In this world, you may not come across people or establishments giving out money for free. That is close to impossible. But you can get money when you need it if you play your cards right and work up some financial discipline. When the bank loans and credit cards seem beyond reach, and payday lenders or pawn brokers seem like a risky affair, securing a personal line of credit from an RBI regulated NBFC entity may be a convenient option to choose in this digitally-abled world.
With Vivifi’s applications like FlexPay and FlexSalary, people in the unserved and underserved regions in the country are increasingly opting for a personal line of credit. With a credit score of 690 and a solid credit history, getting a personal line of credit is possible even if your salary is Rs. 20000 per month. But repayments must be made promptly when money is borrowed, or purchases are made using a personal line of credit. A flexible open-ended credit line may be useful when you face unforeseen expenses, need emergency funds and more.
However, if you are considering a personal credit line, here are the reasons for getting one that may help you decide better for yourself.
There is no need to panic when confronted with unexpected expenditures.
When you are facing a cash crunch and unexpected expenses knock on your door in the form of an emergency, etc., you don’t have to fret when you have a flexible revolving credit line with either banks or many upcoming Digital FinTech applications. It can be accessed to get ready credit at any time from anywhere in the country by following a few steps digitally on everyday devices like your mobile phone, laptop, etc. Apps like FlexPay have you covered in a time of need.
Receiving money and repayments are made flexible.
You can avail yourself of cash when you need it without having to worry about immediate repayments. While you have approval for a certain sum of money in your credit line, you must pay interest charges only for the amount utilised and not the entire approved limit. Repayment can be made in flexible EMIs or complete amounts without having to worry about pre-payment penalties.
You don’t have to pledge your assets as collateral
A personal line of credit is a flexible unsecured loan that requires no collateral to access money. It is available for middle-income and low-income Indians as well. It helps in enhancing the value of Indian Consumer Spending that can propel the growth of our economy for many years to come.
It is an open-ended credit otherwise known as revolving credit.
This line of credit is not restricted to a fixed duration as borrowers can spend the money, repay it in time and avail the approved sum of money to spend again repeatedly later. However, it is important to repay promptly to avoid incurring excessive interest charges.
Make easy repayments without facing the burden of loan repayment.
The credit line offers you flexible repayment options to manage your expenses in time without having to overspend. If you are strapped for cash to pay the full EMI for a particular month, pay the minimum required amount in time until your finances improve and can pay back in full.
A personal line of credit from apps like FlexPay helps you go cash-less with a secure line of credit in a short process that includes simple steps to follow. The transactions are transparent and secure allowing you to track and analyze your spending behaviour and manage all your payments in one place on the platform.