Personal loans look a great loan in a financial emergency, as they don't require any collateral and can be easily availed. They are your No Reason Loan. Personal loans charge high interest, but if you play smartly, this can go a long way in improving your credit score.
Credit score is not the only factor lenders consider, while sanctioning a personal loan. Some lenders are ready to sanction unsecured loans to people with ‘fair’ scores, provided they successfully meet other criteria.
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Availing a personal loan for the purpose of improving your credit score may be helpful.
Not repaying credit card dues can affect your credit score. Credit cards charge high interest and if you miss payments, the credit score is affected. Then there are penalties which you should definitely be aware of. If there are two or three credit cards with such debts, this could be your worst nightmare. The interest will keep adding on to your outstanding balance, which will affect your credit score.
The best thing to do is avail a personal loan to pay-off debts on different credit cards. You must go for this as soon as you realize that your credit card bills are going out of hand.
2. How to use a personal loan to retire credit card debt?
A personal loan is not just meant for the financial emergencies, but also for improving your credit score.
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