There’s no one reason why your financial planning goes wrong. Or why a financial emergency catches you off guard. But when that happens, it is important to act on your feet and keep things going, more so, financially. So, it is just consequential if you feel like looking for a quick cash loan at such times. And your best bet to get an instant loan approval for an easy loan is a licensed moneylender.
Legal moneylenders are recognized by the government. They can provide you with some special benefits that banks cannot. In that sense, they are better than traditional financial institutions, like banks. Right from application and approval to accommodating your not-so-good financial status, a licensed moneylender will help you out in more than one way.
When you need an easy loan
Whether you are looking for a quick cash loan or an instant loan approval, a licensed moneylender is a better choice as compared to the banks. The loan application and approval processes they follow are convenient and easy. So, the processing period is automatically less than that of a bank. With minimal documentation, your loan can get a green signal in minimal time. So, in case of financial emergencies, a licensed moneylender can be your go-to option.
When you want to borrow smaller amounts of loan
At times, your financial needs may not be big. But traditional institutions like banks usually prefer to loan bigger amounts. But a licensed moneylender will loan any amount of money, depending on your needs, as well as your ability to repay. They are more considerate and can offer a range of loans.
If you need to consolidate multiple loans:
Often, people need to borrow multiple loans. That can lead you to a different set of problems altogether. Varied rates of interest and multiple EMIs can disturb your monthly financial planning. As a result, you might feel burdened by the loan repayment process. In a situation like this, you might need a debt consolidation loan. Licensed moneylenders are the perfect choice for getting a debt consolidation loan. They are flexible and accommodate your needs, by providing you with a fixed interest rate.
If you are doubtful about your credit score:
When borrowing a loan, creditworthiness is another crucial factor that the lenders consider. Mostly, banks will not consider borrowers with a bad credit score. But if you approach a licensed moneylender, they might try to accommodate you. So, even if your credit score is not up to the mark, don’t give up. Connect with a legal moneylender and find out how they can help you despite a not-so-good credit score.
When you are not able to repay your loans
Legal moneylenders treat the defaulters in a compassionate manner. They offer help to work out your repayment plan in such a way that it is affordable for you. As opposed to this banks may have to resort to stricter measures. And even your credit score may get affected. So, if you are unsure about your financial capability, book an appointment with a licensed moneylender. They might be able to help you find a way out.
If you don’t have too many official documents
Legal moneylenders require minimal documentation. So, even if you have the bare minimum, you can take a chance of applying for a loan with a legal moneylender. In the case of banks, this may not be considered. Unless you submit all documents necessary, banks may not look at your application.
Apart from all these things, licensed money lenders can charge you a maximum of 4 percent interest rate every month. So, whatever your income or financial status or repayment ability might be, a legal moneylender is not allowed to exceed this figure.
But keep in mind that you should only approach a government-recognized, legal moneylender. There are many unrecognized moneylenders and it may not be safe to borrow from them. So, before signing the loan agreement, make sure that you are doing good research about the moneylenders and choosing the one with appropriate licensing and recognition.
And next time you have a cash crunch, don’t forget to meet with a legal moneylender. You may be surprised by the help you receive!