7 Best Alternatives To Personal Loans
BANGALORE: When you are in need of urgent cash, the first and foremost option that comes in mind is nothing but to shop for a personal loan. Though Personal loans are to meet financial needs, it might cost you more due to the current rise in interest rates. So what is next? Of course, you need to look for alternatives for personal loan. There are several cheaper options available in the market, which can help you to raise money for various requirements in a critical situation. Below listed are few alternatives for a personal loan, as compiled by BankBazaar.com.
1. Gold Loan
Gold usually adds your beauty when worn, but now this shinning metal can help you get funds in time of need. It is an open secret that gold loan is one of the best alternatives for personal loans. The interest rates offered on gold loans are less when compared to personal loans. Now you can pledge your gold coins or ornaments to get loans from gold loan companies like Muthoot Finance or Mannapuram Gold.
Interest rates on such loans depend on two things, one is the value of gold provided as security to the banks and secondly the amount of loan taken. Therefore, higher the difference between value of gold and amount of loan taken lower will be the interest rates offered on the loans. Gold loans also take very less processing time and so, these loans are granted within 24 hours to 1 day of applying. In addition to that they have very less pre-processing charges and involve easy documentation.
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