Don’t Get a Personal Loan Wrong for These 5 Myths
A personal loan can do a lot if you have used it in the right ways.
But doing so can be a problem if you are not aware of what a personal loan can actually do for you.
According to borrowers and lenders all over the UK, the personal loan favourability among the former is growing. People started off with small loans in the beginning. But now the borrowers and the lenders both report that personal loans are taken these days in larger amounts as well.
Why wouldn’t it be so?
A personal loan is the type of loan that brings with itself a lot of privileges. You can make a loan of this kind be used in almost any affair you want. These loans are also free of collateral, which means an asset so that you remain stress-free about taking it out and managing your finances to pay it back.
Okay, so you want a more detailed definition of the loan?
Here it goes below:
As mentioned earlier, a personal loan is an unsecured loan that comes in almost any amount. These loans are offered by direct lenders without the need for collateral, which means you do not have to put an asset against the loan option. You are also free to use the loan for almost whatever causes you to like as personal loans, as the name suggests, are meant for personal causes only.
Was that enough?
But you might have some doubts, right?
Well, we are going to clarify them for you if only you stick to the end of this post.
- Where Do We Get a Personal Loan Wrong?
We might get a personal loan wrong for a variety of causes. For example, Lenny, a 20-year-old young man, spoke to us for a loan thinking that personal loans are usually of a very high-interest rate. This is a common doubt for many borrowers at the first.
In order to help you know more about personal loan interest rates and to clear the confusion about lending options, you need to read what Lenny’s got to say on personal loan interest rates:
“I thought that it’s gonna drive me crazy…you know…that it’s gonna to be twice the amount I borrowed. That is why I decided that I would rather go with doorstep loans than a personal loan. But immediately the direct lenders in this brand taught me that both doorstep loans and personal loans can be the same and, in both cases, they offered me packages son different interest rates. Look at that! I didn’t even know that there were different options to choose from. This makes borrowing easy.”
So there you go. You have got one myth partly destroyed.
We are going to discuss them pretty soon.
Look below:
- Myth 1: You Get Personal Loans Only from Banks
- Myth 2: They Have Super-High Interest Rates
- Myth 3: You’ll Be Rejected for a Poor Credit Score
- Myth 4: No Day Job? No Personal Loan!
- Myth 5: It Takes Weeks to Get a Loan Approval
Let us now know about them in detail.
- Myth 1: You Get Personal Loans Only from Banks
Well, we are working as direct lenders and we are definitely not a bank.
Personal loans cover a huge expanse in the industry of lending. To tell you the truth, it is seriously impossible for banks to take care of these loans.
That is why direct lenders came into existence.
We are professionals who are certified to make a personal loan more;
- Accessible
- Flexible
- Useful
- Suitable
Direct lenders also work as loan advisors to help you get the best loan by assessing your present financial status and monetary needs.
- Myth 2: They Have Super-High Interest Rates
This myth has been destroyed with Lenny beforehand.
But we would like to tell you more.
Most personal loans come with flexible interest rates and repayment packages based on the level of your income and the amount and type of your loan.
For example, you are going to get really low rates and loan terms with the help of a simple personal loan in the UK online.
On the other hand, you might get a bit higher interest rates for a personal loan for bad credit.
But again, you get more loan repayment packages with bad credit personal loans as well.
- Myth 3: You’ll Be Rejected for a Poor Credit Score
Speaking of bad credit personal loans, it is a wrong notion that personal loans are only offered n a really good credit score.
Well, read the type of the loan again: PERSONAL LOAN FOR BAD CREDIT.
A lending option of this kind is offered to you particularly in bad credit situations so that your financial needs are met even in a poor credit score and that the score improves with timely repayment of the loan.
- Myth 4: No Day Job? No Personal Loan!
Who said you are going to be rejected the loan when you are unemployed?
You have got personal loans for the unemployed as well.
One great problem with borrowers is that they think you need a day job to get a loan.
No!
You need to earn and that is it. Even if you don’t, you can take the help of benefit programs to refund your lenders.
Even after being unemployed, you can still take a personal loan if:
You are earning part-time or freelance
You get benefits
- Myth 5: It Takes Weeks to Get a Loan Approval
If you have visited our online application form @ https://www.hugeloanlender.co.uk/apply-now.php, then you will find that we require some minimal documentation for the process, which is done within two to five minutes.
This process is perfectly paperless and is a process you will love because we give you the loan approval within 15 minutes of the submission of your application.
We would verify a few details and then you are going to get the loan within the same day…it’s our promise.
- To Conclude
Be it a doorstep loan or any kind of personal loan, we are ready to offer it to the borrowers at the moment they reach us.
We will also guide them with quality advice and many other facilities.
Reasons? Well, you can call us direct lenders.
Ailsa Adam is the Editor-in-Chief and former content head at Hugeloanlender. She has been a valuable member of the content strategy team since 2017 due to her abundant experience in the finance sector. Passionate about helping individuals navigate the world of loans and personal finance, she has dedicated herself to acquiring extensive knowledge on various financial products. Before her role at Hugeloanlender,
Ailsa worked as a seasoned journalist and writer, specialising in creating informative blogs and articles on diverse loan types. She is known for her meticulous research and commitment to delivering accurate and engaging content. She holds a degree in MBA Finance and has a keen interest in creative writing and art.
