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Personal Loan Myths Debunked

Mar 12, 2021 12 min read

Personal Loan Myths Debunked

Are you a first time borrower?

What have you heard about personal loans?

If someone out there is telling you that personal loans are risky and one should not apply for one, then you need to realign your thoughts on that. In this article, we will address questions like what are personal loans, what are their features, and what are the BIGGEST MYTHS attached to personal loans.

Read the complete article and give the right direction to your personal needs and apply for a personal loan with Zavron Finserv to fulfill your needs, dreams, and desires.

What is a personal loan?

An instant personal loan is an unsecured loan amount offered by lenders to borrowers who want to fulfil their financial needs for a variety of purposes. The borrowers do not have to submit any collateral with the lenders for this type of loan. The money borrowed is repaid with interest in EMIs.

What are the major features of a personal loan?

Before jumping on to the myths around personal loans, here are some of the stand out features of personal loans from Zavron Finserv.

Easy Application and Instant Loan Disbursal

Zavron Finserv provides loan facilities to those in financial needs without any hassle. The loan application is scrutinized and approved instantly. The eligibility for personal loan is determined in a couple of minutes only.

Less Documentation

We at Zavron believe in smooth and convenient operations for our customers, hence there is minimal documentation The personal loan application at Zavron is approved for self-employed and salaried individuals without any collateral.

Flexible Repayment Options

We provide flexible repayment options on personal loans on competitive interest rates making the loan approval a pleasant, secure and hassle-free experience.

What are the myths related to personal loans?

Due to the lack of awareness on personal loans, there are lots of myths existing around it. Let us look at some of the major ones.

●    Low credit score leads to loan rejection. While this can be one of the factors but not the only one for rejection of personal loan.

●    Personal loans have a high rate of interest, now that is a myth. Not all personal loans have a higher interest rate.

●    A myth goes around in the market that Personal loans can only be availed from banks. Clearly not, Zavron Finserv provides personal loan facilities too.

●    Myth states only salaried individuals can apply for personal loans, whereas self-employed individuals can apply for a loan too.

When should you apply for a personal loan?

Personal Loans can be availed for lots of things. But the question stays, is it advisable to avail it for everything that comes your way? Well, yes you're right. NO. it is not advisable to ask for a loan for all expenditure. That leads us to the next question, what do I apply Personal Loan for. Stay with us, as we discuss when to apply for a personal loan.

●    Consolidate high-interest debt: This one is for the credit card users. Taking a personal loan to consolidate high interest debt into single payment is a wonderful idea. However, before making such a move, one should verify that the loan has a lower interest rate than the existing debt. The loan should also allow you to pay it off faster.

●    Home Renovation: Renovating homes is an expensive commitment. But once you take it, there is no going back. Instead of racking up your credit card bills and making a dent in your savings, you can take a personal loan with lower interest rate and pay it off in small investments.

●    Emergency Expenses: Whenever you are in a middle of a financial emergency, you can simply apply for a personal loan.

●    Personal Discretionary Expenditure: You can apply for a personal loan to fulfil your desires. Plan a vacation or  plan your big day with Zavron’s personal loan.

To sum it all up, a personal loan can be utilised for almost everything— even for things listed here, and for things that aren't. It depends on your financial condition and how big of the expenditure you're looking at, and how comfortable you are with that.

To apply for a quick personal loan with Zavron, go to the apply loan tab and fill the form to get a quick loan.

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