5 benefits of taking a personal loan

In my earlier posts I have often argued that personal loan is one of the worst form of loans, and I stand by it. And maybe, this subject line may seem to be a click bait!

Yet there are few benefits (relatively speaking!) of taking a persona loan vis a vis the other alternatives available at that point of time.

Here are a few of them:

It can help you tide over unforeseen emergency. (e.g medical, or sudden unplanned expense for child's education).
It may, at times be, less worse option than taking a credit card debt, or maybe even a consumer loan (depending upon the rate of interest offers)
If you analyse your personal loans and realize that you have been losing lot of money, you may be tempted to take corrective actions and this can do wonders for you in long run!
It may help you build a credit history. Not sure, if taking personal loan is worth it, though.
And if instant gratification at the cost of potentially paying more for it (and jeopardizing financial planning a bit) is something you aspire for, personal loans may be good.

So, not all's that bad with personal loan. If we try to look at it more closely there may be few benefits. But will I recommended taking it is not a rocket science to fathom!

Comments

Random Birthday thoughts

As I would have cribbed @ 1000000000 words per day, I am currently at a place called Jhunjhunu where I have no social life to speak of, internet is the only thing that keeps me going, apart from few random movies or episodes of Seinfeld. So prospects of celebrating birthday in this solitary confinement are not that exciting! Too add to that, as I switched on my laptop yesterday night, I realized that it had conked off and is showing fan error as the reason. For me this was the end of world. And I knew not how would I survive! I hoped the issue will get sorted out in a week but it is too much to ask in this small town and this time period seemed to be an extremely optimistic guess. My birthday eve and early morning were spent on developing strategies on how to get it repaired. I couldn't find any IBM authorized dealer here, and I would have needed to send it to Delhi. There were two options - first was about sending it as a parcel to one of my friends at IBM , either directly or i...

Expenses that can set your financial plans back

Originally published on BeingFinWise __ It is good to have a financial plan. It enables you to have financial resources ready when you may need them. At the same time, it enables you adapt your lifestyle in alignment with the desired goals. But the ride is not always as straightforward as the excel sheets with projected expenses & rate of returns suggest. There can be several factors that can set back your financial planning, even by several years. While one may not have a foolproof mechanism against all eventualities, one can definitely mitigate the impact of several uncertainties by having proper safeguards in place. Here are some factors that can set your financial plan back by several years

How to make best use of credit cards?

You can also read this on BeingFinWise __ Credit cards can be an amazing tool to manage your finances, get good deals and some excellent rewards. All you need to do is understand some credit card hacks and be on lookout for deals! However, before starting on how can you make the best use of credit cards, you need to be sure if credit cards really suit you or do you tend to lack financial discipline if you have access to credit cards. If this is the case, it may be wiser to avoid credit cards altogether. (You may also be interested in - You should stop using credit cards now if ... ) Here are 5 ways you can get the best out of credit cards.

Get cashback while doing online shopping

Originally published on BeingFinWise __ Cashbacks are an amazing way to save money while shopping. More so while you do online shopping. In addition to regular deals and discounts, you can get cashback if you go via affiliates . This way you can get cashback on your online shopping, over and above your regular deals. Some of the popular affiliate networks offering cashback on online shopping in India are Cashkaro , Gopaisa , Pennyful etc.

Cycle

After a failed attempt at jogging, I roamed about aimlessly when an idea struck me to have a ride in a cycle, couple of which is lying in the “recreational area”. I was longing since long to ride a cycle sans motor. There was no particular reason for this feeling; it was that just I wanted to have a ride. The 2-3 km ride was a tiring experience, especially for one who is having this after a long time; but I was gleeing all along. As an infant, I loved going about in a tricycle. Then I became too big for it and got a cycle. After several attempts and many falls, I mastered the art. I used to flaunt it in front of my friends, who flaunted theirs. As I entered teens, the bicycle seemed smaller; so I got a bigger cycle. As years progressed, I learnt to ride a 2 wheeler. Now I started to find the bicycle too childish for my tastes. I tried to reason out why I should get a 2-wheeler to go to a particular place. Sometimes I succeeded to get it, and sometimes I didn’t and had to go around in...

Random Ramblings

Search This Blog