Missing a repayment can lead to late fees, higher interest charges, and negatively impact your credit score, making future borrowing more challenging.

Maintaining a good credit score, providing accurate and complete documentation, ensuring steady employment, and keeping existing debts manageable improve your chances of approval.

A secured personal loan requires collateral such as property or other assets, whereas an unsecured personal loan does not require any collateral, relying solely on your creditworthiness.