How personal loans from online lenders can help this festive season

Fast, convenient, and requiring only basic documentation, online personal loans can save the day for cash-strapped people.

The holiday season is already here in a big way. As is the case every year, bearing the expenses for Dhanteras, Diwali and Bhai Dhooj in a single month can prove to be too much for one’s wallet.

But there is nothing new in this story. Every holiday season, spending ends up exceeding estimates and budget, mainly due to inflation, which keeps eating away at individual savings. As for those who don’t bother to save up for a rainy day or don’t have the inclination and time to make a budget, these expenses can seem like an extra burden, dampening the festive mood.

However, some expenses are important and must be financed. Luckily, a personal loan can be an individual’s best friend during such festive occasions as it could help in enjoying those special moments exactly as they wish. For those who don’t have a credit card, a short-term personal loan repayable in 90 days or less may be the best alternative.

Unlike a home or car loan, you have complete flexibility in spending the money from a personal loan. In other words, it can be used for many small expenses that keep popping up throughout the holiday season, even after all the shopping is done and dusted off.

On the plus side, a personal loan is usually an unsecured loan. Therefore, there is no need to go through a long and tedious process of pledging collateral. Most people tend not to have qualifying collateral in the first place. Personal loans also allow repayment flexibility by offering several choices for the repayment period.

Besides, there are other advantages such as convenience and speed of availing the loan. Everything being digital, one can apply for a personal loan online from the comfort of one’s home. If all the documents are at hand, it only takes a few minutes. Thereafter, the loan amount is paid into their bank account directly, almost instantly.

Unlike banks, instant loan apps don’t rely solely on credit scores to assess borrowers. Instead, they use artificial intelligence and machine learning algorithms to deeply analyze alternative data points that correlate with a borrower’s repayment intent and ability. This means that personal loan applications are now truly democratized and accessible to the vast majority of potential borrowers.

Convenient and fast personal loans from online lenders this festive season can help people bridge unexpected cash shortfalls and have a happier holiday with friends and family. As the country prepares to spend big both online and offline, it certainly helps to have a financial alternative that can step in when needed.

(By Gaurav Jalan, CEO and Founder, mPokket)

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