Busting the Myths about Online Personal Loans

1. Personal loans will get rejected if there is an ongoing loan overhead

As long as EMIs are managed well for multiple loans, there is always a possibility to apply for more than one loan at a time.
 

2. Borrowers with a low credit score can’t get loans

Credit 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.
 

3. The rate of interest is soaring high

This 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.
 

4. Salaried borrowers get personal loans faster

Borrowers 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.
 

5. Collateral is mandatory with personal loans

This 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.
 
Hero FinCorp brings the best of personal loan features to ease of loan application online. To understand it better and not hold any loans myths about it, download the app from the 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 Hero FinCorp. As false as these myths are, so are the benefits of personal loan post experience it on your smartphone; download the urgent loan app anytime, anywhere and keep the myths about personal loans at bay.