GETTING A CHEAP PERSONAL LOAN
A personal loan can be an important aspect of
an effectively implemented financial goal. They can be used for
consolidating debt, or for buying a large-ticket item that
exceeds your available credit card limit - or it may be cheaper
with it than a high interest rate credit card.
Naturally, your intent should be to apply for the cheapest
personal loan that you can locate. Below are some basic tips to
finding a cheap personal loan.
Maximize your options of being approved for a personal loan
without damaging your credit by submitting multiple credit
requests with various loan providers. Prior to applying,
obtain a copy of your credit report. Understanding
your credit situation will help you determine what personal loan
products you are eligible for.
Research online and off for the loans with the best rates and
When doing your
loan shopping, you should take advantage of interest rate
comparison sites like
Bankrate. Analyze the comparison charts as a beginning
point for starting out. Then you can visit the listed lending
institutions' websites and conduct some additional due
diligence. Offline, a good idea would be to visit a few local
banks and find out what rates and terms are being offered.
Check out a bank or lending source you already have an
If you have a bank account or are already conducting
business with a lender, find out what kind of personal loan they
can offer you. It is very common, especially for people with
poor credit, to obtain consideration from a lending source that
already knows them. However, it is important to note that this
is step 3 and not step 1. Exhaust the first two options above
before you go down this avenue. Doing so will allow you to
determine if the loan being presented to you by your bank or the
trusted lending source is actually providing you with a
favorable loan. It is important to research the
between online loans vs. bank loans.
Benefit from the lender's voracity
You can always make your application appear more appealing
without providing false information. For example, every bank or
lender makes a large amount of money on payment protection
insurance (PPI). Therefore they typically will view loans from
borrowers that request PPR as more favorably. When you apply for
your loan, request a quote with PPI included. Once you obtain
the paperwork, do not sign it. Instead return it unsigned and
ask for a quote without the inclusion of PPI. Being that an
approval has already been granted to you, it will be hard for
them to rationalize a denial based on an amended
application. It is important that you act promptly, otherwise it
will cost you.
Don't be influenced by
The annual percentage rate - APR - is the statistic that you
are going to use as a gauge when comparing different loans. It
is very important to note that banks will often influence the
APR and make the loan appear less costly than it really is.
Therefore, utilize the total amount repayable as an estimate if
your biggest issue is what the overall cost of the loan is going
to be as well as the monthly payment if you are concerned about
your monthly budget.
It is important that you
understand how interest rates work before you apply.
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a Loan Makes Sense
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