Some of the common mistakes people make while comparing personal loans
We get it; it would be hard to take a profound decision when you have a financial emergency at your door! But the fact is, it doesn’t take much time to do personal loans comparison and with the smart strategy you can view, evaluate and compare many loan options from different loan lenders, within an hour. You can use loan aggregating sites to compare and get a quotation from different loan lenders.
But still, there are some people for who personal loans comparison means finding cheapest interest rate in availed loan options in the market. Some loan applicant even doesn’t mind their credit score and feel whatever cheapest interest rate is availed are final and the best, which is not! Following are some of the glaring mistake we find people commit when they apply for a personal loan.
Checking eligibility
It is hard to fathom that not many people consider checking their eligibility before applying for a personal loan! This is the basic logic; a loan lending party wouldn’t approve a loan if you’re illegible to apply. This means the time you spend on personal loans comparison would be useless! Hence before you start, remember to check your eligibility as per general norms of personal loan. There are some personal loan eligibility calculators which can be used to know your eligibility as per your economic stature.
Applying at the first loan lender they lay their eyes on!
We understand the gravity of the situation but it is wise to choose your loan product well and a wrong decision would cause you monetary consequences until the tenure ends. In the earlier time, it was difficult to do the loan product research to get the ideal one. But in the age, there are many tools and online loan aggregating websites that proven to be a useful tool for apnapaisa personal loans comparison! You can just enter details and loan requirements and loan aggregating site will present you loan options from various loan lender and you can choose personal loan product, as per your requirements.
Applying at many loan lenders at the same time!
It is good that you value the importance of probability but this is not the dark age of loan lenders where you can apply at many loan lenders to improve the chances of approval. Personal loans are unsecured loan products which use your eligibility and income capability as the guarantee that you will be paying your loan back. But if you are doing personal loans comparison just to apply for multiple personal loans then you are deeming your economic credibility which would result in decreases your CIBIL score. Keep in mind, a good credit score will bring benefits with it and the bad one will make a dull impression.
I applied because I can!
It is astonishing to find there are some loan applicants who do personal loans comparison just to get some extra funding to be used for buying lifestyle thing. Although the loan lender will not ask any reason why you want fund aid, this does not mean you have a legit reason to opt for a personal loan. Most loan lenders push their personal loan option with lucrative rates down your throat just to sell their loan product.
