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8 reasons why more people borrow personal loans

Due to the increasing gap between income and expenditure, the demand for personal loans has witnessed an exponential growth in recent years. Various lending institutions sanction instant personal loan to both salaried and self-employed individuals based on their income level, company profile, credit and repayment history, loan amount, and duration. 

A personal loan is quite popular among the young population as it is more accessible than ever before. Further, you can get the loan quickly without collateral. You can also check a personal loan interest calculator provided by lenders to estimate the EMIs on your loan.

People take personal loans for a variety of purposes. Here are the eight most popular reasons for choosing these loans.

1. To Finance a Business.

Commencing a new business is a big step that requires a lot of funds in the form of capital. In fact, new business calls for several expenses ranging from the purchase of assets to incurring liabilities. In such a scenario, an instant personal loan can be a useful option that can help you boost your business idea.

2. To Cover Medical Expenses.

Medical emergencies strike without warning and can take a toll on your financial health. To meet the unexpected, a fast funding solution, like a personal loan, can come in handy. Numerous online lenders provide such loans the same day you apply for them, which can help you tackle several unplanned expenditures on time. 

3. To Arrange Funds for Marriage.

Every individual wants to have a grand and memorable wedding. But sometimes, our budget doesn’t allow us to turn our wedding dreams into reality. This is when personal loans can serve as a viable solution as it can help you cover almost all your wedding expenses, like printing wedding cards, buying dresses and jewellery, booking hotels, catering and decoration services, etc.

4. To Finance a Holiday.

Going on a vacation with family and friends is an excellent way to take a break from your hectic life. But, what if you don’t have the required funds to finance your holiday? Don’t worry as personal loans are here to help you plan your long-awaited trip without any financial worries. 

5. To Consolidate your Debts.

Debt consolidation is one of the major reasons for securing a personal loan. Suppose you have multiple loans and credit cards with varying interest rates. When you apply for a personal loan for debt consolidation, you are combining all the due payments into a single one. It not only reduces the overall interest but also makes it easier to pay off your balances much quickly.

6. To Purchase a New Vehicle.

Buying a vehicle is a dream for many. But, it also involves spending a considerable chunk of money from your pockets. If you do not want to use all your savings in one go, then taking a personal loan can be quite helpful. And, you can also assess the EMIs to be paid by using a personal loan EMI calculator.  

7. To Renovate your House.

Whether you are upgrading your kitchen or applying new paint to your house, home renovation involves numerous hefty expenses, which can disturb your savings. But, don’t fret as personal loans can be the perfect remedy for this problem.

8. To Pay for Relocation Expenses.

Many people relocate to different cities in search of new job opportunities. However, it does come with few challenges, such as seeking rented accommodations and arranging money for a security deposit. So, to avoid such shifting woes, a personal loan can serve as a comfortable and hassle-free solution to cover such expenses.

The bottom line

A personal loan is a convenient short-term solution to meet unexpected events without depleting your existing savings. However, make sure to compare the different loan options to grab the best deal in the market.  

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