Unsecured vs. Secured Personal Loans: Which One Should You Choose?

Personal loans are a popular choice for availing instant funds for any financial emergency. However, there are different categories of these personal loans such as secured and unsecured loans. 

The names might give you some hints about these two categories of loans, but we are going to help you understand which one you should choose in case of an emergency. 

Understanding Secure and Unsecured Instant Personal Loans

A secure personal loan is one where you offer some form of security or collateral to the lender in exchange for the loan amount. These are named secure personal loans as you are offering these collaterals as form of a security to the lender in case you fail to repay the loan amount on time.

Moving forward, secure loans serve their benefits such as:

• Low Interest Rates

One of the major benefits is lower interest rates as compared to unsecured loans where you have to pay a higher interest rate for the loan amount. With secure loans, the interest rates go to a lower level due to the security of collateral given by the customers. 

• Higher Loan Amounts

With secure personal loans-there is a higher sense of security. Hence, you can get a higher loan amount approved for these personal loans. These loan amounts can further be increased depending on the asset being used as collateral. 

• Long Tenures

Another major benefit of opting for a secure instant loan online is that you get longer loan tenures which enable you to manage all your finances easily and ensure that you have enough time to repay the loan amount. 

• Reduced Risk

Since you have already given collateral for your loan amount, the risk involved is reduced for the lenders, making the whole process simple and convenient for the lenders and for users as well. 

• Convenience 

These loans are convenient to avail of and ensure that the users get an enhanced overall loan experience throughout the process, without any hassles and issues. 

Now that we have gone over Secured Loans, let’s have a look at Unsecured Loans.

Unsecured loans as the name suggests are not secure as there is no collateral involved in the process of the loan. Here the customer doesn’t provide any collateral to the lender in exchange for the loan amount, hence, experiences certain disadvantages as compared to secured loans. 

Here the lender is going to use some external factors to verify your repayment capacity such as your credit score, credit history, and income to ensure full repayment of the loan amount. Given below are some more features that you can experience with unsecured loans:

• Higher Interest Rates

One of the first points to mention here is the higher level of interest rates that you can experience here. With unsecured loans, a high interest rate is commonly observed to reduce the level of risk for the lender. 

• Higher Risk

Since there is no collateral there is a huge risk involved for the lenders in the whole process which makes them less favourable for lenders to offer you the loan amount.  

• Quick Approval

As there are no assets or collateral involved in the process for evaluation, the loan approval is quite easy and quick. This is done based on your credit score, your income, and repayment capability. 

• Reduced Loan Tenure 

With higher risk, your loan tenure is also reduced to ensure that there are no missed payments or late payments for the lenders to ensure complete repayment. 

• Reduced Loan Amount

Lastly, you get lower loan amount approval in unsecured loans due to the level of risk involved and lack of security for the lenders to get their money back in case of any missed repayments. 

Based on the above points it is quite simple and easy for you to understand which loans are to be availed in any emergency. Additionally, it is important to find the perfect platform or app to get your instant loans as per your needs.

If you are looking for a personal instant loan you can opt for FatakPay for easy loan approvals, flexible loan repayment structure, loan amounts as per your credit score, minimum documents required, along with a safe and secure platform backed by RBI-registered NBFCs to uplift your overall loan experience. 

Conclusion

For availing instant loan online it is advisable to go with a suitable platform like FatakPay and get your instant personal loan with all the available features and best offers in the market. Furthermore, you can choose among the two options of secured and unsecured loans depending on your specific needs and requirements. 

For more details, you can download the FatakPay app today and explore the available options and offers. 

FAQs:

1. Are instant personal loans secured or unsecured?

Instant personal loans are unsecured loans as there is no form of collateral included and these loans are given based on your credit score and repayment history. 

2. What are the steps to apply for an Instant Personal Loan?

To apply for an instant personal loan- first download the FatakPay app and enter the required basic information. Now based on your credit score and history, you will get a loan offer. 

3. What is the eligibility criteria for an  Instant Personal Loans?

Higher credit score, good repayment ability, high creditworthiness, and a government-issued ID for verification, along with a minimum age, and salary background are some of the basic eligibility criteria for instant personal loans. 

Top Small Credit Lenders: How to Choose the Right One for You

Imagine a scenario where you are in sudden need of funds, but you don’t wish to use your savings for this purpose. Now you can either go to your family or friends and borrow some money, or leverage advanced technology and avail a small credit loan. 

Be it any sort of financial emergency a medical emergency, a home renovation, a sudden trip, or a purchase that you wish to make. Leveraging online platforms for availing small credit loans can help you tackle these situations easily. 

Now, we have already talked about availing instant loans online before, so how are these small credit loans any different? Moving forward with this discussion, we are going to have a detailed look at these small credit loans online and understand how you can ensure to pick the most suitable option for you. 

Why Avail Small Credit Loans?

Small credit loans are an essential part of managing your financial emergencies. These are not only readily available but are also easy to manage and return on time, ensuring no penalties or late fees. Additionally, with small credit loan apps and lenders, you can avail of these small credit loans at lower interest rates (further depending on your credit score) to manage your financial situation. 

Below are some of the major benefits that help you understand why one should invest in small credit loans. 

• Fast Approvals

With small credit loan apps like FatakPay, you get fast approvals for your loans, enabling you to manage your financial situations seamlessly. 

• Readily Available

A plethora of options and lenders are available in the market for small credits, which makes these loans easy to avail and readily available to ensure your financial emergencies and resolved quickly. 

• Flexibility 

A small credit loan comes with flexibility in terms of loan amount, loan tenure, interest rate, and repayment plan. All these points ensure that you can easily avail of the small credit amount as per your needs and ensure to resolve any emergencies. 

• Convenience 

Lastly, these small credit loans offer you the great convenience of availing loans in the comfort of your home and without any hassle of standing in queues or heavy documentation. 

With the above-mentioned points, it is clear that availing of small credit loans can help you significantly to manage your financial emergencies. 

Picking Ideal Small Credit Lender for Your Needs

Moving ahead with our discussion, let’s have a quick look at some of the major points that need to be considered while picking out the right small credit lender for your needs. 

 

• Interest Rate

The first point is to ensure that you carry out thorough research for all the lenders and compare the interest rates of all the lenders. This will help you understand which lender is most suitable for your needs. 

• Hidden Fees

Ensure that there are no hidden fees associated with the lender for availing these small credit loans. If there are any charges with the lender ensure that you know about it beforehand instead of it coming to you as a surprise. 

• Loan Terms and Conditions

Ensure to compare the loan terms and conditions such as loan amount, loan tenure, any EMI structure, and other eligibility criteria as well. This can help you have a better understanding of the offerings from the lender and ensure that you pick the best lender for your needs.  

• Repayment Structure 

Ensure to have a close look at the loan repayment structure being offered by the lender. If there are EMI structures available for large loan amounts or not. Understand the loan repayment methods as well for an in-depth understanding. 

• Data Privacy

Lastly, ensure data privacy and choose a lender such as FatakPay where there is no risk of data leak or misuse, and your personal data is completely protected with the platform. 

Best Small Credit Lender 

One of the most trending names in small credit loan apps these days is FatakaPay due to its offerings, and reputation of being a safe, secure, and easy-to-use platform. This platform is backed by RBI-registered NBFCs which are secure to be used and enable the users to have a seamless experience of availing these small credit loans. 

Furthermore, here small credit loans are being offered depending on your credit score which makes it simple and convenient for the users to get these loans approved. These loans are available with a minimum documentation for further ease of getting loan approval. For more details, you can download the app today and get your small credit loan approved today. 

Conclusion

For all your financial crises and needs getting small credit loans from lenders like FatakPay can help you get the desired amount for instant use. Additionally, this platform is safe and secure, ensuring an enhanced experience for the users, enabling them to get access to funds easily and manage their financial requirements. 

FAQs:

1. What are the benefits of taking out a small credit loan?

Small credit loans are easily available which adds to the benefits of getting easy loan approval, flexibility, and fast approvals. 

2. What types of small credit loans are available?

Small credit loans include personal loans, payday loans, vehicle loans, and unsecured loans. 

3. How can I improve my chances of getting a small credit loan approved?

To improve your chances of getting a small credit loan approved ensure you have a high credit score, no pending loans, zero penalties, and availability of required documents. 

When to Consider an Instant Personal Loan for Emergency Expenses

No one knows when you might encounter a financial crisis or an emergency in your life. We all know that life is unpredictable and anything can happen. But it is important to be prepared for handling any such situation be it any financial crisis. 

One of the best ways to be prepared for these emergencies is by availing a personal loan online. Yes, we understand that talking about getting a loan might seem challenging, chaotic, and huge, but it is not. 

Moving forward with this discussion we are going to ensure that you understand the scenario and can evaluate based on your financial situation when you can avail of a low-interest rate personal loan and understand the basic requirements of applying for an instant personal loan online. 

Why Go with Personal Loan Online?

We all know that personal loans are a form of unsecured loan that you can easily avail without any collateral, based on your credit score. These features make personal loans one of the best options to be explored for any financial emergency situation. 

With the plethora of options and lenders available in the market, you can explore and ensure you have the best offers available. 

Here are some major reasons to avail of personal loans online for a financial emergency. 

• Available Readily 

The nature of these personal loans makes them an easy option to access in case of an emergency. These loan amounts are available instantly which is one of the key highlight features as well. 

Additionally, these loans are usually approved within a short period of time which further adds to the convenience of the users and ensures that they can have funds available in case of any emergency. 

• Minimum Documentation

With minimum documentation this process of availing personal loans adds to the convenience for the users. 

• No Collaterals Required 

Since it is a personal loan the users are not required to put any collaterals for the loan which makes it unsecured while also making it convenient for the users. This Having no need of collaterals makes the entire process of applying and availing of laon simple, easy, and secure for the users. 

• Flexibility of Use

The personal loan amount being availed can be used for a wide range of purposes as this amount offers you flexibility of range. It can be used for travel plans, shopping, emergency hospital payments, education, or any other use as well. 

• Easy Repayment Plans 

With personal loans being availed in case of emergencies, these loan amounts can be repaid in a flexible manner. Lenders like FatakPay who can offer you personal loans offer you a flexible repayment structure with full monthly payment and EMI structure (for large amount of loans) as well. 

Taking Low Interest Rate Personal Loan

Moving forward with the discussion, let’s have a look at all the scenarios in which it is ideal to take a personal loan online. 

• Major Purchase

If you are planning for a major purchase that might take a large amount of your savings. To avoid burning out your savings then avail of personal loan online and make your purchase with these online personal loans. 

These loan amounts vary depending on your credit score and the lenders that you are working with. Hence, explore all the available options to ensure you pick the best possible lenders and offers in the market. 

• Travel Plans

While making travel plans, there is no need to exhaust your savings, instead take personal loans from these online lenders and enjoy your travel. You can return these amounts without any issues and ensure that you have a relaxing travel experience. 

• Educational Purpose

For your educational purposes as well you can avail of these instant personal loans and ensure that your education is never hindered.  

• Health Emergency

Lastly, you can use these personal loan amounts for any sort of health emergency be it buying medicines, paying doctor fees, or any other expenses related to your health. All this can be easily managed by availing of these instant personal loans. 

Low Interest Rate Personal Loan App: FatakPay

Among the lenders that are available in the market, FatakPay is one of the best platforms available for you to avail instant personal loans online. With this platform, you can get the loan approved within a short span, and get loan amounts based on your credit score. 

Furthermore, this platform offers you minimum documentation, and easy repayment plans with full monthly payments and EMI structure as well for the user convenience. For more details, download the app today and explore the additional features of the platform before applying for your instant personal loan online. 

Conclusion

For any sort of financial emergency and crisis, availing an instant personal loan is one of the best options available and with all the lenders available in the market you can explore all the options and pick the most suitable one for your use. 

Instant Personal Loans for Self-Employed Individuals: A Complete Guide

 Self-employed individuals usually have a hard time managing all their expenses effectively. There are always some unexpected expenses, losses, and other issues that cannot be easily overcome. 

Managing expenses efficiently can be a hectic process that requires efficiency and proper financial management. This requires you to keep some finances and amount saved for some emergencies. However, it often becomes overwhelming and we need external support such as instant personal loans. 

As we all know these instant personal loans are designed to offer individuals instant access to emergency funds in case of any financial emergency. Availing these instant personal loans can bridge the gap between the cash-flow gaps and ensure you have a steady financial flow throughout your financial planning. 

However, this segment of the instant loan apply is often overlooked and untouched by various financial discussions. In this blog, as we move forward, we are going to shed some light and discuss more about the process of availing an instant personal loan for self-employed individuals. 

Instant Loan Online for Self-Employed

For self-employed individuals maintaining a regular cash flow often becomes difficult, since there is no regular income source. People working in the gig economy are completely aware of the risks they are taking and understand the financial implications of it as well. 

For self-employed individuals, these instant personal loan platforms have options that they can explore to secure an instant loan for those financial emergencies. Below are some of the important details that you might need. 

Availing Instant Personal Loan for Self-Employed

For self-employed individuals, it might seem like a different process to get access to these instant personal loans but it is not that different and difficult. Below are the required details.

• Ensure that you are of legal age (above 18/21). It can vary depending on the platform that you are working with. 
• Show some income proof such as bank statements, or ITRs (if applicable) to show a steady flow of income and your capability to return the loan amounts. 
• Ensure you have a good credit score, as it can help you secure a good amount of loan at a lower interest rate. 
• Keep your basic documents with you such as government-issued ID proof for verification purposes. 

Arranging all this, you are ready to start with your personal loan apply online process. Now in this process, you can get an instant loan based on your credit score and your income proof, but for this, you are required to carry out market research on the available options and lenders. 

Since there is a wide range of lenders available in the market, it often becomes difficult to figure out which one is right for you and which one is not. Use the points below to pick the right lender for you. 

• Look for all the available lenders that can offer you an instant personal loan based on your credit score and income stability. 
• Compare their interest rates and pick the one with the lowest interest rate for better financial stability. Also, not having a steady cash flow monthly requires you to go for safe options with lower interest rates which you can easily pay off with your income. 
• Check the eligibility criteria and the required documentation with the lenders. Every lender is going to have a different process for which you need to carefully review their terms and conditions. Some might also require legitimate proof of your business being in the market for over a period of time. 
• Ensure to check their repayment strategies and plans that you can use while planning your repayment of the loan amount. 
• Lastly, ensure that the platform or lender you are working with has a good brand reputation and is safe to use for such processes. 

Using the above-mentioned points, as a self-employed individual you can easily apply for an instant personal loan online and get access to funds immediately for your use. 

FatakPay: Instant Personal Loan

Although FatakPay is focused on salaried individuals for the time being and only to a specific criteria of self-employed individuals, being a salaried individual you can avail of your instant personal loan here and ensure that you get the best offers in the market with low interest rates, minimum documentation requirements, and minimal convenience fees as well. 

All these points can help you get access to your instant personal loan with the platform within minutes and allow you to have a simple and easy repayment plan as well. Here you can return the amount either monthly (full payment for small loan amounts) or with an EMI structure (for large amounts of loans). 

These loans are offered to you based on your credit score which can also be increased with timely repayment of the loan amounts and by ensuring that there are no delays with any bills and don’t have any outstanding bills to be paid. 

For more details download the FatakPay app today and get your instant personal loan approved within minutes. 

Quick Advance Salary Loans: Fast Cash Before Payday

 Traditional banking system takes a lot of time to process your monthly salary, especially during the festive season. Every office gets overburdened during this time and so do the banks. But this delay should not cause any hindrance in your lifestyle and expenses. 

To avoid any such scenario, with the help of advanced technologies, advanced salary loan apps have been designed to assist you in such a situation. At times, our salaries get put on hold during notice periods and changing careers, but our lives cannot be on hold. 

These advanced salary loan apps are designed to ensure that you get your monthly salary on time to manage all your expenses. Such apps have gained popularity among corporate salaried employees and offer them a suitable solution for managing their everyday expenses.  

Moving forward with this discussion, we are going to shed some light on the benefits of these apps while also enlisting some of the popular apps that one can use. 

Salary Advance Loan Benefits

Here are some of the most common benefits of using these advance salary loans and the reason behind their popularity. 

• Easy Access to Funds

One of the best benefits of the main reason behind the popularity of these advance salary loans is that they can offer you easy access to salary funds before your payday. You never know when you might need funds or encounter a financial emergency, this requires you to have easy access to funds. 

With advance salary loans you can get access to these funds before your actual salary is credited and manage your expenses easily without any issues. 

• No Documentation

These advance salary loans don’t require extensive documentation for loan approval and processing. Instead, these are usually processed with minimum documentation, which further adds to the convenience of these platforms for the users. 

• Convenient Process

The entire process of advance salary loans is convenient for the users and enables them to manage their expenses effortlessly. Furthermore, the repayment process is designed to offer you the required flexibility to repay the loan amount. Here you are required to make a full monthly payment for a small loan amount, or undergo a simple EMI structure for a large amount of loan.  

• Low Interest Rate

Often these salary loan advances have low interest rates or offer loan amounts without any interest rates as well. This enables the users to have access to funds at a convenient interest rate and also ensures that they get the best possible offers in the market.  

• Easy Repayment 

As mentioned above, these platforms offer an easy repayment structure which adds to the convenience of the users. With low or zero interest rates this gets even more convenient and simple for the users to plan the repayment of the loan amount.  

• Financial Management

Advance salary loans help companies to have an effective financial management process and ensure that all your expenses are managed without having to worry about your paycheck being on time. 

Advance Salary Loan Apps

Having discussed some of the major benefits of availing salary advance loans, here are some of the most commonly used apps for the same. 

• PaySense

With PaySense you can avail of an early salary advance loan from Rs 5000-Rs 5 Lakh. This wide credit range helps you avail the required amount of loan to manage your expenses and ensure that all your requirements are met. 

With an interest rate of up to 3% per month, the loan tenure can be extended from 3-60 months. 

• KreditBee

The next app on the list is KreditBee. With this platform, you can avail of advance salary loans from Rs 1000- Rs 4 Lakh and have easy access to the funds. Here you can experience an interest rate of 2.49% per month with a loan repayment tenure of 3-48 months.  

• MoneyView

Another reliable advance salary loan app that you can use to avail of these salary advance loan is MoneyView. With this platform, you can get a credit limit of Rs 5000-5 Lakh. Additionally, here you get an interest rate of 1.33% per month along with a loan tenure of 3-60 months for convenient access to funds. 

• Fibe

Lastly, you have Early Salary, one of the most commonly used platforms these days among corporate employees. It offers you a credit limit starting from Rs 8000 to Rs 5 Lakh with an interest rate of 12-30% per month. Here you get a loan tenure of 3-36 months which makes it convenient for you to devise a robust repayment plan without having to burn a hole in your savings. 

FatakPay: Instant Access to Funds

Among all the available options and platforms, FatakPay is a commonly used platform to avail advance salary loans in case of an emergency. It helps you to get access to funds instantly with minimum documentation, and with fast processing. 

Along with this, the platform is designed to offer users the best possible experience for submitting loan applications and getting access to funds without any hassle. In addition to this, the platform is backed by RBI-registered NBFCs which makes it safe and secure to be used for availing these advance salary loans by the users. 

For more details download the app today and get access to emergency funds and ensure that you get the best possible offers.