Jul 04 • 3 mins read
How Can MoneyTap become Your Emergency Backup Fund for Life?
There’s no way to predict a financial emergency at any point in life, from unexpected medical issues to changes in travel plans and even major life events such as weddings. You need a safety net to avoid being caught off-guard!
Here’s how MoneyTap’s personal line of credit is the ideal backup for any kind of financial emergency:
- 24/7 Loan Access – After you have been approved for a personal loan through the app, you can access funds anytime and anywhere right through your phone.
- Cash or Credit – You get a credit card along with your MoneyTap loan, so you can transfer funds to your account or swipe your card for payments in an emergency.
- No Usage, No Interest – You will only be charged interest on the amount of money you actually use from your personal line of credit, not the entire approved amount.
- No Hidden Fees – There are no hidden charges or higher interest rates for cash withdrawals, and you can easily convert spends into EMIs as per your financial needs.
- Hassle-Free Approval – While conventional emergency loans can take days or weeks to be approved, applying for a line of credit through MoneyTap is quick and easy.
- Lifetime Source of Funds – Unlike a traditional bank loan where the loan account is closed after being repaid in full, MoneyTap provides lifetime access to your credit line.
- Credit Recharges – Since it’s a revolving line of credit, every repayment you make will top up the available credit so you can use it again, as many times as needed.
The most important benefit of our personal loan is that you can access funds through the app instantly after approval, but will not pay any interest until you use it!
How Can You Use MoneyTap as an Emergency Loan?
Here are some examples of how people have used MoneyTap to deal with financial emergencies:
- Income Loss – With no other source of income to rely on, Divya used MoneyTap to pay her bills when she lost her job. She could focus on looking for employment instead of worrying about finances, and repaid her loan soon after she started earning again.
- Medical Bills – When Mr. Singh’s son was injured in a bike accident, he paid the hospitalization costs using MoneyTap. His insurance provider eventually paid up after initially disputing the charges, and he used this money to repay his emergency loan.
- Stuck Abroad – Sheena and Vikram turned to MoneyTap when their bags were stolen during an overseas trip. They had to block their credit cards right away, but were able to get funds through the app to pay for expenses and replace the cash they had lost.
- Moving Cities – When Hanuj landed the job of his dreams, he was more than willing to switch locations for it. MoneyTap helped him pay for flight tickets, renting a new house and hiring packers and movers, which made the transition much smoother!
- Home Repairs – Mrs. Pal was in a panic when she found a termite infestation in her home. Her daughter downloaded MoneyTap and transferred money to her mother’s account for pest control expenses and the cost of replacing damaged furniture.
- Car Trouble – Sunil’s car had been giving poor mileage for a few months, and he decided to have it checked out. Funds from MoneyTap helped him replace a choked air filter and pay for minor repairs and maintenance that helped bring down his fuel costs.
With MoneyTap on your phone, you will never have to worry about how to get money when you need it. Download the app and say goodbye to financial insecurity today!