Are you planning to avail an instant loan? Well, as a well-conscious citizen, you would possibly have long gone on the internet and loaded yourself with heaps of statistics. This type of mortgage is certainly a treasured one for dealing with price range, however they’re also surrounded by a ton of myths.
Remember that such misconceptions prevent people from the usage of personal loans in an effective manner and even thinking about them at all.
Today, in this article, we’ll debunk the top myths related to personal loans and why you should opt for Stashfin, one of the best loan apps, while planning to avail this facility.
Top Myths Related to Loans
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Only banks offer personal loans
Well, being the top online lenders in the industry, we at Stashfin offer such loan facilities. You can download our application from the Play Store/App Store or even explore our official website. Therefore, it is clear that apart from banks and financial institutions, online lenders are also in the game.
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Not available for individuals with bad credit
You may still be able to qualify for a small loan online with bad credit, but the rate of interest will likely be high. Some lenders specialize in loans for borrowers with bad credit, but these loans typically come with even higher rates and fees.
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It requires collateral
Unlike your automobile or a domestic mortgage, these loans are unsecured in nature. This way, you don’t need to pledge any of your valuable assets as protection for the online cash loan.
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It’s hard to get approved
The overall approval process for this type of loan can be much simpler than for other types of loans. However, your creditworthiness, income, and debt-to-income ratio will all play a role in whether you get approved and what rate of interest you’re offered.
Why Stashfin?
If you are planning to avail such a facility, then you need to understand how Stashfin can help you. We offer such loans without charging any rate of interest, which means that you have to pay us back the same amount you initially borrowed from us.
Moreover, our application is available for both Android as well as iPhone devices. You can even explore our website to apply. Here is a step-by-step guide on how to apply from our app:
- Download the app from the Play Store/App Store
- Sign up using your mobile number
- Add your personal details to check your credit limit
- Complete KYC and you are good to go!
With just four easy steps, you can apply for an Instant Loan Approval with us. Once it is approved from our end after scrutinizing your application, the amount will be credited to your account within no time.
Mobile Loan Eligibility Requirements
- Aadhaar Card
- PAN Card
- Last six months complete bank statements
- Indian Citizen residing in India
- Age above 18
- Current Employment proof
- Monthly salary of Rs 15,000/-
- Bank Account
- Valid Identity
- Address Proof
Conclusion
All in all, such loans are often misunderstood and shrouded in myths that prevent potential borrowers from using them effectively. However, we’ve debunked the major myths!
Always keep in mind that such loan facilities can be a valuable tool if used wisely. So, what are you waiting for? Download the Best Loan App In India now!