How personal loans from online lenders can help this holiday season

Quick, easy, and with just basic documents, online personal loans can save people in need of money.

The Christmas season is already here in a big way. As every year, having to cover Dhanteras, Diwali, and Bhai Dhooj expenses in a single month can become a drain on the wallet.

But there is nothing new about this story. Every Christmas season, spending exceeds estimates and budget, largely thanks to inflation, which keeps reducing individual savings. For those who don’t want to save up for a rainy day or who don’t feel like spending time on the budget, these expenses can feel like an extra burden and dampen the festive mood.

In any case, certain expenses are important and need to be funded. Fortunately, a personal loan can be a person’s best friend on such festive occasions as it can help them enjoy those special moments exactly how they want. For those who don’t have a credit card, a short-term personal loan that pays back in 90 days or less may be the next best option.

Unlike a home or car loan, a personal loan gives you complete flexibility in spending money. In other words, it can be used for numerous small expenses that keep popping up during the holiday season, even after all the shopping is done and dusted.

On the plus side, a personal loan is usually an unsecured loan. Hence, there is no need to go through a lengthy and arduous process of pledging collateral. Most people usually do not have any suitable collateral at all. Personal loans also allow for repayment flexibility by offering multiple options for the repayment period.

In addition, there are other advantages such as convenience and speed in obtaining the loan. Since everything is digital, you can apply for a personal loan online from the comfort of your own home. If all documents are at hand, it hardly takes a few minutes. The loan amount is then paid directly to your bank account almost instantly.

Unlike banks, instant loan apps don’t rely on creditworthiness alone to assess borrowers. Instead, they use artificial intelligence and machine learning algorithms to extensively analyze alternative data points that correlate with a borrower’s intent and ability to repay. This means that personal loan apps are now really democratized and accessible to the vast majority of potential borrowers.

Convenient and fast personal loans from online lenders this holiday season can help people make up for their unplanned liquidity bottlenecks and have a happier celebration with friends and family. As the country prepares to have large spending both online and offline, it certainly helps to have a financial alternative that can be stepped up in times of need.

(By Gaurav Jalan, CEO and Founder, mPokket)

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