Also, most lenders have a list of pre-approved categories of borrowers. If your profile doesn’t match with any of the pre-approved categories, then your application could be denied and rejected.
Another disadvantage is that personal loans come with interest rates as high as 12 to 30 percent, and that’s just the interest rates. Other fees such as service charges and prepayment penalties are also very high and costly.
So before you seek instant personal loans guaranteed, make sure you weigh the pros and cons first before taking a personal loan. Assess your ability to pay the loan, and choose a lender that offers the lowest interest rates.