The 5 important personal loan myths busted.
Many people shy away from personal loans due to widespread misconceptions. Contrary to popular belief, personal loans are not only for emergencies; they can be used for a variety of purposes, such as home improvements or consolidating debt. They don't always come with high-interest rates; many lenders offer competitive rates based on your creditworthiness. Moreover, applying for a personal loan doesn't drastically harm your credit score. Another myth is that only those with perfect credit can get approved; many lenders cater to a range of credit profiles. Finally, it's not true that personal loans take a long time to process; with advancements in technology, approvals and disbursements can happen quickly, sometimes within a day.
