Having a personal loan is the best idea to overcome the financial crisis. It is easy to have, and very affordable to bear the rate of interest along with charges. Do you know the best thing about having a personal loan? The fund can be used for anything you wish to spend on. There is no restriction in end-use and the disbursement period is also very quick. These reasons are not enough to justify how helpful a personal loan can turn out to be during a crisis. Then why are you thinking so much to get an application done? Is it some kind of myth that you believe in? It is true that there are a lot of myths that travel from one mouth to another, but are they true? You need to be clear about every myth you hear about a personal loan. Honestly, a personal loan is the best form of debt and it comes with no harm if you take it in a responsible way. There are some very common myths that prevail in the market, and a clear picture is needed. Go on and clear all your doubts about an instant personal loan online.
- A personal loan is available only from banks
The most common myth about a personal loan is that it is only available from banks. The financial institutions are very well developed and advanced now. There are various NBFC and loan providers that are working online in an authentic manner. Take the example of Clix Capital, it is an online loan offering platform. If you need a personal loan you don’t need to rely upon only traditional banks. These loan offering agencies are working hard to offer you the best deals of personal loans at good interest rates. It is quick and easy to have, without any possibility of scam.
- A personal loan application gets rejected if the credit score is low
A credit score is a very important aspect of debt. It is taken into account while a loan application is processed. A credit score is the score of creditworthiness of an individual, and it plays enough role in loan approval. However, that is not the only thing that is considered. There are various other factors that are considered by the loan providers too. Factors like a secured loan, good income, negotiation, and the good employer also play a good role. If you are having a bad credit score, you can get an instant personal loan online if you are keeping any security with the financial institutions. This is a myth that with a bad credit score you cannot get a personal loan.
- A personal loan is only for salaried
This is a very prevalent myth that circulates around in the market. A personal loan is meant for every individual that is in need of fund. Be it salaried or self-employed, an individual can get a personal loan if he meets the eligibility criteria. The eligibility criteria of a salaried and self-employed will be different, but a personal loan is the same for both. If you have a good income, an impressive credit score, you can easily get a personal loan. No one can stop you from being self-employed and not get a personal loan.
- Personal loan approval takes time
It is an instant personal loan online that is the best-suited one for quick needs. In presence of an instant personal loan, an individual can get a personal loan in just a few hours. The quickest source of funds is a personal loan. If you approach the right loan provider, you will get the disbursement done within few hours. Nothing works faster than a personal loan in the entire debt portfolio. This is a myth, and it completely has no significance.
- The rate of interest is too high
A personal loan is the most affordable form of debt. It is the reason why it is favoured over all other forms of debt. The rate of interest is very low as compared to other forms of debt like home loans and car loans. If you have a good credit score or a good income, you can negotiate more on the rates. There has been no better option to date that can offer you a better rate than a personal loan. If you need an affordable form of debt, it is a personal loan.
- A personal loan has fixed tenure
In a personal loan, the repayment scheme is flexible. It is on you to choose the tenure of the loan. For the tenure you choose, you need to pay the loan amount within that period of time. Choose the tenure wisely, as the EMI will depend upon the tenure you choose for your loan.
Myths are very prevalent. Nothing can be more beneficial than an instant personal loan online. It is flexible and affordable, gives you the way to meet all your needs without any hassle.