5 myths about personal loans that you thought were true

Personal loans give you the flexibility of using the money you borrow for whatever expense you want to apply it to. But before you apply for a personal loan, it is important to separate fact from fiction.

If you’re contemplating applying for a personal loan but are not able to make up your mind, it may be due to the above myths. You may have heard about them and believed them to be true. In this video, we have debunked the five biggest myths surrounding personal loans. Watch this now and you can decide for yourself.

Here are the myths we have covered:

  • Low credit score can’t get you a personal loan.
  • Personal loans are very expensive.
  • It is difficult to apply for a personal loan.
  • You can’t use a personal loan for emergencies.
  • You need a collateral to apply for a personal loan

This page is purely informational. Line does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

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