Life can be really tough sometimes when it comes to managing huge expenses. Seeking a loan is the only alternative. But, going through the unnecessary hassle of lengthy documentation procedure and sanctioning of the loan amount is a tedious job. This is where the advance salary loan proves to be a relief for those looking for quick financial assistance.
This type of loan can be availed for all types of expenses. The minimum loan amount can be as low as INR 35,000, and the maximum amount can be extended up to INR 5000. The documentation required for this type of loan is fairly low and the loan disbursement period is short. Do you really need an advance salary loan? Read on to find out:
- Overdue Utility Bills
The standard utility bill payment deadlines are at the end of the month. You are usually short on cash and unable to pay the dues during month-ends. This keeps a lot of payments pending and becomes difficult to pay from your monthly salary alone. Therefore, an advanced salary loan can be a good solution.
- House/Rent Deposits
Many people rent houses in cities. In some unavoidable circumstances, you need to shift to new places. The amount of money required to change a house is enough to put a financial strain on your monthly budget. The house deposits are generally in lakhs and the advance rent in several thousands. Applying for advance salary loan in such situations can really reduce the stress of a financial crisis.
- Medical Emergencies
Life is unpredictable and if you don’t already have insurance to safeguard yourself against an accident, you can quickly avail an advance salary loan to assist yourself or your family members in such a situation.
- Don’t Want to Affect Your Already Low Credit Scores
Credit scores are sensitive to defaulted credit card payments or loan EMIs. If you already have a low credit score, you must avoid taking big loan amounts that are difficult to pay back. You should opt for the advance salary loan in small amounts.
- Car Repairs
The maintenance charges for a four-wheeler can be expensive. If you are looking forward to getting your car back in its best shape but lack the necessary funds to facilitate it, you can definitely think of availing the advance loan salary.
Advance salary loan is a modern convenience. It is designed to provide financial assistance for all kinds of needs. With low-interest rates, short tenure repayment period and minimum eligibility criteria, the advance salary loan is a great choice. There are multiple creditors in the market with the provision to process this type of loan online. You can now apply for an advance salary loan from your office space or the comfort of your home, without having to stand and wait in long queues. However, it is best to do thorough market research before you apply for one.