Whether you’re a stay at home parent with a few immediate expenses to meet or a salaried employee that requires a little extra help with their finances, there are multiple options for borrowing money should the need arise. Financing options range from services offered by traditional financial institutions, like banks and financing companies, to loans against credit cards, to name a few.
Outlined below are some of the more popular lending sources that are bound to help you get out of your fix.
Most banks or financing companies offer personal loan services that are convenient to apply for, especially if you’re a salaried employee. You’re subjected to pay interest to the lender by taking a loan, which may vary based on your loan terms, such as the amount loaned and the loan tenure. Furthermore, personal loan interest rates vary based on the loaning facility that you’re borrowing from. For instance, the interest rates offered by finance companies like HNB Finance are better than average bank interest rates.
At HNB Finance, you can avail yourself of the Relax Personal Loan facility in a fast and efficient manner whilst ensuring you receive some of the best interest rates in the country.
You may loan upto 2 million against two personal guarantors, or you may take upto 12 million against a mortgage of a property and take upto five years to repay your loan.
If you don’t have a good credit record, another option you have at hand is to borrow some money from a pawnshop. Some financial service providers and banks also offer the option of obtaining loans by pawning your jewellery or other valuable items. But it requires some time for the lender to assess the value of your items which will determine the loan amount you can obtain against them. If you accept what they offer, you can immediately walk away with the cash signing a ticket to agree on repayment within the stipulated loan period.
At HNB Finance, we offer a Gold Loan service with some of the most competitive interest rates in the market. Customers can keep their gold items as collateral and receive a loan against them. The state of the art machinery and experienced staff at HNB Finance can ensure you receive the highest quality service in the shortest timeframe. You’re guaranteed 100% security for your valuables, and you may redeem your items without prior notice.
In comparison to traditional lenders, the likes of banks and financial institutions, online lenders claim to be more convenient, offering the facility to borrow money instantly. It’s important to note that not all forms of borrowing are created equal, and some have more drawbacks than others.
Whether you want to get the best rate possible or need the money fast, make sure to consider your options and assess the risks carefully. Remember that the easier and faster it is to obtain your loan, the riskier it may be.
If you have more minor requirements, there are multiple cash advance apps available in the market today. Some may request evidence of income through payslips and billing information to register within their facility, after which you can hope to obtain your small loan within 1 to 3 days.
The fees charged per transaction may vary for each loan application, so it’s best to conduct some research before signing up with their services.
If you own a credit card, obtaining a cash advance through your card is a simple process. Provided you have been paying off your credit card statements and have maintained a good record with your service provider, you may easily receive a cash advance via an ATM or by visiting your bank directly.
The cash advance limit will be dependent upon your credit limit and relationship with the bank. And do take note that with cash advances via credit cards, you will be paying higher interest rates than most other loan facilities.
Did you know that you can get a loan against your fixed deposit? One of the best parts about investing your money in the fixed deposit scheme of HNB Finance is that you are able to obtain a quick loan against your deposits whenever it’s needed. With the convenient processes in place, you can receive up to 90% of the value of your deposit without a hassle with HNB Finance Fixed Deposits.