5 Alternatives To A Personal Loan With Less Interest

 

A personal loan with less interest is a reliable way to fund your financial needs. However, you can explore other ways to get quick funding at the lowest interest rate. Here are some popular alternatives to a personal loan.

 

1. Gold Loans

 Gold loans carry the lowest interest rate, from 7% to 12% per annum. Gold is a valuable asset for lenders, who give secure loans on pledging gold. Additionally, gold loans require minimum documentation and take less time to process.

2. Loan against Fixed Deposit (FD)

 Loan against FD costs 1% to 2% above the FD rate. If you have an FD, you can easily get a personal loan with less interest on your fixed deposit. You won’t have to break your deposit or lose interest on FD.

 

3. Loan against Property (LAP)

 Borrowing a loan against property can save you money on interest. If you have an investment property, you can convert it into a quick loan at an interest rate of 8% to 12%. The good thing is that you can extend the loan tenure up to 15 years.

 

4. Credit Card Balance Transfer Loans

Converting a high-interest credit card debt to a lower-interest loan is a great way to fund short-term financial needs. It is called balance transfer and it often comes with a promotional interest of 0% for a few months.

 

5. Peer-to-Peer (P2P) Lending

 P2P lending often has interest rate lower than banks. For this reason, it is considered an alternative to personal loan with less interest.  

Could I Rely On An Instant Personal Loan For Emergency Funding?

 

If you are in need of quick funding for any reason, including medical or travel, you should look no further than an online instant personal loan. It is the best way to get quick funds. It is how most people fund their needs.

 

Here’re the advantages of a personal loan

 

1. Quick and Hassle-Free Approval

Online loans are always quick. It is speed money that you can borrow for any need, especially emergency funding. For example, you have some unseen expenses like a medical emergency. You can borrow a quick loan to pay your medical bills and repay the loan according to your convenience.

 

2. Minimal Documentation

Unlike a traditional bank loan, an online instant personal loan requires minimal documentation. For example, basic details, such as identity proof, income proof, and bank statements from the previous six months are sufficient to process a loan application. The lenders don’t ask for any collateral or guarantee to approve a personal loan.

 

3. Convenience and Accessibility

 It isn’t necessary to go to a lender for a personal loan. You can apply for a loan from a mobile app. Download the mobile app of a leading lender and check your eligibility for a quick loan. You will get approval within a short time.

 

4. 24/7 Availability

 An online instant personal loan is the best option for emergency funding because it is available around the clock. It is instant money that you can use to fulfill your financial needs. Flexible repayment options further make it a practical choice.