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Personal Loans Myths

Decent Essays

Topic: Personal Loans- Top 10 Myths Busted
Body:
Personal loans can help you with any financial requirement you may have. Despite their simplicity, there are many a myth associated with personal loans. Here we aim to bust some of the common myths people have regarding these loans.
1. Most Expensive Loans in the Market:
Compared to secured loans, personal loans are more expensive but their interest rates are still lower compared to credit card interest rates which range from 22% to 36%. Therefore, it is better to opt for a personal loan as opposed to using your credit card.

2. Lacking Tax Benefits:
The deductible tax amount on personal loans is calculated keeping in mind the income of the concerned business or the interest element used for

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