Personal Loan Myths

Personal Loan Myths

Reading false information and loan myths can be confusing, especially when trying to research for answers you do not understand.  The industry is filled with incorrect information and loan sharks, meaning it can be difficult to find trustworthy lenders and brokers like us here at Simple Personal Loans. Therefore, we have put together a list of common loan myths to help you get a better understanding of personal loans.

You will not get approved unless your credit score is high

Personal loans cater to the majority of people, whether you have a good credit score or a poor one. There are plenty of lenders and brokers out there who specialise within the industry to help those with different scores. So, if you do not have a high credit score, you can still get a personal loan. Typically, people who hold a poor credit score may apply for a bad credit loan or even a guarantor loan. These are examples of the ways which could help you get approved. Although, we do not recommend you apply for a personal loan until you have complete control over your finances.

Personal loans can only be used for certain things

Unlike many other loans, personal loans can be used for whatever you like. Whether you are wanting to fly away on your dream holiday or some help towards that car you’ve always wished for, personal loans can help. If you feel as though you would benefit from that extra boost, then why not consider one. But, again we do not advise you borrowing a loan if you cannot afford the repayments or have poor money management skills.

All personal loans involve a long process

People tend to believe that all personal loans involve a long process, this includes taking a while to receive their funds and repay their funds. But, this is not true. Personal loans tend to be much larger amounts than other loans, therefore meaning that people may want a longer period of repayments to help them manage their finances more efficiently. But, here at Simple Personal Loans, we can help with finding a lender who can offer you a repayment schedule to suit you and your needs. Along with this, as personal loans are now completed online, they are much faster and more convenient to borrow, also speeding up the process of receiving your funds.

Here at Simple Personal Loans, we can help you with your financial needs. We work to help find lenders who can offer you loans between £1,000 and £35,000 to allow you to afford whatever necessary. But, before applying, please make sure that you are aware of the consequences which come hand in hand including further debt.