A personal loan is probably the easiest way to get some much needed respite if you’re short of funds and are looking for a quick funding option. With zero to minimal documentation and pre-approved loans being disbursed in literally under a minute’s time (sometimes even a few seconds), it really does seem like the go-to alternative for most people. It is also hassle-free in comparison to a secured loan, since you are not required to provide any collateral security at the time of availing the loan. If you also do a quick check against credit card loans, a personal loan is likely to offer you lower interest rates.
However, is a personal loan what you indeed require, or could you evaluate alternatives? Let us then take a look at six situations when you should not apply for a personal loan, and why.
The bottom line
While you may get a loan at the most competitive interest rates, at the end of the day, do keep in mind that ultimately a personal loan is a form of debt, and as with any other money you have borrowed, you would need to repay it. Further, your repayment track should also be faultless, to ensure that your credit score does not take a nosedive.
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