Your dream vacation requires a lot of planning and financial backup so that you can leave stress-free and can come home refreshed. With your Credit score, you can plan a long holiday if you apply for a Personal Loan.
What is credit score?
A Credit score consists of a 3-digit number that showcases your credit behaviour. You are scored per your financial practice. If you have a high score, it demonstrates that you are able to repay your debt on time and that you have excellent money management skills.
How to check your credit score?
You can check credit score information with Credit Information Bureau Limited (CIBIL), Experian, Equifax, and Highmark. CIBIL is the oldest and by far the most popular it has been functioning as a Credit Information Company since January 2001. A credit score can range from 300 to 900; so, a person that has a rating of above 750 is considered to be a good score. A person with no credit history will have a score of Negative 1 and those with credit history less than six months will be 0. You should not be disheartened if your rating is not up to the mark as there are some lenders who offer Personal Loans for bad credit, however beware of high rates of interest associated with these lenders.
Also Read : All You Need to Know About Credit Score
Why should you check your credit score?
Life is all about uncertainty, and you never know when you would need a Loan. When you know your credit score, you have the opportunity to level up your financial status or position so that your credit score is favourable for a Personal Loan online Approval. Log on to www.mymoneymantra.com to find information on all types of Personal Loans and the best financial assistance.
Here are a few considerations to help you understand the importance of applying for Personal Finance with the help of your credit score.
- Fast Money: Going on a vacation is sometimes a spontaneous decision. Thus, some people end up using their Credit Card. In fact, people much pay more than what they would have if they had taken a Personal Loan. The interest rate on a Credit Card outstanding balance can range from 36% to 40%, but with a Personal Loan, the interest rates vary between 11% and 16% on an average. Here you can see that you can save more when you opt for a Personal Finance. There are various types of Personal Loans that are available in the market, so you don’t always have to choose your Credit Cards to splurge on a vacation.
- Easy Process: Applying for a Personal Loan is an easy process as it is available with minimum documentation and once the loan application is approved the money will be credited to the account in less than 72 hours. Therefore, in such instances, your credit score can be a huge advantage because you can rest assured that you would get your loan approved.
- Flexibility in budgeting: When you have control over your budget, then you can quickly pay off your loan. Thus, a Personal Loan gives you the freedom to control your credit. You know how much you would have to pay for your EMI (Equated Monthly Instalment) which helps you budget accordingly.
- Your credit score is not impacted much: If you compare Personal Loans to the other modes of credit, you will realise that you can leverage a lot from Personal Loans compared to other methods of credit. Your credit score can drop if you opt for a Personal Loan but as soon as you pay back your loan your credit score will bounce back what it used to be. On the contrary, if you choose to use a Credit Card to make a significant spend, your credit utilisation goes up, but in the case of a Personal Loan for a short period, your credit score is not impacted much.
Now that you are aware of the importance of your credit score is, you can use it to Apply for a Personal Loan online through MyMoneyMantra so that you can plan your dream vacation and leverage its benefits to the maximum.
Also Read : 5 Personal Loans You Are Unaware of!
To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 60+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.
Talk to our Loan Specialists toll-free at 18001034004 to know more about our products and offers.
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