What is a Personal Loan ? - Apply for Instant Personal Loan

Personal loans are quite a flexible form of loans, and can be taken for myriad reasons;  from meeting emergency expenses to meeting the expenses of your wedding to paying for a dream vacation. You can also use the money for buying a home or fueling your growing business.

In case of personal loans, lenders won’t ask many questions apart from your credit health, income, and some other details. So as long as your credit score is high, you have a good record of being creditworthy, and can provide proof of income to match the loan repayment plan, you should be able to get a personal loan easily.

Personal loans are unsecured loans, which means that you don’t need to provide any collaterals as security.

That might be all well and good, but you still need to have a good credit score.

Additionally, since it is an unsecured loan, your interest rate will be higher in comparison to other types of loans.
Types of Personal Loan

So, since you can get a personal loan, you can do anything you want with it, right?

The short answer: yes and no.

The long answer: you can do anything you want as long as it is legal.

When you apply for personal loans, the bank will still ask you for what purpose you’ll be using the money. If you say that you’ll use the funds for buying a new car, go on a vacation or pay for a marriage, it’ll be granted happily. But if you tell them that you want to use it to send suspicious items to a friend in the neighboring state, your loan will be denied.

Not all personal loan providers will ask you the reason though. But certain lenders do, just so you know.

Various types of personal loans can be availed from the lenders, such as:

1) Personal loans for weddings: Have a wedding round the corner but don’t have the funds to meet it? Is your would-be spouse adamant that you spend lavishly for her wedding? Maybe its time to take a personal loan for the wedding.

2) Personal loans for home renovation: Is your home in desperate need for a renovation? The years just flew and you never noticed. Or maybe it's for a special occasion round the corner? Whatever your need, a personal loan for home renovations is what you should look for.

3) Personal loan for vacations: Many people want to enjoy their life fully, right now. They don’t want to wait for tomorrow, or when they get too old. Makes sense, sort of. Anyways, for all that, they do need loans when their dream vacation is expensive. People nowadays don’t shirk from taking such loans to enjoy life to the full. Planning to take a vacation on an Euro trip?Ask for a personal loan for vacations.

4) Personal loan for pensioners: Pensioners need personal loans too. Fortunately for them, the interest rates are lower to make repayment easier with their limited savings and income.

5) Personal loan for festivals: Just like vacations and home renovation, this one is  becoming common too. Need to entertain guests with a huge party on Christmas? Ask for a personal loan for festivals!

But remember: personal loans come with an interest rate bigger than normal loans. Before applying, make sure that you are eligible for it. You don’t want to get rejected and see your credit score fall.
mymoneykarma makes pre-qualification easy! Just fill up this form on our website. We’ll show you all the personal loans you qualify for depending on your credit score and other details.