GoBearTV Ep 18 | Personal Loans Myths
Hi GoBearTV fans! I’m Alvin. And I’m Richelle. Today, we’ll be debunking three myths about taking a personal loan. Ready or not, here we go! Nobody likes to owe a debt. But believe it or not, there are perfectly good reasons to take a loan. Like investing in your future, for instance. Many people take loans to pursue higher education. With better qualifications, you could land yourself a better job. And the money you earn would potentially offset the cost of your education many times over. In addition, it’s not financially prudent to blow all your savings on something big like a home renovation. You want to ensure you have cash on hand in the event of a rainy day, so a loan could help you avoid cash flow problems. This is a really, really common myth! Many people think that if you don’t borrow money, you’ll have a ‘clean’ credit score. That’s untrue! On the contrary, banks won’t have a record of your loan reliability. So, take a loan if you need to. The key to having a good credit score is to pay your loan installments on time. A personal loan is an unsecured loan, which means that a borrower doesn’t provide any assets to the bank as security for the loan. So if you can’t repay your loan, you’re not going to get your home taken from you. However, your credit score will be lowered, making it difficult for you to take any more loans in the future. The best way to compare personal loans in the market is with GoBear! You’ll be surprised how much you can save on your loans with our exclusive promotions! If you liked this video, don’t forget to hit that Like Button and to subscribe to our channel for more informative GoBearTV episodes. Till next time… See ya!