As the name suggests, short term loans are personal loans you can avail from banks or NBFCs for a shorter tenure viz. 3 to 18 months. These are usually given to salaried professionals.
Why short term loans are so Popular?
Short term loans are easy to avail. They are usually unsecured loans; meaning, you would not need a collateral to avail it. Having said that, lending institutions have certain eligibility criteria like your employment record, regularity of income, credit history and whether and how much you would be able to pay. The reason being, there’s nothing to auction in case you are not able to repay the loan amount. Usually, the rate of interest is a little higher as compared to long term loans. However, it depends on the amount and tenure you opt for.
Benefits of Availing Short term Loans Online
In the traditional approach, you would need to physically connect with the bank or NBFC to avail a personal. Initial conversation is followed by submission of documents at the branch and thereafter awaiting the approval. The waiting period is 4 to 7 days or more in some cases. Contrary to that, online lending platform like MYFI connects you to the banks and NBFCs online instantly.
MYFI offers short term loans for personal use, emergencies and cash loans for manage your expense while your paycheck is on the way. The process is completely hassle-free and simple. The information on eligibility and documentation is provided online for ease of use and transparency. You can apply for a short term loan through our online lending platform with the required information. The entire process is paperless to ensure the process is smooth and faster. The attractive interest rates and EMIs make it affordable for salaried professionals to avail these loans.
So don’t let the cash crunch stop your life. Fly with short term loans from MYFI!