We often avail of different kinds of loans, many of which are ongoing or revolving, like a credit card. However, most loans come with a certain time limit i.e. you can avail the loan only up to a certain expiry date. This may come in the way of your financial planning, leaving you high and dry when you need finances the most. The best possible solution for this is a loan that never expires. Ever heard of one? We at MoneyTap offer you a credit line for as long as you need it and even longer, too. How? Let’s find out.
How Does a Loan Expire?
When a loan expires, it means that funds are no longer reserved for you. So, in the case of a personal loan, the bank would not allocate more funds for your use. In case of a credit card, the card becomes invalid after the expiry date. When a credit instrument becomes worthless, you may face financial issues in renewing one depending on your creditworthiness.
For personal loans, home loan, car loan after you pay off your loan within the loan’s term, you will have to reapply for a loan to access more funds. Similarly, when credit cards expire, you will have to either reapply or wait for your bank to send you a new card. Credit cards come with an expiry date so that banks have an opportunity to re-evaluate the creditworthiness of the borrower.
Whenever you are dealing with multiple loan instruments, it is difficult to keep track of various terms as well as expiry dates for your credit cards. Is there a way around it?
Loans That Never Expire
Certain financial institutions such as online lenders or peer to peer lenders like MoneyTap have developed a unique model which allows a loan to never expire. They offer you a personal line of credit through online means, such as a mobile app. It can be in the form of cash or card i.e. the institution either transfers money to your bank account on credit, or allows you to swipe a MoneyTap credit card.
MoneyTap’s auto-top up facility is a convenient feature that converts this credit line to a credit line forever, with no expiry. Through auto-top up feature, your MoneyTap card’s credit finance is automatically recharged gradually every time you pay off an EMI. The feature provides you ultimate convenience and ease of using the line of credit. The facility thus prevents a situation from arising where you do not have enough credit balance on your MoneyTap card. In short, even as you pay off your existing loan with MoneyTap, you will find that you can still avail of fresh credit without having to reapply.
Some of the other very useful features of MoneyTap are:
- Available as Both Cash And Card: You can transfer the credit money to your bank account and use it like a debit, or you can swipe your MoneyTap credit card directly like a credit card. The choice is yours.
- Interest Based on Usage Only: Interest is charged only on transfer of money or EMI conversion. The unutilised credit limit is available to you at no cost.
- Flexibility: You can avail MoneyTap credit for as little as Rs. 3000. Or you can choose to avail your full credit limit. The choice is yours, allowing a high degree of flexibility in handling your finances.
- Real-time Limit Approval: You will require merely 15 minutes to check if you can get a pre-approved credit line for up to Rs. 5 lakhs. MoneyTap understands the urgency of time when it comes to loan approvals and allows for real-time loan approvals.
- Flexible Repayment: You can choose to convert the credit outstanding to flexible EMIs from 3 to 36 months. This can be done at a single tap of the MoneyTap app.
MoneyTap is bringing easy, fast and forever credit to you. You can avail these loans for any purpose, be it shopping or business expenses. MoneyTap is your trusted partner in your financial journey, so make the most of these facilities and realise your dreams.