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Unsecured Loans: Fact or Fiction?

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Considering taking out an unsecured loan can feel overwhelming, especially when you factor in the myths and stigmas associated with it. We’re here to give you the facts and clear up what’s plain fiction when it comes to applying for and taking out a personal loan, to help you decide whether a personal loan is the right option for you.

Fiction  - You must earn a salary to be eligible for an unsecured loan
Fact  - While you do need to have your own source of income to be eligible for an unsecured loan, that income can come from salary, wages, or benefits.

Fiction  - You can’t repay a loan in full early
Fact  - Not only can you repay your loan off early, but we encourage our customers to do so and with access to the My Superloans App from anywhere, it’s easy to do.

Fiction  - A low or bad credit score means you can’t get an unsecured loan
Fact  - As part of our responsible lending policy, we do credit check all applicants. However, we understand that life can be unpredictable so we’re not just going to say no because of a poor credit score or past defaults. We’ll discuss any defaults with you and assess your current ability to repay a loan.
Bonus fact: Successful repayments toward your unsecured loan are recorded against your credit report which will help grow and repair your credit score, increasing your chances of being approved for future borrowing. Check out our Credit Score 101 blog to better understand your credit score.

Fiction  - There are hidden fees
Fact  - We can’t speak for all personal lenders but here at Superloans, we make sure our fees and costs are clearly outlined before you sign any loan contracts so there are no unwanted surprises.

Faction  - Unsecured loans always have high-interest rates   
That’s right, we’ve called this faction because there is a shred of truth to this one. Unsecured loans tend to have higher interest rates than secured loans due to the higher risk involved for the lender. At Superloans each successful contracted repayment increases your Superscore which not only increases your credit limit for future applications but also goes toward reducing your future interest rates.

The facts are simple, and we do our best to make sure any concerns you might have, are cleared from the get-go. But if you’ve still got questions, get in touch, or come and see one of our friendly teams in store to help you decide, if an unsecured loan, is the right loan for you!

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