New Delhi, June 30 -- If you are in an urgent need of money for any reason whatsoever, you may explore the prospect of raising a personal loan. The reason could vary from personal emergency to hosting a wedding, or sending your child for higher education to getting the house renovated. Meanwhile, when you apply for the loan for the first time, you must plan it well and avoid making a mistake.

There are certain precautions that you need and make sure that you avoid making those mistakes.

I.Quality of lender: First and foremost, the lender should be reputable and not some fly-by-night operator. Typically, small players target those customers who fail to get a loan from a bank.

II.High interest rates: By virtue of beingunsecured, personal...