Busting Common Myths about Instant Personal Loans

 Most people avoid taking loans as they are more of a problem than a solution, given their tedious application and approval process. Instant personal loans are changing that, for good.  Nowadays, there are mobile apps that allow you to request a loan and get it processed in as less as 15 minutes. If you need some cash instantly, the ideal way out is applying for an instant personal loan. Many people, however, refrain from instant personal loans due to the various myths associated with them. To clear the smokescreen, in this blog post, we debunk five myths about personal loans. Read on. 

“Instant personal loans have high interest rates.”

The notion is simply untrue. Personal loans usually have much lower interest rates, compared to other loan methods, which can be as low as 1.48 percent per month. Besides, the interest rate of a personal loan depends on a number of factors, such as the applicant’s credit score, loan amount, and repayment capacity. Instant personal loans, on the other hand, usually have a fixed interest rate. 

“Borrowers must have a high credit score.”

While most lenders consider borrowers’ loan repayment history, a person can qualify for an online personal loan even if they have a low credit score. Applicants simply need to complete all documentation requirements and provide the proof of a stable income to assure the lender that the loaned amount will be paid back in full. 


“The loan approval period is fairly long.”

This couldn’t be farther from the truth. If you take the online route, processing a personal loan does not take more than 15-20 minutes. All you need to do is look for a few lenders offering instant loans and download the mobile app of the one you find the most credible. After that, the only thing that’s left to do is creating your profile and sharing the documents required by the lender. 

“Instant personal loans have hidden charges.”

Not always. Some of the leading names in the online lending business maintain complete transparency. They are upfront about the interest charges or any other fees that you might have to bear as a borrower. In addition, reputable lending businesses also go an extra mile by giving you a complete picture of their operations to leave nothing to guesswork. If you wish to opt for an instant loan online, just make sure you choose a credible name in the business.

“Customer support is not up to the mark.”

Another false notion about the lending companies offering instant personal loans is that they fall short when it comes to customer support. Though the notion may be true for a few companies out there, it cannot be qualified as the universal truth. Reputable lenders have a support team that addresses every concern a potential borrower may have and strives to address all sorts of questions and concerns within the minimum possible time frame.

Wrap Up

Instant personal loans are the best way out in a financial crisis or emergency situations. Now that your knowledge of instant personal loans is no longer clouded by the myths we have busted in this blog post, you can simply search the web for reputable companies that offer instant personal loans whenever you need cash, urgently. Just make sure you do your research and choose an instant personal loan provider that has received positive customer feedback.

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