Debunking More Loan Myths

Some people might not be sure what to believe about loans. While it’s easy to listen to hearsay about acquiring credit, be sure to do your research as well. We’ve previously debunked that not all loans are scams, especially when they’re acquired from banks and legitimate lending organizations. At the same time, we know that the loan application process is not as complicated as one may think. We know there are still a few questions left unanswered, so here are more loan myths, debunked. 

Debunked: Generally, lending organizations accept applicants with stable income to be able to pay the loan back on time. While those employed have their salary, business owners, freelancers, and entrepreneurs with a steady income who meet the other requirements are also considered when applying for a loan. Usually, banks ask applicants for proof of income, such as income statements, regardless of your livelihood. 

Debunked: While a number of people use personal loans for emergencies, there are many other reasons why Filipinos apply for loans. For starters, a loan can help you achieve your goals and even get you closer to where you want to be in life. If you’re looking to pursue further education, a loan could help you out. Additionally, acquiring credit could play a vital part in your road to financial freedom. If you’re ready to finally put up that business or side hustle you’ve been dreaming about, a loan could come in handy to fund the equipment needed. It can also be used to make home improvements and more!