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Top 3 Myths Of Personal Loans

For A New Person If They Want Personal Loan, They Think That Its Difficult, And Also Some Myths Are The. Today I Am Going To Share With You My


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Top 3 Myths Of Personal Loans Which I Debusted. I Too Believed A Lot On These Myths. But Over The Course Of Time I Realised This And Overcame.

  1. 1 Myth#1 Bank Is The Only Source


    Many Times We Think Since Its Money, So Everything related To Money Is Bank. Earlier It Used To Be, But Now There Are So Many Good Alternatives like NBFCs, Peer-2-peer lending, Registered Credit Societies Where You Can Get Good Interest Rates.

    So Kindly First Contact All The Mentioned Sources For Rates And Procedures And Then Make Decision.

  2. 2 Myth #2 Personal Loan If Taken Affects My Credit Score


    This Was The Myth Which I Personally Was Holding It Very Long. But When I Came To Know This Is Just A Myth And It Does Not Serve Any Purpose. Your Credit Score Does Not Get Affected If You Take Personal Loans.

    In fact, If You repay your instant personal loan on time or well ahead of time,
    increases your repayment capacity and improves your chances for future loan approval.

    The Only Thing You Need To Keep In Mind Don't Push Yourself So Much Into The Debt Trap That You Can't Come Out.

  3. 3 Myth #3 You Can Get Only 1 Loan At A Time


    This Is Yet Another Myth Which I Always Believed. Unless When I Got 2 Loans Approved.

    You Can Get More Than 1 Loan, But There Are Certain Conditions Which Needs To Be Fulfilled Like, Good Income, No Defaults EMI, Good Credit Ratings, Right Debt - 2 - Income Ratio Numbers.

    These Are My Real 3 Myths Which I Busted In My Financial Freedom Journey. Hope You Must Have Got Some Idea. Do Share Your Valuable Thoughts Or Feedbacks If Any Or You Might Know Any Myths Which You Debuted. 

    But Remember One Thing Don't Take Any Type Of Loans Over Your Capacity, Just You Are Getting Easy Money, Doesn't Mean That You Should Take Loans. 

    Debt Trap Is Like A Rabbit's Hole. It's Difficult To Come Out Of This Trap.

    Cheers

    Mahesh Kathiravan


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8 Comments

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  1. Point 3 I was not aware that you get more than 1 loan at a time.I have not tried it but good information which will help for people in need of more than 1 loan

  2. Good eye openers, no doubt. But the key note remains true : Don’t get into a debt trap. Keep your head above the water .

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