As the name might have already suggested you, early personal loan is a loan provided to an individual as an ‘early’ paycheck, or in other words, it is your salary before its due date.
Early personal loan can be used for practically any purpose including paying your credit card dues, your car insurance, repair bill of your house’s heating system, meeting a social obligation, etc. Some smart individuals even view this as a facility to borrow money to invest in ‘more’ profitable avenues. However, what you need to keep in mind is that the loan amount that can be borrowed is typically one that is comparable to your one month’s (or fifteen days’) salary. It implies that using early personal loan, you can fulfil only those requirements which are comparable to your salary.
Getting More Than One Early personal loan
In the event of dire necessity, you may like to take more than one early personal loan by availing such loans from more than one loan companies, but beware that this may land you in trouble since on your next payday both companies would be expecting repayment of the loan they had provided you.
On the other hand getting more than one early personal loan is quite feasible in case you are availing the second when first has been paid off. Even if you are taking loans back to back, it is much more feasible than taking two parallel early personal loans.
How Easy Or Difficult Is It To Avail Early personal loan?
Apart from early, ‘easy’ is the only word that can be associated with an early personal loan. It is called easy because application process for such loans is quite simple, application approval criteria is least stringent with not even a credit check required and loan disbursal as well as payback mechanism is utmost convenient. The only necessity for availing this loan is that you should be employed at the time of applying the loan. The more high paying your job is the more loan amount you can avail. Owing to these features of early personal loan, it is often called easy application personal loan or still more easily just easy personal loan.
One last point related to this topic is that it is worthwhile to note that like most personal loans early personal loan also command a reasonably high rate of interest. Owing to this reason, you need to be judicious enough to use the facility of early personal loan.