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6 Loan Options To Consider During COVID 19 Crisis
Life and Style Daily
July 01, 2020
2 min

Coronavirus has caused a lot of damage to people and businesses around the globe. Many countries are forced to go into a lockdown to combat this pandemic. As a result, half of the world’s workforce is on the edge and many business operations halted. In fact, small businesses will not be able to reopen again. Millions lost their income and livelihood and have no way to feed their family or sustain their needs.

Many require financial help. This is why we’re here to share with you the six loan options to consider during COVID 19 crisis. Come and take a look at this list:

  1. Gold Loans

If you are very keen on investing in gold pieces of jewelry before all of these happened, then it might be the perfect time for you to make use of it. A gold loan gives its borrower the capacity to monetize their gold jewelry to meet its fund requirements. The higher the value of the jewelry, then it means that you can borrow a higher amount.

Another good thing about this is that most lenders could disburse your loan in just a matter of hours. It is quick and easy; that is why it’s good to avail during emergencies. Also, as a matter of fact, you can borrow a loan amount of up to 75% of the gold value as determined by the lender. However, the interest rate starts from around 9.10%.

  1. Loan Against Property (LAP)

Do you have a commercial, residential, or industrial property? If yes, then you can make use of that, especially during this crisis. You can use it as collateral to loan an amount depending on the valuation of the property and repayment capacity of the owner. The interest rates start at 8.95%, but they rely on the lender, loan amount, and credit standing of the applicant. Moreover, the tenure of the loan can go up to 20 years.

  1. Digital Top-up Home Loans

If you have an existing home loan, you can opt for a digital top-up home loan. This type of loan does not come with end usage restrictions of the loan proceeds. Furthermore, interest rates are also lower compared with other loan options.

  1. COVID-19 Personal Loans

Some of the banks started offering COVID-19 personal loans to help their selected group. You may consult with the bank that your company uses for your salary. This type of loan comes in a lower interest rate compared with conventional personal loans.

  1. Loan Against Credit Card

If you have a credit card holder, then you can apply for pre-approved loans from your provider. It will be based on your card type, spends, and repayments. However, once you opt to avail of this, your credit limit will also be reduced by that amount.

  1. Pre-approved Personal Loans

Most banks offer this type of loan, especially if you have been with them for a long time. This can be disbursed very quickly without any collateral requirements since the banks are already aware of your capacity and commitment.

Want to learn more on paying off debts? Read ”8 Effective Ways to Get Out of Debt Faster” to learn more.

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