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Busting Personal Loan Misconceptions

Personal loans can be misunderstood. Several people, especially first-time borrowers, often have doubts that might deter them from enjoying the benefits of personal loans. Here are some of the myths that should not take you in or discourage you from consulting Simple Path Financial for a personal loan.

All Lenders Charge the Same

Lenders often vary significantly on rates and fees for personal loans. That’s why it’s advisable to compare more than one lender. However, it’s recommendable to look beyond the interest rates. You might want to consider other aspects such as additional fees and the total amount repayable.

Low Credit Scores Cause Rejection

Credit scores are one of the essential factors that lenders often use to determine eligibility. However, credit scores do not entirely impact on the loan approval. When your credit score is low, other factors can save your application such as income. If that happens, you may have to pay higher interest rates, but you can still qualify for the loan.

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