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<h2> Get the Facts on Personal Loans </h2>
<p>Personal loans can be scary and overwhelming. They are often misunderstood and don’t always get portrayed in the best light. Well, we?re here to clear some of that up for you. Below are four common misconceptions of personal loans along with the facts behind it.<p>
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<h3> Myth 1: I will get judged for taking out a personal loan. </h3>
<p>Unfortunately, this is how many people feel if they need to reach out for help with things that they feel they ?should have figured out,? but that?s simply not the case. The things we believe we ?should have figured out? is just a list of items we have made up in our head. There are no rules about certain life steps that we have to have completed by a certain age, and the same is true when it comes to finances. A personal loan is an option to cover expenses that you may not have budgeted for or caught you off-guard. This happens to many people every year ? in fact, in a survey conducted by bankrate.com, only 40 percent of Americans said they could cover an unexpected expense of $1,000 and more than a third said they?d need to borrow the money in one form or another, including a personal loan.</p>
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<h3> Myth 2: Online personal loans aren?t safe.</h3>
<p>Although it is true that there are scams online, there are measures you can take to protect yourself from being a victim of a fraudulent lender online. As a certified and secured online lender, we feel it is our responsibility to help you protect yourself from these kind of scams. Below is a checklist of what to look for on a site that you can trust for an online personal loan:</p>
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They clearly list rates and terms and provide a copy of their license in a state that it?s required in. Note that some states do not require a license for certain types of personal loans, so you might want to do a little research to see if a license is required.
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Their website and application is encrypted and given security certifications, like the McAfee? SECURE and Norton Secured? certificates.
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They provide correct and official contact information. If you are unsure about the authenticity of the information, try emailing or calling the numbers to verify.
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They are members of the Community Financial Services Association of America (CFSA). To find a member of the CFSA, look for the CFSA member seal on the website.
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Most importantly, if you feel that the website is a scam, it's probably safest to not borrow from them. Find an alternate lender with these qualifications that you know you can trust. </p>
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<h3> Myth 3: Personal loans limit the way you can use the funds.</h3>
<p>There are many loans that can only be used for certain expenses like a mortgage loan or an auto loan, however, typical personal loans allow you to determine what you use the funds for. There are no questions on the use of the loan, so you get to decide what personal need you use the funds on.</p>
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<h3> Myth 4: Personal loans all have extremely high interest rates.</h3>
</p>Interest rates may vary drastically from lender to lender. It is important that you understand the fees and/or interest charged before committing to a loan. If you have questions, ask staff or find your answers on their website. If you feel uncomfortable with the payments, continue looking for a loan that you can afford. Remember to always fully review your loan agreements before signing.</p>
<p><b>Bonus Tip:</b> Your financial well-being should be priority and taking out credit should always be done responsibly. Ensure you trust the lender and can repay according to their terms and conditions. </p>
