New Option to Payday Loans

Why online personal loans are better than traditional or payday loans.
What are Personal Loans
23 Sep 2016

New Option to Payday Loans

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Everyone needs a loan now and then. For most people, this means getting a quick payday loan for a small amount of money, or going to a bank or other traditional sources. The former option is limited by the fact that large amounts of cash are difficult to obtain through payday loans, and the latter choice requires a series of stringent background checks.

For people struggling to get personal loans for bad credit history, having the bank check their past credit line can be problematic, and rarely ends in their receiving a loan. Such individuals find themselves stuck in a difficult situation where they need money, but do not fulfill the conditions set by the people who can give them a loan. Fortunately, personal loans online are becoming increasingly popular as a viable alternative method of getting loans.

What are Personal Loans?

Large sums of money that can be paid as multiple packet installments back to the lender are known as personal loans. They are not payday loans, which are smaller sums which the lender demands back in a single installment. Neither are they like traditional bank loans, which require a long list of conditions to be fulfilled.

Instead, personal loans are available online to anyone in need of cash, through a simple series of steps that require the person to provide basic personal information and profile. No hard credit inquiry is required, and the person receives the cash amount promptly and without hassles.

Personal loans from financial institutions result in a fixed monthly payment for the consumer at an interest rate based on their credit score.  For those with good credit, the average interest rate begins at around 10%, significantly less than the interest rates experienced by borrowers of payday loans.

Why are they Better than Traditional or Payday Loans?

  1. Personal loans demand no background checks or a credit inquiry report to be submitted prior to getting a loan. While credit scores are typically the single largest factor when evaluating your eligibility for a loan, at Bonsaifinance we look at your financial profile holistically to help create a loan product to suit your needs.
  2. The process of signing up is quick and easy, and can be done online from the safety and comfort of your home.
  3. Payday loans present a short term solution, and usually come with unfairly high interest rates. On the other hand, personal loans are able to supply large sums at highly reasonable rates.

Get Financing with Bonsaifinance

Personal loans versus Traditional or Payday LoansThus, the process of taking out personal loans for bad credit history becomes much simpler with personal loans. And there’s no better company to help you in this regard that Bonsaifinance! Our aim is to harness the powers of digital technology to offer rapid credit without the bureaucracy that you would have to face in a bank.

And so, you no longer have to worry about getting personal loans for bad credit, if you partner with Bonsaifinance!