Pros and Cons of Taking Out a Personal Loan | The Simple Dollar - Deepstash

Keep reading for FREE

Advantages of Personal Loans

  • Personal loans are flexible forms of credit where they can help you reach various financial goals.
  • They allow the borrower to use it in every situation imaginable like emergency expenses or debts that you might have.
  • Personal loans can also be used to consolidate debt if you have many, into one loan and make debt less confusing.
  • It is one of the most popular borrowing tools on the market because it does not require collateral.

13

104 reads

Disadvantages of Personal Loans

As good as it sounds, personal loans have its own disadvantages such as:

  • Some personal loans have higher interest rates because since it doesn't require collateral and are unsecured, the risk of not paying the lender back is high; and
  • It can affect your credit score, either short-term or long-term negative effects. By adding debt to your financial profile, personal loans can and is going to affect your credit score.

10

63 reads

Applying for a Personal Loan

Before applying for a personal loan, ask yourself first:

  1. What are you borrowing the money for?
  2. What is your current financial situation?
  3. Are you in any capacity of paying the loan back?

Make sure you are never borrowing money for a personal loan based on an emotional decision.

Only after you look at your needs, financial situation and repayment plan should you consider moving forward with securing a loan.

10

63 reads

CURATED BY

alexis_tt

"Making money is art and working is art and good business is the best art." ~ Andy Warhol

Ready for the next level?

Read Like a Pro

stash-superman-illustration

Explore the World’s

Best Ideas

200,000+ ideas on pretty much any topic. Created by the smartest people around & well-organized so you can explore at will.

An Idea for Everything

Explore the biggest library of insights. And we've infused it with powerful filtering tools so you can easily find what you need.

Knowledge Library

Powerful Saving & Organizational Tools

Save ideas for later reading, for personalized stashes, or for remembering it later.

# Personal Growth

Take Your Ideas

Anywhere

Organize your ideas & listen on the go. And with Pro, there are no limits.

Listen on the go

Just press play and we take care of the words.

Never worry about spotty connections

No Internet access? No problem. Within the mobile app, all your ideas are available, even when offline.

Get Organized with Stashes

Ideas for your next work project? Quotes that inspire you? Put them in the right place so you never lose them.

Join

2 Million Stashers

4.8

Stars

5,740 Reviews

App Store

4.7

Stars

72,690 Reviews

Google Play

Shankul Varada

Best app ever! You heard it right. This app has helped me get back on my quest to get things done while equipping myself with knowledge everyday.

Sean Green

Great interesting short snippets of informative articles. Highly recommended to anyone who loves information and lacks patience.

Ashley Anthony

This app is LOADED with RELEVANT, HELPFUL, AND EDUCATIONAL material. It is creatively intellectual, yet minimal enough to not overstimulate and create a learning block. I am exceptionally impressed with this app!

samz905

Don’t look further if you love learning new things. A refreshing concept that provides quick ideas for busy thought leaders.

Giovanna Scalzone

Brilliant. It feels fresh and encouraging. So many interesting pieces of information that are just enough to absorb and apply. So happy I found this.

Laetitia Berton

I have only been using it for a few days now, but I have found answers to questions I had never consciously formulated, or to problems I face everyday at work or at home. I wish I had found this earlier, highly recommended!

Ghazala Begum

Even five minutes a day will improve your thinking. I've come across new ideas and learnt to improve existing ways to become more motivated, confident and happier.

Jamyson Haug

Great for quick bits of information and interesting ideas around whatever topics you are interested in. Visually, it looks great as well.

Read & Learn

20x Faster

without
deepstash

with
deepstash

with

deepstash

Access to 200,000+ ideas

Access to the mobile app

Unlimited idea saving & library

Unlimited history

Unlimited listening to ideas

Downloading & offline access

Personalized recommendations

FAQ

Claim Your Limited Offer

Get Deepstash Pro

BLACK FRIDAY

75% OFF | 1-Year Pro Subscription

Claim Offer