Personal Loans and P2P Lending Apps

Hi, I am Rekha.

I work at a stitching factory. I get paid on a weekly basis.

At times, when there is more work, I get more wages. But sometimes, when the workload is very less, I get paid very less.

During these times, I find it very difficult to manage my household expenses.

One day, our house roof broke. It was very old, so, cracks had appeared on it. It had to be repaired immediately, or pigeons would enter the house.

Also, the rainy season was close. It was very important to get it repaired by that time.

Unfortunately, I have been receiving very less wages since the last 4-5 weeks.

I was thinking, if there was a loan that would cover this expense for me, and I would pay it back every month in instalments.

Ask for a loan from the Kirana Shop Owner.
This is a wrong answer because you will have to pay more interest on your loan.

Accumulate my wages, every month, until it is enough to repair the Chhaja. This is also a wrong answer because the rains are going to come soon, and you might not be able to accumulate enough money for the repair work.

Go to a bank and ask for a Personal Loan.
This is a correct option because household repair work can be considered a valid reason for getting a personal loan from a bank.

Download a P2P lending mobile app and get an instant loan for house repair.
This is also a correct answer, but you must choose this only if you don’t get a bank personal loan because you might have to pay back more money as hidden charges than you would in a personal loan from a bank.