Millennials are a self-aware generation. They want their needs met without drowning in long-term debt. Small-ticket personal loans seem to be the perfect solution to help satisfy this quest.
Millennials belong to the generation that is considered reckless, irresponsible, lazy, and party cum social media obsessed. Born in between 1980s to early 2000s, every millennial has been bombarded with such stereotypes at least once in their life.
"You spend too much time on your phone”
"You are obsessed with Facebook and Instagram”
"You spend too much; how can you trust online sellers?”
"You save too little; you do not think about your future at all,”
"You are dreamy. Be realistic!”
However, recent statistics shared by a credible publication highlight that, in actuality, millennials are the most real and self-aware generation till date. They are more financially responsible than they are given credit for. While they may actively indulge in instant gratification methods like social media or online shopping, they are, in fact very cautious about where their money goes. Here are some examples:
- Millennials have now become active members of the economical workforce. However, they are exploring better options for financial stability given the constantly increasing cost of living.
- Millennials are trying to make the best use of technology for not just entertainment as is usually perceived, but for better financial opportunities too. For instance, millennials have become conscious about healthy relationships and the role that money plays in them.
- Millennials are turning away from conventional financial lending. They are turning more towards short-term associations like small-ticket personal loans. These allow them to satisfy their needs for instant gratification and being independent without drowning in debt.
Keeping in mind the above statements, here are 4 reasons why small-ticket personal loans are the perfect go-to solution for immediate credit needs:
1. Ease of Access
The first and foremost reason why a small-ticket personal loan works is because it is much easier to access than conventional financing methods. Conventional lenders like banks usually have extensive eligibility criterion to be fulfilled before availing a loan. However, small-ticket personal loans are offered by non-conventional financial institutions. So, you do not have to worry about lengthy paperwork or going under scrutiny.
2. Better availability even without credit score
It is extremely difficult to get approval on a conventional loan if somebody has no or bad credit history. That is not the case with small-ticket personal loans. In this case, your repayment capacity is given more weight by analyzing alternate credit data points. These consist of the customer’s overall financial data like income, spending habits, lifestyle, demographic and social media profiles.
3. Quick Approval and Disbursal
Taking a loan is usually seen as a long and demanding process. However, non-traditional financial institutions let you borrow the required amount within 24 to 72 working hours. So, these types of loans are simply more convenient and handy to tackle emergencies and immediate credit needs. Even better, the entire process can be done right from a smartphone. All you have to do is fill in your basic information, opt for the required amount, submit documents online like PAN, bank statement etc. and apply.
4. Simple Repayment Terms
Most small ticket-personal loan providers have fairly simple and flexible payment terms. For instance, instead of a rigid tenure, choose your own EMI amount and period as per your repayment capacity.
In conclusion, contradictory to the cliché that millennials are not money savvy, millennials are less likely than the previous generations to take out a long-term loan. More millennials are instead likely to turn to alternate options to create wealth with proper financial planning.
While you’re fixing and planning your budget for future goals, it’s equally important to satisfy your credit needs that require your attention right away.
Remember to call on 022-67136713 or mail at ask@5nance.com for any small-ticket loan related query!
