Best Personal Loan Rates
Finding the Best Personal Loan Rates
There are times when the best personal loan rates being advertised can be somewhat deceiving. While the interest rate you see might look really low, it’s important to take into account any associated fees and charges that may apply to your loan.
You may also need to take into account your own personal credit history as well as your purpose for the loan. These things could have an effect on the interest rate you qualify for. They may also change the loan type you’re offered by the lender.
Secured Personal Loans
Often, the best personal loan rates are offered for secured personal loans. This means you’re offering some form of asset to the lender as collateral for the loan, such as a car or motorbike.
Because the lender has some security against that loan, they will consider your application to be slightly lower risk, which is why they’ll offer a lower interest rate.
You may also find that some banks will offer even lower interest rates again for newer cars as compared to buying an older car. This is often because the security asset you’re buying is worth more money, but it’s also newer which could mean it should hold its value a little longer than an older car.
Unsecured Personal Loans
If you don’t have any assets or collateral to put against your personal loan, you can opt for an unsecured loan instead. This means you’re not risking any of your personal assets if you can’t make your loan repayments at some point in the future.
However, because lenders know they have no security against the money they lend out on these types of loans, they will tend to charge higher interest rates. It’s still very possible to shop around for the best personal loan rates available on unsecured deals especially since you already know they’ll be higher than the secured options available.
Always ask the bank’s or lender’s representative what other fees may apply to your account so you have an accurate idea of the cost involved in borrowing that money.
Featured Personal Loans
| Personal Loan | Details | Min Interest Rate | Min Comparison Rate | Min Loan Amount | Min Loan Terms | Apply Fee | |
|---|---|---|---|---|---|---|---|
 ME Bank Personal Loan | A low rate personal loan from ME Bank with no application fee for a limited time. | 13.59% | 13.81% | $5000 | 1 year | $0 |   |
 Aussie Personal Loan | A smart way to consolidate your bills to save time and money so you can pay for your holiday, a wedding or renovate the house. | 13.90% | 14.84% | $3000 | 1 year | $199 | |
 Sugar Money Personal Loan | Fixed rate personal loan with flexible options to get you funds when you need it. | 13.99% | 15.00% | $3000 | 2 years | $250 | |
 bankmecu Personal Loan | A convenient and fast way to purchase a car or debt consolidation with affordable rates and fees. | 13.49% | 14.55% | $1000 | 1 year | $150 | |
Related posts:
Ask A Question