Is it a good idea to take out a personal loan?

+1 vote
asked Dec 30, 2017 in Other-Finance by Shumway (350 points)
Is it a good idea to take out a personal loan?

Is a personal loan a good idea to help build credit?

1 Answer

0 votes
answered Dec 30, 2017 by Larry S (4,420 points)
Taking a personal loan out if you need one can improve your credit score if you never miss a payment are able to pay it back.

Only take the personal loan out if you know you'll be able to pay back the loan and not miss a payment.

Taking a personal loan out and not being able to make the payments on time will ruin your credit.

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