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Myths And Facts That You Need To Consider While Choosing Personal Loan

A personal loan is a financial instrument that is very overlooked and underrated. After hearing the "loan" of people discounts it as money squandering money to the bank. But personal loans and personal loans mainly instant so much more than that.

Personal loans are the best loans because they are fast, they require a minimum of documents and procedures, they do not require collateral or guarantees and you can use it any way you want. It’s eligibility criteria are also not very strict. It is very easy for people who are productive to get a personal loan directly. You can refer to coreloans.co.za  to get the instant loan online.

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But there are a number of myths attached to personal loans, let's see what they are and whether they are true or not.

  • You cannot apply for a personal loan if you already have an existing loan

This is the biggest myth of them all. There is no hard and fast rule as to how much loan you can have at the same time. As long as you have the capacity to repay the loan EMIs, you can get the loan sanctioned even you have an existing loan.

  • Personal loans expensive

Personal loan interest rates are high, that much is true. They ranged from 12-14%, but they are still lower than credit card interest rates. High-interest personal loans as these are unsecured loans, which mean you do not have collateral or a guarantee to the bank, as opposed to other types of loans.