When it comes to loans, misinformation is everywhere. At Vizzve, we believe financial clarity is financial power. So today, we're busting the top 10 common loan myths that confuse and mislead borrowers every day.
Whether you're new to borrowing or planning your next personal loan, knowing the truth can save you time, money, and stress.
Myth #1: A Loan Will Always Hurt Your Credit Score
Busted: If you repay on time, loans actually improve your credit score. What hurts is late payments, not the loan itself.
Myth #2: Only Salaried People Can Get a Loan
Busted: Self-employed individuals, freelancers, and business owners can get loans too. Vizzve offers custom options for every income type.
Myth #3: You Need a High CIBIL Score to Qualify
Busted: A score above 750 helps, but many lenders accept 650+ if other factors like income and stability are strong. Vizzve matches you smartly.
Myth #4: All Loans Come with Hidden Charges
Busted: Not with Vizzve. Transparent processing fees and no hidden charges are part of our ethical borrowing ecosystem.
Myth #5: You Must Visit a Bank to Get a Loan
Busted: 100% digital loan approval is possible through platforms like Vizzve — no paperwork, no queues.
Myth #6: Paying Off a Loan Early Saves You Money
Busted: Not always. Some loans come with prepayment penalties. Check the terms or ask Vizzve for the best zero-penalty options.
Myth #7: Fixed Interest Is Always Better Than Floating
Busted: Not true. Floating rates may save money in a falling rate market. Vizzve helps you decide based on market trends and your profile.
Myth #8: Taking Multiple Loans Means Financial Trouble
Busted: Multiple loans can be managed smartly with proper budgeting. In fact, it can boost your credit score if repaid responsibly.
Myth #9: You Should Avoid Loans at All Costs
Busted: Loans aren’t bad — unplanned loans are. When used right (education, medical, business), loans are tools for growth.
Myth #10: Loan Approval Takes Days or Weeks
Busted: With Vizzve’s AI-based instant checks, you can get approved and disbursed in under 24 hours.
✅ Why Trust Vizzve?
100% transparent terms
Fast disbursal with minimal documentation
Personalized offers from verified lenders
Free financial literacy tools and EMI calculators
FAQs
Q1: What if my credit score is low? Can I still get a loan?
Yes. Vizzve offers alternative scoring models and connects you to lenders with flexible criteria.
Q2: Can I get a loan without income proof?
Income proof is generally required, but bank statements or alternate income sources are accepted in some cases.
Q3: Is it safe to apply for a loan online?
With Vizzve, yes. We use secure, encrypted platforms and never share your data without consent.
Call to Action
💡 Still confused about something?
Ask us directly with #AskVizzve or visit www.vizzve.com for myth-free, expert-backed loan options.
published on 1st july
Publisher : SMITA
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RBI-Registered Loan Partner | 10 Lakh+ Customers | ₹600 Cr+ Disbursed.