Top 6 Myths about Personal Loans

Posted by ellavelasco on February 12th, 2019

Anyone can fall short on money at one point or the other in life. And to bridge this gap, one can seek the help of Personal Loan which is a kind of unsecured financial service taken with help of right set of documents.

When we talk about Personal Loans, it is very common for several people to take their decision on the basis of certain myths. And if you want to make a really smart move, than it is necessary to separate the truth from myth. Here, we will discuss some of the commonly assumed facts about Personal Loans and the truth behind them. Take a look-

Myth: This is meant for only Salaried Individuals

Truth: Personal Loans are designed keeping the needs of every person in mind. So, no matter you are a salaried person or self-employed, this can availed by anyone who has a good credit score or strong financial history.

Myth: One can only avail this loan With Good Credit Score

Truth: Although this is true that having a good credit score can help you get your loan in an easy way. But this is not an only way to achieve a winning stage. There are so many lenders available in the market who also offer personal loans with bad credit score.

Myth: No Tax Benefit is given on Interest Amount of Personal Loan

Truth: People often assume that there is no tax benefit on Personal Loan, which is not true. Although Principal Amount offers no deduction, but one can avail tax deduction on the interest part of their EMI on the condition that shown expense was valid on your part.

Myth: Personal Loans are only for Personal Use and not meant for any Business Use.
Truth: Once you have availed the loan, you can use it for any purpose. The cash borrowed will be your personal cash thereafter which can used in any required way. You can even invest that money in your business or can use it for other Personal Expenses.

Myth: It is difficult to get Personal Loan Approved from Lenders
Truth: Today Online Methods have made everything easy and quick without any hassles. You can take the benefits of Loan Brokers also, which can connect you with right lender according to your requirements and that too in very less time.

Myth: You can apply only if no other loan is there on your name

Truth: This condition does not apply necessarily to the Personal Loans and you can apply for it even if you have another loan on your name. Basically, it all depends upon your repayment capability and if you think you are able to pay back both the loan installments on time, you are eligible to get Personal Loan without any such restriction.

So, by now you must have surely got to know the real truth among most common myths. And if you are still struggling to make your decision towards Personal Loan, you can just consult with your nearest Loan Brokers and they can help you take the right decision.


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Also See: Personal Loans, Personal Loan, Credit Score, Good Credit, Personal, Loan, Truth

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