The Versatility of MoneyTap’s Personal Line of Credit
The following guest blog is courtesy of Shiv Nanda, from MoneyTap
A revolving credit line can be a great tool for efficient money management, as long as you select the right product and use it the right way. Whether you need a source of funds for short-term financial goals, ongoing expenses or potential emergencies somewhere down the line, a personal line of credit offers a versatile and affordable solution.
Let’s look at how MoneyTap’s credit line or ‘Personal Loan 2.0’ works, and how its unique features can help you manage your finances more effectively.
What is the Concept of Credit Lines?
A line of revolving credit is a loan option provided by a financial institution, which operates in a similar manner to credit cards, not traditional loans.
With a personal loan, you pay interest on the entire approved amount whether you use it or not. With a credit line, you will only incur interest on the funds you actually use. Your credit limit defines the maximum loan amount available, and you can use this as and when you like. Every time you make a repayment, the available limit gets recharged.
Lines of credit through a bank may be provided for specific purposes such as home renovation or business expenses. MoneyTap’s personal credit line, on the other hand, can be used for any purpose. This gives you total flexibility and control over your finances.
What is MoneyTap?
MoneyTap is the first app-based personal line of credit in India, and it provides consumers with revolving credit of up to ₹5 lakh. As a MoneyTap user, you can instantly get a personal loan through your phone after being approved, up to the maximum limit provided to you.
What Are the Features Offered by MoneyTap?
When you download the MoneyTap app and sign up with it, here are the features and benefits you will enjoy:
A quick, simple and hassle-free application process, where you can fill in your details and apply for a loan right through the app.
You can be approved for a credit limit of anywhere from ₹25,000 all the way up to ₹5 lakh, which will be available for lifetime use.
Flexible borrowing options allow you to use as little as ₹3,000 at a time, or borrow higher amounts up to your available limit.
Interest is only charged on the amount you use from the credit line, not the entire credit limit for which you have been approved.
You are provided a credit card linked to your line of credit, with attractive rewards on dining, shopping and bill payments.
With flexible EMI options, choose a repayment term that suits your needs for each amount you use or borrow from the credit line.
Interest rates are generally more affordable than most HYPERLINK “https://www.moneytap.com/credit-card.html” credit cards, especially when you use your line of credit for cash withdrawals.
A personal line of credit is an unsecured loan, which means you do not need to provide guarantor backing or put up assets as collateral.
Credit lines recharge after every repayment, so the paid amount minus any interest due is added back to your available credit for reuse.
No usage means no interest, and you can keep the app on your phone as a financial safety net or protection against future emergencies.
What Can You Do with a Personal Line of Credit from MoneyTap?
The amazing flexibility and fully-loaded features of a MoneyTap credit line make it the ideal loan option for various situations, including:
Financial emergencies such as medical bills, credit card payments, etc.
Home renovation and major purchases such as appliances or smartphones
Unexpected or unplanned festival shopping, marriage expenses, etc.
Funds for setting up and running startups or small businesses
Education-related costs such as admission or private tuition
Weekend getaways, international travel and dream vacations
MoneyTap Is There When You Need It
A revolving line of credit from MoneyTap can help you in many ways, and the best part is that it’s always available at your fingertips. Even if you aren’t seeking a loan now, download the app and apply for a credit line. You can use it when you need it, repay used amounts at your convenience, or simply maintain a versatile financial backup that costs nothing!
About the author: Shiv Nanda is a financial analyst who currently lives in Bangalore and works with MoneyTap, India’s first app-based credit-line. Shiv eats, breathes and sleeps finance, to the dismay of friends who’ve endured unsolicited advice on their investment choices, budgeting skills, or lack thereof. Luckily for them Shiv has diverted this energy toward writing about various financial topics online. He loves it when people actually ask him for advice, so email him your questions at firstname.lastname@example.org. He’ll try not to get carried away with the answers!
- Ask CreditSmart: What Is The Best Credit Card For NRI With The Lowest Fees? - 18/11/2018
- IRCTC SBI Platinum Card 2018 REVIEW – Earning FREE Train Tickets Is Easy - 05/11/2018
- Cash Withdraw From Credit Cards Is VERY Expensive – GUIDE - 28/10/2018
- Is There A Credit Card For Me If I Have A Low CIBIL Score? - 21/10/2018
- For India, The Time to Get Your CHIP Card Now - 14/10/2018