Everyone falls short of funds at some point in their lives. Also, a sudden need might arise that can challenge you financially. To take care of such fund requirements, you can take an instant personal loan from a bank, finance firm, or any other lender of your choice. However, avoid these things while taking a loan as it might affect your finances afterward: Application without checking credit score You are making a mistake if you don’t check your credit score before applying for a personal loan. This is because most lenders check your credit score before approving a personal loan. A bad credit score might result in loan rejection and it will also waste the efforts and time you had spent while applying for the loan. Changing jobs frequently If you are a salaried person then changing jobs might be a crucial thing to grow in your career. However, lenders do not consider changing jobs too frequently a good thing as it raises questions on whether your financial life will be stable in the future. Therefore, don’t be in a hurry to quit or change your job especially if you are going to apply for a personal loan in the near future. Applying for multiple loans at once If you are among those who think that applying for multiple personal loans simultaneously will help you get approval for at least one. However, each application is taken as a hard inquiry and it decreases your credit score by a few points. Therefore, it is better to check your eligibility through online tools like an online personal loan EMI calculator before applying for a loan. Also, you can check the pre-approved offers of multiple lenders to check which one will suit your requirements. Checking pre-approved personal loan offers will not affect your credit score as it does not fall under hard inquiry. Bajaj Finserv is offering attractive pre-approved offers comprising personal loan offers, credit card offers, and much more. Visit their website today and check the offers that you are eligible for by providing your name and contact details. Additional Read: Important Facts About Instant Personal Loan
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |