A common myth is that checking your own credit score lowers it. In reality, self-enquiries are soft checks and have no impact on your score at all.
Another misconception is that you need a perfect credit history to qualify. Lenders consider several factors, and many approve applicants with average scores at slightly higher rates.
Many people believe prepaying always incurs heavy penalties. While some lenders charge prepayment fees, personal loans often have flexible rules, so always read the terms.
Finally, avoid lenders who promise guaranteed approval without checks. Legitimate lenders always assess your repayment capacity before disbursing funds.