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Are you considering taking out a personal loan? It's important to do your due diligence before taking on any debt.

Today, I will share with you 6 things to consider before taking out a loan.

1. Taking out a personal loan requires a great credit score

A credit score is a crucial factor in deciding the eligibility of personal loans. Having a 700 credit score or more improves your odds of being approved for a personal loan application. However, this does not mean that if you have a bad credit score, you will not get approved for a personal loan. You can apply for personal loans at even if you have a bad credit score.

2. You can get a personal loan even if you're self-employed

Both salaried employees and self-employed people can take out personal loans. Self-employed individuals can opt for personal loans based on their credit score. In the case of a personal loan, the lender analyses the personal financial health and credit score of the borrower. 

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3. Personal loans can be used for anything

As soon as you take out the personal loan, you are free to use it for anything you wish. A lot of business people have invested the borrowed personal loan into their company.

4. There are taxes on personal loans

Yes, there are taxes imposed on a personal loan. You can declare the tax deduction on the interest portion of your EMI. There is no deduction on the main component. The tax welfare is permitted if there is a valid expense on your part.

5. You can apply for as many personal loans are you want

Even if you have another loan, such as a student loan, you can apply for a personal loan. There is no such limitation that if you cannot have more than one personal loan. If you have the capability for repayment, you can easily apply for a personal loan. Your suitability is decided by your repayment capability.

6. It's easy to see if you qualify for a personal loan 

In this modern age, obtaining a personal loan has become fast and simple with digital access. A personal loan by SoFi is an example where you can have your loan paid out quickly and within days. Checking the eligibility for the personal loan is possible within a minute and online approval can be done within 3 minutes.

So, people, we've picked up the myths to help you go in the right direction. If you are still struggling for some extra money, go for personal loans. With a good credit score, you can use the loan at a low-interest rate.

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