Money is the society’s fuel for growth. Consistent income and accessible lines of credit can make an individual’s life comfortable by ensuring peace of mind. It is not just the inflow of money that decides a person’s quality of life but also how it is utilized. No matter the sum, if you are creative enough, you can reap better value for your money. And, you should not limit your creativity with your savings only! You can get creative with a loan too. YES, you heard it right.
In this post, we will tell you about the things you didn’t know you could do with a small personal loan! We bet you would not have thought of spending a personal loan in the following ways.
Consolidate Credit Card Debt
If you have ever used a credit card, then you might probably know about the Interest rates charged on a monthly basis. If you use multiple credit cards, then the monthly interest rate will simply add up for you. While your payment due dates might be different, failure to pay on time can add up to the late-payment fee. A few months of delay in the whole-payment of Credit cards can rapidly accrue high interest amount. If you find yourself in the similar debt spiral, then a Small Personal Loan can be the savior for you.
If you have multiple credit card payments due and the interest is piling up, take out a Small Personal Loan, say from platforms like RupeeRedee, to clear the dues. Not only will your Credit report will be spared, but you will be paying lower interest. Also, you won’t be fumbling around with scattered debt and the payback will become way easier.
Renew Expired Medical Insurance
Would you risk paying medical bills rocketing up to 6-digits rather than paying the yearly health insurance premium? Your rationale will say NO, of course. Though, if you find yourself short of cash and the health cover for yourself & your family is due for renewal, a small personal loan will cover you up. With a quick loan at your disposal, you can easily renew your annual healthcare insurance policy for your family without risking any high medical expenses. Moreover, the personal loan can be easily paid back once you get the next paycheck without risking any medical liability if it arises.
Boost Credit Score
What can be better than a shining Credit report that makes you eligible all kinds of loans for big financial undertakings? Planning to buy a new house, car or wedding? Better have faith on your credit report! Unfortunately, in India, the average credit score of people rarely goes beyond 700 where 750 is seen as the reference mark for loan eligibility. One must not worry, however, since quick personal loans can now be availed online. A small personal loan and timely payment of the same can boost your credit score significantly. Even if you don’t need the cash at the moment, availing a small personal loan will definitely work to your advantage.
Start a Home-Based Business
This one is a little unconventional idea, though practical and viable. Imagine your ‘loan’ giving you the ‘returns’! Wouldn’t that be a deal from Utopia? A small personal loan can help you kick start a home-based business and open up the new windows of opportunities for a side income or a full-time gig. Think home based food business, consulting, designing, etc., services that are always in demand. Not to overstate, but a small personal loan can unleash the entrepreneur within you!
Got more creative and beneficial ideas on how to utilize a personal loan? Let us know in the comments below!