Haven’t we constantly been advised to save your money for any emergency situation? For a matter of fact you were told to do so ever since you were given a Pocket money. Since we start earning we start to realise the value of hard earned money and savings made for a rainy day!
If you had planned for your expenses, you would have saved 20% of your monthly income to meet emergency circumstances. But what if the money you saved is not enough to cover this immediate need? How would you approach this situation? A personal loan? But most of the lending institutions provide personal loans for a minimum of 12 months. So, credit card? Or borrowing from a friend?
Here’s a solution to these questions – Advance Salary Loan! It is an unsecured personal loan that is made available for a shorter tenure which can be availed as well as repaid quickly!
As the name suggests, Advance Salary Loan is a loan provided to you against salary. With the advent of online lenders, any salaried employee can get Advance Salary Loan online, at customer friendly terms and for a short span of time.
Circumstances where a Salary Advance can save the day -
Medical Expenses:
Medical insurances may be a part of your portfolio however, it may not provide a full cover. Certain illnesses, treatments and procedures may require you to pitch in additional funds. The insurance provided by some employers does not cover your parents, and usually, due to old age, they are the ones who may need treatment. In addition, there is a chance that the medical expense may go beyond parents’ insurance cover amount. It can put a strain on your financials. An Advance Salary Loan can cover these expenses for the time being and tide you over. The benefit of opting for a salary advance is that it is easily accessible and can be paid off in a short time.
Making a big ticket purchase:
You have been eyeing a new gadget for a while. A sudden sale comes up and the gadget is available at a significant discount. Better than swiping high rate credit cards, a salary advance is a good option. You can do a quick check for your eligibility amount by filling a basic form for Advance Salary Loan, and grab that deal. The payback is in easy monthly instalments. Salary Advance Loans are great to grab the best of the sale season.
Utility Payments:
Some months can be financially more draining. You could find an over utilized credit card that demands a heavy outstanding bill payment or an electricity bill that's higher than usual, you could have paid the Tuition fees for your children! These are unplanned expenses and must be met. Availing funds through Advance Salary Loan is a good idea as it is a short-term loan, and helps you manage timely payments.
While we picked up a few expenses’ examples based on common observations, your reason could be unique and hence, choose the amount and tenure accordingly. While availing any personal loan you must ensure that you borrow only how much you can repay.
