Ways To Use a Personal Loan to Manage an Emergency?

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Personal Loan

An emergency can strike us at any time and out of the blue. It can be a medical emergency, a repair emergency or a new purchase that cannot wait another day. Whether it the engine of your car, your phone, fridge, laptop, AC, or any other appliance that you cannot do without, a repair or replacement can strike anytime, and most of the times these expenses catch us unprepared. An emergency could also mean emergency travel, emergency medical need or any other kind of expense that cannot wait. In all these situations, a personal loan can help you get through these challenges without breaking your savings and investments. With an easy cash loan, you can take care of all your emergencies in just a few simple clicks.

Read on to discover some of the emergencies when you can get a loan quickly tide over the problem.

Best Ways To Use a Personal Loan to Manage an Emergency

  1. Medical emergencies

These are perhaps the most important and unavoidable emergency where an instant personal loan can come to your aid. Many times, a medical emergency might not be covered under medical insurance or your insurance may not give you cashless facility. Also, a medical insurance do not cover all the expenses associated with medical treatment.

In such a situation, liquidating your investments might take time and it might also result in heavy losses. You can opt for a quick loan using an online mobile app. It does not require much documents, the eligibility criteria is simple and the loan amount is disbursed within hours.

  1. Your car broke down

Owning a car also means taking good care of it all the time. Scheduled maintenance can cost a lot by itself and sometimes you may need to get repairs done as well. Even if you have car insurance, mechanical breakdowns are usually not covered in it so you will need to spend from your pocket for repair. This can easily be financed by a cash loan.

Getting your car repaired not only improves its performance and gives you better comfort, but it also helps in maintaining the car condition which plays an important role in determining your cars resale value. Plus, regular maintenance is a mandatory to avoid an on road crisis.

  1. You need urgent home repairs

Home repair is also an unavoidable emergency situation that might cost you in lakhs. That pipe leakage, you were ignoring can suddenly lead to pipe burst and now your home is flooded. Natural calamities are also a fact of life.  If the building gets damaged in an earthquake or any other calamity, urgent repairs will become necessary. All this will need a few lakhs for repair. Most people do not carry home insurance in India and will have to rely on other ways to fund home repair. A cash loan can help you get started with solving this emergency.

  1. Your fridge or washing machine broke down

Most consumer durables these days have a lot of features and are built to work well, but the problem is that since these are very complex machines, repairing them can either be way too expensive or it can be simply impossible. You can get an instant personal loan and buy a replacement fridge or washing machine.

  1. Your phone or laptop broke down

A laptop and a phone are considered must-haves in today’s times. Whether you are pursuing your studies or working in an MNC, a laptop and a phone are something that you cannot do without. From applying for courses to finding jobs to conducting your day-to-day transactions, you need these gadgets. So, in case your phone or laptop broke down, it becomes a non-negotiable expense that cannot be push for months. In such scenarios, a cash loan can help you meet these expenses easily.

  1. You need to travel out of India for an emergency

At times, you might need to travel out of the country for attending some urgent crisis. Whether it is a medical crisis or an educational or job related emergency, flying abroad can cost you in lakhs. In such situations, an instant personal loan can come to your aid. It is easy to apply, quick to disburse and requires minimal effort on your end. If you opt for a cash loan app then the entire process is digitalized and you can get the loan in just a few clicks.

  1. There is a wedding in the family

Weddings in the family can be an expensive affair. From the venue to the jewellery to the wedding attire and photography, every bit of an Indian wedding comes with a big bill. Thus, availing a cash loan can help you meet some of these expenses. You can also use your wedding loan to book your honeymoon or take care of other last moment expenses that did not fit into your budget. Availing a personal loan for a wedding is always a better idea than selling your assets.

Conclusion

Finally, if you are paying too many EMIs per month, you can get an instant personal loan for debt consolidation. This is a problem that is mostly faced by people who use credit cards irresponsibly. If you are stuck with credit card debt of multiple cards, then you can get the loan to pay off all your cards at once. Now you only have a much more affordable payment of the personal loan EMI which will be resolved as per a fixed schedule and at a sane and fixed rate of interest!