In recent years, financial data shows that Americans are more likely to use a credit card than any other mode of payment when they can’t pay for something in cash. The second most popular option, however, is taking out a personal loan. With so many people utilizing personal loans, it’s important to understand how they work and what they’re used for. Check out these personal loan myths before you think about using one on your next big purchase.
Image via Unsplash/Shalom de Leon
