Why You Should Consider Personal Loans To Ensure Liquidity Amid Coronavirus

The unprecedented medical emergency caused by COVID-19 has starved economies of liquidity. India, too, is battling with deep financial constraints; the gross domestic product or the GDP shrunk 23.9% in the Q1FY21 ending June 30 as compared to 5.2% growth in Q1FY20, marking the sharpest quarterly contraction on record. 

In India alone, 2.62 million cases of coronavirus have been recorded and more than 64,000 people have died. The slowing economy, due to unexpected lockdowns and ambiguity surrounding a vaccine to fight the deadly virus strain, has caused great panic among Indians and that has affected everyday trade and commerce. 

Amid dampened business activity and a deep impact on people’s income as well as savings, personal loans have emerged as an easy way to meet credit requirements. Let’s understand what makes personal loans a good bet. 

Why Are Personal Loans So Attractive

A personal loan is the money that you

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Lost Income Due to Coronavirus? A Personal Loan Might Help

A woman wearing a medical mask walking down the street.

Image source: Getty Images

Millions of Americans have lost their jobs in the COVID-19 crisis. And even those who aren’t completely out of work may still be grappling with income loss. If you’re in that boat, you may need to borrow money in the near term to cover immediate expenses. That’s where a personal loan comes in.

How do personal loans work?

A personal loan is a loan you can use for any purpose. In that way, personal loans work much like credit cards — you can borrow money for whatever you need, but the interest you’ll pay on a personal loan will generally be much lower than what you’ll pay on a credit card. Additionally, too much credit card debt can hurt your credit score, whereas a personal loan won’t hurt it, provided you keep up with your monthly payments.

Is a personal loan a good solution during the

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Experts share coronavirus money tips: Savings, taxes and more

The sudden economic slowdown caused by the coronavirus pandemic has many Americans thinking about their daily finances.

Money experts Andrea Woroch and Allison Kade shared their tips for making the most of your budget.


“There is a lot of panic happening right now — from food shortages at grocery stores to health concerns to income and financial worries,” Woroch told FOX Business. “The best thing you can do for yourself right now is to make a financial plan to help you get through these tough times.”

1. Get your tax refund.

Tax season looks a little bit different this year because of the virus. The Trump administration authorized the deferral of $300 billion in IRS payments, although Americans

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Considering a personal loan during coronavirus? 5 questions to ask

What you need to know before you seek out a personal loan for financial help. (iStock)

The pandemic has created financial hardship for many. If you’re among them, you’re probably waiting for the government’s decision on a second stimulus package. Until then, there are bills to pay. A personal loan from a bank or credit union could tide you over by providing fast cash, but use caution before signing on the bottom line.

During the coronavirus, some lenders are changing qualification requirements. And your income may not be steady, which could put repayment in jeopardy. A loan may or may not be the right choice for your situation, and it helps to consider these five questions.

1. Will I qualify for a personal loan?

During the pandemic, some lenders raised the credit score requirements on unsecured loans. Depending on your financial history, it could be harder to qualify

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UK finance jobs revival halted by coronavirus

The COVID-19 pandemic killed a tentative revival in the City of London jobs market, new data shows.

Recruiter Morgan McKinley said on Monday that the number of new listings for financial services jobs in London rose by 8% in the first three months of 2020 compared to the final three months of 2019.

Job listings surged 97% in January, after Boris Johnson’s decisive election victory spurred optimism about a resolution to Brexit. Listings continued to grow in February but sank 38% in March as the novel coronavirus brought the UK economy to a halt.

“Out of the frying pan and into the fire,” said Hakan Enver, managing director at Morgan McKinley UK. “We barely got to take a breath between Brexit and this new global crisis.

“London came back in the new year, with a renewed optimism, which was reflective in the general mood of employees and employers alike. Soon

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