Top Tips for Women Applying For Instant Personal Loans
Women have been at the forefront of financial advancements for years now. The modern Indian woman wants to be financially independent. She is aware of her financial rights and in charge of her financial destiny. As an inclusive mobile loan app, CASHe strives to empower women to live up to their full potential through easily accessible quick loans.
Here are our top tips for women that are planning on applying for instant personal loans.
Make Your Money Your Own
It is crucial that every individual, especially women, make their money their own. That is to say, the goal should be to have an independent income source, they must understand their finances, and be able to make their own financial decisions. This is what gives you your own sense of financial freedom and security.
Before applying for a personal loan, even if it is a small one, ensure that you have enough monthly income coming in. Also, try and save up money to create a buffer. This buffer should help you make at least one month’s instalment, just in case your salary comes in late or you cannot make your monthly payment from your income. Having a savings plan is a good financial habit outside of applying for a quick loan as well.
Create Your Own Financial Goals
A personal loan is a financial liability you take up now and in the future. So, when applying for a quick loan online, be clear about what you are going to use it for. The advantage of a personal loan is that it can be used for whatever you like. Whether you want to take a vacation abroad and tick something off your bucket list or start your own business venture, whether you want to do a home renovation or pay off your credit card balances – you have complete control over your finances.
Keeping a list of your financial goals helps you prioritize them so that your loan can go towards what matters most to you. This will also help you determine how long you need the loan and how long it will take to repay the loan.
Maintain a Good Credit Score
A credit score is a metric to gauge your ability to repay your loan. Maintaining a good credit score means that you are more likely to get approved for a personal loan. There are many ways to get a healthy credit score – paying your credit cards on time, not exceeding your credit limit by more than 30%, and making your monthly payment in a timely manner.
Do Your Research
Much like any other financial decision, before applying for a loan, do your research. Look into the different lenders available – traditional banks, non-banking financial companies, mobile loan apps. Read customer reviews to find credible financial institutions that are trustworthy and well-reputed in the industry.
Pick a lender that offers you low interest rates, flexible terms of repayment, and fewer additional charges. It is also wise to calculate the monthly payment and for how long you will be paying off your loan. Lower interest means you will pay a lesser monthly payment, therefore that is a favourable term. A longer repayment time requires you to pay monthly payments for a longer time and so the interest you pay on it accumulates over time, therefore that is an unfavourable term. Monthly payments should also not be a burden on your finances – the sweet spot is when your EMI payments are less than 10% of your monthly income.
CASHe hopes to support women in boldly moving forward in their career and personal lives. Our instant personal loans are open to all women with a minimum salary of Rs. 12,000. As we offer unsecured loans, we require no collateral. Once you submit your documents, the quick loan is processed and approved in a day; the funds are disbursed within a few days.
Learn everything you need to know about quick loans with the CASHe Blog. Download the CASHe loan app here!