Owning an iPhone is a status symbol for many individuals. Others may use this smart phone for its excellent features. These phones are among the most expensive products and it is not always possible to pay the entire amount upfront. The festive season is here and individuals may take advantage of the offers and deals available to buy the latest iPhone. Zero-percent interest rates, exchange offers, and cash discounts (when credit cards from certain banks are used) make it more affordable for people to purchase the latest Apple smart phone.
Even with these offers, many individuals may still find it difficult to buy the phone because of the huge expenses often incurred during the festivities. One way to overcome this hurdle is to opt for a short-term personal loan to purchase the latest iPhone during festivals like Diwali and Christmas. Here are four reasons to avail of a short-term personal loan to buy iPhone 7.
1.Flexibility to Use the Loan Amount
Unlike car or home loans, the amount that is borrowed as a personal loan does not have any specific end use. The borrowers are free to use the money for any legal purpose. This flexibility is beneficial and the multipurpose nature of personal loans provides individuals with an excellent way to purchase the iPhone 7 model.
2.Faster Processing of the Loan
When compared to the other types of loans, the processing time for a short-term personal loan is quicker. Sometimes, users may receive approval within a few days, which is advantageous when a person is looking for immediate funds.
Personal loans are offered by lenders without requiring excessive documentation. This makes it simpler for applicants because the process of getting all the documents in place is cumbersome and time-consuming.
4.No Collateral Requirement
Generally, short-term personal loans are unsecured making it possible for individuals who do not have any assets that may be used as collateral to qualify for a loan. Additionally, borrowers eliminate the risk of losing their assets in case they are unable to service the loan in a timely manner. Furthermore, the tenure of these loans is shorter when compared to home or automobile loans.
EMI Based Personal Loan
Individuals may purchase the latest iPhone 7 without facing any financial constraints by repaying through Equated Monthly Installments (EMIs). They may choose an online personal loan EMI calculator to estimate the amount that may be repaid regularly. Such online calculators help individuals understand the approximate installment they will have to pay towards servicing their loan as per their financial capability. An individual may also have the choice of opting for no-interest financing from the vendor of the iPhone 7. However, before getting excited by such offers, a person must clearly understand all the terms and conditions. Covering the cost of the latest Apple smart phone along with the other expenditures commonly incurred during the festival season may be difficult. Opting for a short-term personal loan to meet these expenses is, therefore, advisable. This allows users to buy the iPhone 7 without being worried about the huge cash outflows needed upfront. Servicing the loan amount would not result in any financial difficulties because the borrowers may choose a tenure that best suits their liquidity situation. If a person lacks a good credit score given by credit rating agencies like Credit Information Bureau (India) Limited (CIBIL), his application may be rejected or he may have to pay a higher interest rate. Borrowers are advised to clearly evaluate all their options before making any decision.