You might be looking for a loan to finance an upcoming trip, deal with the aftermath of an accident, or simply afford some luxuries that you cannot buy on your own right now. While several other avenues are available for getting cash, none is as easy and hassle-free as applying for a personal loan online with Alex Bank.

Here are eight reasons why you should consider borrowing money using this option:

1. No Collateral Is Required

Signing up for a personal loan usually requires you to pledge your property as collateral. This means that if you fail to repay the amount, the lender can sell your house or car and recover it through this sale (after recouping their expenses and charges).

When looking for an unsecured loan, on the other hand, no such thing is necessary. The lender does not require any asset from you – whether a house or a vehicle –to issue this type of credit.

2. Flexibility in Repayment Terms

Loans underwritten by banks typically have rigid timelines for repayment, which begin soon after approval. In some cases, monthly instalments may start just days after signing the papers. This is because the lender wants to maximise its profits. With a personal loan, however, you do not need to worry about such stringent rules.

3. You Can Access Funds Immediately

When you apply for a traditional loan from a bank or financial institution, processing your application sometimes takes several days. This is especially true if you submit your request at the start of the month and demand payment at the end (usually the slowest time for finance companies).

If you happen to need money urgently – like if you bought too many gifts last Christmas and now feel short on cash – then this wait will be especially annoying for you.

4. High Approval Rates

If you want high approval odds and quick processing speed, you should try borrowing money from Alex Bank. A digital bank typically has fewer regulations to fathom and can hence approve your loan application almost immediately. In addition, you do not need to pledge any collateral for this type of credit either.

5. No Guarantees Needed

If you possess a great credit history or have been doing business with the same bank for some time, you might get approved for a personal loan without even asking for it in writing.

In other words, if you already possess a good relationship with the lender, then they will trust that your word is enough assurance that you will pay them back. This saves both time and hassle since no paperwork or formalities are required on your end or theirs.

6. You Can Finance Almost Anything

Loans do not only come in handy when you need money for something like an overseas trip or a wedding banquet. They may also be used to fund home renovations, debt consolidation, small business expansion, and even purchase luxury items like jewellery or appliances.

Personal loans are flexible enough that they can accommodate most financial goals you might have. You can even borrow a loan for solar installation on your property to save energy costs.

7. Can Cover Any Eventuality

Like other types of personal credit, a personal loan can be utilised by those who see themselves facing certain potentially hazardous situations in the future. Potential scenarios include natural disasters and medical emergencies – both instances which could require copious amounts of cash to resolve satisfactorily. In addition, you may use this type of credit to pay for your children's education as well.

8. Once Approved, the Funds Are Deposited Quickly

Even though it may take a little time for your lender to process your request and check whether you suit this type of credit or not, once they have done so, the amount will be deposited into your account within hours – not days! The speed with which you acquire these funds is one of the biggest advantages – especially if you need immediate access to money urgently.

Conclusion

To conclude, it can be seen that personal loans tend to offer much faster timeframes for repayment and approval than other types of credit. They are also flexible enough to cater to a wide array of different needs and hence are highly sought-after by those who need money in the short term rather than the long run.

Furthermore, this type of credit does not require any collateral or security either – meaning no one needs to worry about losing their house or vehicle if they default on repayments.