Important Personal Loan Myths You Shouldn’t Believe

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5 Common Personal Loan Myths You Shouldnt Believe
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(No Transcript)
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1. HIGH-INTEREST RATES
The generally known misconception about personal
loans is that they bear high-interest rates. But
in reality, If you have good credit score and
repayment ability then the interest rates is much
lower!
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2. GOOD CREDIT SCORE
While a good credit score helps if you're
shopping for personal loans, it is not a standard
or requirement to be eligible. There are many
lenders that offer personal loans to debtors with
poor credit score.
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3. DIFFICULT TO GET APPROVED
This is another of the biggest personal loan
myths that's easy to believe but totally wrong
and i think this is the biggest myth. So if you
are eligible for this personal loan then your
loan approved easily.
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4. ADVERSELY IMPACT YOUR CREDIT SCORE
If protecting and maintaining your CIBIL score is
vital for you, you might be unsure about applying
for a personal loan. Then you might be concerned
about how a hard inquiry might impact your CIBIL
score.
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5. BANKS ARE THE ONLY LENDERS
This is also one of the personal loan myths that
used to be true. However, due to the increasing
popularity or fame of NBFC and online lenders,
borrowers now have a lot of options for taking
out a personal loan.
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https//en.wikipedia.org/wiki/Loan
https//www.fullertonindia.com/personal-loan.aspx
REFERENCES
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THANK YOU!