You want to buy your dream, but you don’t have the enough amount to pay for that. Is that you are sad? It is because you are looking for some loan, but you are not getting any idea about the smart loan.
Wait! Give me a chance, I will explain you.
Yes, my dear, I’m talking about the spot loan. Do you know what it is actually?
Alright! I don’t wanna confuse you because I know you are worried. I have read sharing of many regarding this, but that is too complicated and tough to understand.
Ok..ok… I am going to explain you about the spot Loan in simple words with the live example. If you trust me and my words, let’s make a good relationship!
Come! Become my friend…I will provide you full info.
What is Spot Loan?
Well, spot loan is that loan which can be tailored. You take some loan or you borrow money from the financial company and you pay that in installments.
It is as simple as it sounds! Right!
The good thing is that; The schedule and the installment amount is decided by you only. If you want to make payment as early as possible or you want to pay this in little amount, it depends on you.
It becomes easy for you because you are the one who is going to make the plan.
In simple words, the spot loan is an installment loan.
The Interest Rate of Spot Loan..!
I can measure your curiosity. Is that I’m true?
Well! Well! Well!
It depends on your financial organization. The interest is decided by them. I have a rough idea about that because I borrowed the spot loan one year back.
It has an annual percentage rate around 390%. You can make t5he payments automatically from your registered bank account.
You can pay by the cheque also, or you can repay your payments without any penalty.
The one thing that you should notice is that if you have made a payment through the cheque and it is returned by your bank due to some issues like; insufficient amount etc. the financial organization may charge you some extra as a penalty.
This is how your interest rate is decided. Got that!
Hmm.. Let’s move ahead!
How to Apply For Spot Loan?
You have to submit your online application to the firm. First of all, you will upload your details, then the assigned authority will contact you.
✓ Upload your personal information like name, address, contact information, and designation.
✓ Your bank details.
✓ your employment and income details. Your last salary cheque or your bank statement.
✓ Purpose: why you want to take the loan?
✓ you need to list about your liabilities and loans taken in the past. You need to mention if you have been bankrupt.
Breaking Down The Spot Loan!!
Do not misunderstand the thing by reading breaking. This is for your benefit only. What is breaking down the spot loan means?
It is like consolidation of the amount. If the borrower wants to exchange the number of loan payment with the one-time payment, he can opt for this option.
For example; If you have taken a spot loan and by the time you have that much amount to pay in a single payment, you can do that. It is going to benefit you because you get rid of interest by doing this.
This is what called breaking down the spot loan. I want to add one more thing to your knowledge and that is the only federal loans are eligible for this procedure of consolidation, but the private loans are not eligible for this.
Before you opt for the consolidation procedure, kindly read the terms and conditions regarding the interest of the loan. It happens sometimes that you met with loss or some benefits related to spot loan are lost.
So read it out thoroughly when you consider for the consolidation.
Let me wind up…
We have touched the climax. I hope you enjoyed my article. Before I leave you, wanna make short notes into your mind.
Now you know what is spot loan? What are the terms and conditions? How can you apply for that? How can you check your eligibility? All these things are written on the website of the financial organization.
Red out the terms, conditions, and the policies of the financial organization before you apply for the spot loan. Organizations are smart enough and can trap you very easily, so, be sure about your past accounts and past loans.
This is all about spot loan. Tell me if you have some curious questions with you. I would love to help you.