You inevitably experience some financial difficulty at one point or
another in your life. Sometimes, the only way out is to apply for
personal loans. With so many offers out in the market, how can you get
the best possible deal? This article recommends eight steps that will
help you obtain the best interest rates with a long repayment period:
1. Research your options.
Though this may seem obvious,
it is surprising how many people fail to inquire with their bank &
compare these loan offers with various financial establishments.
Research and comparison-shopping is time well spent.
2. Look beyond the headlines.
Some lenders offer a flat
rate to all their clients, but you should remember that many
establishments often use risk-based pricing for bad credit loans. The rate quoted in an advertisement may seem attractive but some vary according to the projected risk.
3. Consider the repayment period.
Many borrowers prefer
to have a long repayment term. Longer payment terms are beneficial if
you want a lower monthly payment. These loans charge more interest over
4. Compare prices of larger loans with smaller loans.
The amount of money you want to borrow can have an effect on the
interest rate you have to pay. This is because many personal loan
companies use tiered-based structure with lower rates for higher loans.
For example, if a certain borrower takes out a $4.999 loan from a
certain bad credit personal loan company, the APR can be 14.90% but if
he borrowed $5,000 instead, he can end up with just 7.9% interest
because his bad credit loan falls under another interest tier.
5. Know what redemption penalties are.
If you want to
repay your loan early, check for redemption penalties. There might be
redemption penalties if you redeem your personal loan before the
6. Read the fine print.
This is a great and easy way to
assure that you are prepared for a number of different situations. Find
out what happens if you redeem early or if you default, for example.
7. Payment protection insurance may be unnecessary.
This type of loan insurance protects the lender. There are exclusions in the payment protection insurance for you to consider.
8. Learn the details about consolidated personal loans.
Debt consolidation is beneficial in many cases. It helps to have a well-planned repayment schedule that suits your budget.
There are many options to consider when shopping for the right personal loans. Following these eight steps will start you in the right direction.
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