How loans have changed in Last Few Years

Posted by Divya on May 11th, 2018

Financial planning is an important part of an individual’s life, without which, one cannot hope to live a secure life. Planning can go a long way in helping one align one’s short term and long term goals with the finances needed to fulfil them.

Knowing how to use financial instruments wisely and according to one’s life goals is something everyone should master. Compared to a few years back, the Indian financial landscape has changed a lot mainly due to widespread technological adoption and internet penetration. The loan landscape then has witnessed changes which have been in favour of borrowers.

Earlier, borrowers faced a tough time with banks and traditional financial institutions to avail loans if they had even slight defaults in their credit history. Now, things have changed. Whether one is planning that long-awaited trip with one’s friends, wants to finance one’s small business or start-up, wants to shop for an upcoming wedding or if one needs the money to pay for an emergency - a personal loan can be a very good option.

For those looking to fulfil their dreams and aspirations in an easy and effective manner without burning a hole in their pocket, a loan can come in handy, especially a cheap personal loan. As much valuable a financial help a loan can become, but if used carelessly, it can become a serious headache for one’s cash flow.

One can get the cheapest loans in india online in an easy and hassle free manner. Loans can seem like a liability in the short term, especially when talking about interest rates.

People don’t like to be in debt, isn’t that just obvious?

While one is in the process of searching for a suitable personal loan one will come across a variety of loans which will offer mouth-watering deals but often the fine print will reveal the true, and often disappointing picture. This is not so when one decides to avail an online loan, as transparency and trust is the norm with online transactions.

People have come to expect the highest standards when availing online loans. If thinking of applying for cheap loans in India then online loans would make a lot of sense especially if one is not a fan of tedious paperwork and time taking processes. Here, simple application process and transparency is the order of the day.

Online loans, then, are clearly the way to go. One should keep the following points in mind before availing a personal loan for any need: Having said the above, it is also important to note that availing a personal loan may not be for everyone, though it can be a much better alternative to a credit card loan, which will mean sky rocketing rates of interest.

The cash advantage will benefit a person who has sound underlying financial behaviour and disciplined spending. Loans can improve one’s financial situation in the short term but surely they cannot change poor financial habits. Depending on one’s financial circumstances, an online platform like Finzy can connect the person with a suitable lender who will be able to offer cheap personal loans fit for one’s purpose.