6 mistakes you want to stay away from when applying for personal loans.

1. 6 mistakes you want to stay away from when applying for personal loans.

2. Personal loans are amazing; there is no two ways about it. They can get you out of a tight spot and ensure urgent needs are met with ease! What’s more is that getting one these days is a breeze – a few taps, a few clicks and voila, the money is in your account.

3. However, things have become so convenient that many borrowers take the entire process extremely lightly. This callousness often leads to mistakes and mistake can be costly. Keeping this in mind, the following article will highlight some of the most common personal loan mistakes to ensure you enjoy a full-proof borrowing experience.

4. 1. Not comparing.This is one of the most common mistakes borrowers make. They go ahead with a lender they are familiar with or a preferred banking partner. However, it’s important to see how the other options weigh-up against each other before going ahead with any one particular lender. It gives you a good idea of the market and which lender is giving you the best deal.

5. 2. Not checking credit scores.Credit scores are important. They play a pivotal role in deciding your eligibility & your interest rates. This is why it’s important you check your score before applying. If it is above 700, it’s good. However, if it is below 700, you’ll need to work on it. In fact, you’ll need to work on it even if it is above 750. This is because, score above 750 give you some negotiating power – you stand a chance to get lower rates or higher loan amounts.

6. 3. Not checking your eligibility before applying.Since getting personal loans has become so easy, some borrowers go ahead with their application without checking their eligibility. They blindly apply for the loan amount they need not knowing if the amount is within their financial grasp or not. Then to their dismay, their application is returned with a ‘rejected’ stamp. To avoid this & losing your processing fee, you should quickly use an eligibility calculator before applying for your loan.

7. 4. Not using EMI calculators.Being prepared for the repayment process is a big part of a successful personal loan experience. This is where an EMI calculator can help – it will give you all the installments payable for the loan. With this information, you can start creating financial plans to cover the monthly cost of your loan.

8. 5. Not reading the terms & conditions.Reading the terms give you an idea of what you are getting into. If you do not go through the fine print, you could be in for surprises later, unpleasant ones! This is why it’s important you scan the personal loansdocuments word for word. If you find something that’s unclear, make sure you take it up with the lender and proceed only once you have a clearer picture.

9. Remember to stay away from these mistakes to enjoy a smooth personal experience. We hope this has been helpful. Good luck and all the best. Happy borrowing!

10. Hope this information has been helpful! Happy Borrowing!

11. Follow us on : https://www.facebook.com/EarlySalary/ https://twitter.com/Early_Salary https://www.linkedin.com/company/early-salary/

12. For more details do visit here : Personal loans For More Details: http://whazzup-u.com/forum/topics/6-mistakes-you-want-to-stay-away-from-when-applying-for-personal Thank You…