6 Reasons Why Choose a Personal Loan for Quick Business Cash
Gosh, you suddenly realized you're short of cash. The decades-old print machine at your workshop broke down and requires immediate replacement. Or, you got a business milestone forthcoming worthy of some grand celebration. Worst, you bumped into an emergency at home.
These familiar scenes may happen at some point to everyone. Admit it, we all have our share of downtime moments, right? And when that happens, it feels like you just want to knock your entire head off for some fast resolve.
 |
| Personal loan as one viable option for cash problems Photo courtesy of luxstorm via Pixabay |
1. Multi-purpose
As its name implies, a personal loan is allowed for various purposes to supplement the borrower's funding needs. These could range from personal necessities or indulgences, business requirements, and to even debt consolidation when you're bugged with several credit accounts. That's how friendly it is!
As its name implies, a personal loan is allowed for various purposes to supplement the borrower's funding needs. These could range from personal necessities or indulgences, business requirements, and to even debt consolidation when you're bugged with several credit accounts. That's how friendly it is!
2. Non-collateral
A personal loan does not require any asset from the borrower to serve as loan collateral or guarantee. It may apply certain fees and charges at minimal amount though, depending on the bank, such as processing fees, late payment charges, documentary stamps, etc.
A personal loan does not require any asset from the borrower to serve as loan collateral or guarantee. It may apply certain fees and charges at minimal amount though, depending on the bank, such as processing fees, late payment charges, documentary stamps, etc.
3. Loan amount options
Loanable amounts vary among banks but the common range falls from as little as Php 30K to a hefty 2M, which is made payable in fixed, equal monthly installments.
Loanable amounts vary among banks but the common range falls from as little as Php 30K to a hefty 2M, which is made payable in fixed, equal monthly installments.
4. Low interest rates
Banks charge low monthly add-on interest rates for personal loans at a little more than 1%. That translates to affordable monthly cash pay-outs for you.
Banks charge low monthly add-on interest rates for personal loans at a little more than 1%. That translates to affordable monthly cash pay-outs for you.
5. Flexible terms of payment
The borrower can choose from short- to medium-term repayment schedules commonly set at 12, 18, 24 to 36 months.
The borrower can choose from short- to medium-term repayment schedules commonly set at 12, 18, 24 to 36 months.
6. Fast and easy
Applying for a personal loan is easy nowadays with available online facilities of some banks. Once you are able to comply with all documentary requirements, your loan approval could come in just 1-2 weeks.
Applying for a personal loan is easy nowadays with available online facilities of some banks. Once you are able to comply with all documentary requirements, your loan approval could come in just 1-2 weeks.
When availing of a personal loan, check around at banks first before locking yourself in with a loan contract. Compare rates and loan packages, then decide which one best suits your financial need.
On the same note, when you're faced with life's urgent and pressing challenges such as sudden liquidity bottlenecks, the first step to bailing out is knowing and generating your solution options to turn to. As what optimists say, for every problem there's always a solution!
On the same note, when you're faced with life's urgent and pressing challenges such as sudden liquidity bottlenecks, the first step to bailing out is knowing and generating your solution options to turn to. As what optimists say, for every problem there's always a solution!
About the Author
0 comments
Please leave your comments here.