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Personal Loan can be useful in Improving your CIBIL score?

Personal loans are good options for improving your credit score. But for utilizing this tool, you must have a clear look at the loan agreement and do some analysis. Here are some ways you can attain personal loan for improving your CIBIL score:

Repay Credit Card Bills

Using personal loan for repaying your credit card bills can help you repay the debt in time without having any negative impact on your credit score.

Pay off Old Debts

A personal loan is a good option to repay your old debts as per your convenience, as a person’s economic condition is not always the same. It will help you in maintaining a good payment history while preventing any issues affecting your credit score.

Debt Consolidation

There might be a varied loan that is due for repayment. It can be difficult to manage all loans at once. So, obtaining a debt consolidation loan can help you consolidate all your debts without any difficulty. It will also relieve you from remembering several dues and eliminate your risk of badly impacting your credit score.

Long-Term Payment Option

Personal loans are repaid in installments over a long tenure as per your repayment ability. So, there is no need to worry about upfront payments. You can pay all the loan or debts in the long tenure without affecting your CIBIL score.