Is it a Good Option to Take Another Loan to Pay off your Previous Loans ?
With passing time and growing age, we aim for higher comfort and earnings. We spend more, invest more, consume more. It could be basic utilities (clothing) or dream buys (home, car). This motivation in terms of increase in standard of living motivates us throughout the earning grind. There are many such dream steps like home or car, or even a top education or luxurious vacation. It could be anything and everything.
But do you know one common thing in all these wishes/needs? Money. They all cost us large sums. Dreams are one we want to achieve in the future through a plan of action, to acquire the resources we need to get closer to the dreams.
After all, we are not supposed to have the money for everything we may need. This leads to the foundation of the financial sector. We borrow and spend. We take loans from family, friends, or institutions. While we repay them through our earnings or through other means like sale of assets or deferred income, we can fail. Things do not always go as per plan. This is where personal loans come in. And personal loans online application is reality now as well, which we will read about…
What is a personal loan?
Banks and other financial institutions give loans for many purposes (home, education, car, etc.) after checking your cibil score loan <<Read our article on the importance of credit score and ways to improve it>>. One of the offerings is also called Personal Loan. These are loans taken for purposes that are not explicitly met by the limited options. In this case, you are also not required to disclose or prove the purpose intended to serve from this loan amount. Here you have the liberty to use the money in your way. Some examples are taking up same day online instant loans for emergency medical purposes. To get an instant personal loan for a trip abroad, and so much more. Another benefit of personal loans is smaller repayment amounts that can be paid back over a more extended period.
When should you apply for a personal loan?
A personal loan comes with a lot of other liberties too. When you have the freedom to spend, you also have the freedom not to disclose. It saves one from a lot of documentation hassle. The instant loans come with no collateral security (you can apply online and get instant personal loans from PHOCKET without any collateral in minutes). It could be for shopping or even paying off other debts, other loans accumulated in one go.
Is it a good idea to take another loan to pay off existing loans?
One of the leading reasons why personal loans are taken is also paying off other loans. It could be borrowing from friends or families, credit card, bank, workplace, EMIs, etc. Generally, the number of loans increases due to different needs and lenders. It becomes complicated, cumbersome, and even expensive to maintain different calculations and may lead to higher pay out. We seldom wish that one lump sum to get rid of them all. As the famous saying goes, fighting one battlefront is always better than fighting five.
This is where personal loans act as a magic wand. One best deal loan can pay off many loans. However, it must be ensured that the cost of personal loans is not overly priced than other loans. You may calculate the EMI of a new personal loan on PHOCKET’s homepage and compare against the existing loan’s EMI. Make a wise decision yourself!
How to avail of an instant personal loan online?
Now you can get instant personal loans sitting in the comfort of your home. You can download the PHOCKET app or go to the PHOCKET website. Inserting your basic details like age, earnings, location & occupation will yield your eligibility and loan sanction amount.
There are essential documents required to upload online in PDF formats like PAN Card, AADHAR Card and photographs. Putting up all these details will make you eligible for an instant loan where you can modify the amount, tenure & EMI. And that is all. The PHOCKET team will process your instant loan directly into your bank account within minutes.
So now, whether it is an emergency, an unfulfilled desire or removal of the hassle of multiple loans, PHOCKET - Instant Personal Loan is your way out.