Important Personal Loan Myths You Shouldn’t Believe
                     5 Common Personal Loan 
Myths You Shouldn’t 
Believe

#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!
#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.
#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.
#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.
#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.
https://en.wikipedia.org/wiki/Lo
an
https://www.fullertonindia.com/per
sonal-loan.aspx
R E F E R E N C E S
T H A N K
Y O U !