Is it wise to opt for a personal loan in order to pay off debts?
There are times when you use up all your money and end up penniless, resulting in taking loan from your friends, relatives or colleagues. This monetary aid does not stop your problem right there as you continue to feel the financial crunch. To end this unavailability of cash, you borrow money and repeat it till you pile up debt. Many salaried class and other individuals take personal loans to clear their debt.
According to experts, taking personal loan for repayment of debt would be good for people with good credit score. They will get loan on lower interest rate as compared to those with a bad credit score. Also, timely payment of loans adds as an advantage since lenders keep a hawk’s eye on such factors.
Naveen Kukreja, CEO and Co-founder, Paisabazaar, stated, “As personal loans do not require any collateral, lenders do not have to undertake the process of evaluating collaterals. Hence, the documentation and processing of personal loan application is simpler and faster. This makes personal loan an ideal option for financial emergencies and immediate fund shortages,” he added.
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