Busting the Myths about Online Personal Loans
Last updated: May 16, 2022, 03:00 AM ISTWhenever it’s about raising emergency funds, a Personal Loan strikes first, isn’t it? Undoubtedly, an online personal loan is a great way to support financial contingencies. What’s best about personal loans is that it is not restricted to a specific purpose. One can use a personal loan to support different financial reasons. Moreover, submitting assets or demanding collateral is not applicable to instant personal loans. This ease of availability with minimal formalities makes the instant personal loan a preferred one.
Even with such seamless procedures of an online loan application, many borrowers hesitate to apply for a personal loan considering some adjoining myths. Let’s crash some perspectives that people have of personal loans and clear the air for a successful application of personal loans when it is required urgently:
Ignore the myths below the next time you proceed with a personal loan application:
Personal loans will get rejected if there is an ongoing loan overheadAs long as EMIs are managed well for multiple loans, there is always a possibility to apply for more than one loan at a time.
Borrowers with a low credit score can’t get loansCredit score is an important aspect to consider but the only deciding factor for personal loan approvals. Lenders verify the borrower’s income and repayment ability also before giving the loan approval.
The rate of interest is soaring highThis is not the case always as the rate of interest varies from lender to lender. Borrowers need to compare different instant loan apps for the interest rate and accordingly decide which lender holds worthy loan features along with an affordable interest rate.
Salaried borrowers get personal loans fasterBorrowers with a stable income whether salaried or self-employed, both are eligible for a personal loan. It is truly a myth that salaried people get approval soon. Those with a constant income and regular repayment track record can go ahead with a personal loan application.
Collateral is mandatory with personal loansThis is again a myth as an instant personal loan being an unsecured loan doesn’t demand collateral or a guarantor. Instead, such loans are approved on the basis of the borrower’s income and repayment capacity.
Besides the above, there may be many other myths that form a barrier to reaching out for personal loans. Borrowers are advised to not form opinions considering such myths and be thoughtful enough to consider the features/details listed on personal loan apps and decide accordingly.
SimplyCash by HeroFinCorp brings the best of personal loan features for ease of loan application online. To understand SimplyCash better and not hold any myths about it, download the app from Google Play Store. Both salaried and self-employed individuals with a minimum monthly salary of INR 15,000 can apply for a personal loan via SimplyCash. As false are these myths, so are the benefits of personal loan apps real in existence. Experience it on your smartphones, download SimplyCash anytime, anywhere and keep the myths about personal loans at bay.