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Common Myths about Loans
Wednesday, 06 November 2019

 Taking out a loan is a great option for people who are in need of cash to cover unexpected expenses, purchase a home, or start a new business. But unfortunately, there’s a lot of misinformation out there about loans, which makes it hard for potential borrowers to learn more about this option. If you’re thinking about taking out a loan, you need to know the truth behind these common myths:

 Myth: All Lenders Charge the Same Interest Rates

Interest rates will vary from lender-to-lender, which is why it’s so important to shop around for a loan to find the best deal. But, don’t assume that you should choose the lender that offers the lowest interest rate. Make sure you compare the fees that each lender charges as well. Some lenders will charge lower interest rates but tack on hundreds of dollars in fees. Factor in these fees when determining which lender is truly offering the best deal.

Myth: You Can’t Get a Loan with Bad Credit

People often assume that a loan is out of the question due to their credit score, but that’s not the case. It may be harder to secure a loan with bad credit, but it’s nowhere near impossible. 
The impact your credit score has on your loan will depend on the type of loan. For example, lenders may charge you higher interest rates on traditional loans if your credit score is low. However, a bad credit score won’t have an impact on loans that are supported by collateral, such as car title loans. Keep this in mind when you’re considering your options.

Myth: The Money Secured Through a Loan Must Be Used For Personal Expenses

Sometimes, there are rules that outline how you can spend the money secured from a loan, but this is not the case for all loans. For example, if you take out a mortgage, the money must be used to purchase a home. However, there are no restrictions on what you can do with money obtained through a credit card cash advance. Read the fine print of your loan agreement to determine whether or not there are rules regarding what you can spend the money on.

Myth: You Must Borrow the Full Amount Offered By the Lender

Lenders will review your information and crunch numbers to determine the maximum amount that they are willing to lend you. But there’s no rule that states you are required to borrow the full amount that the lender is willing to offer. You should only borrow the money that you need, not the maximum amount that is offered. If you borrow more than you need, you may find it hard to pay it back, which can lead to a world of financial problems.

Myth: It Takes a Long Time to Get a Loan

You may think that it will take weeks or months to secure the money you need from a loan, but that’s not true. Lenders will typically work quickly to guide you through the application process and finalize the terms of your deal. Some lenders even offer same-day approvals on loans, which means you could apply for a loan and receive the cash you need within the same day.  
As you can see, there are a lot of misconceptions out there about loans. But now, you know the truth behind these common myths.
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