Top 10 Loan Tips For Personal Loan
Want to get a best deal in Personal loan? Just refer to the following tips :-
Top 10 Loan tips for Personal Loan
1) Check out the interest of the loan - usually the smaller the amount borrowed the higher the interest, decide how much you really need and check for the interest rate of the amount borrow. For instance, if interest rate for $1000 is 15%, while $1500 is 12%, you should borrow $1500.
2) Make sure you select the right term, the longer period of installment the higher of the interest.
3) Be caution about the "double standard" rate - in advertisement the rate might be quite low for certain amount borrow, but the rate will be increase if your credit score is bad and credit history is not good enough.
4) Beware of "personal pricing", this is special made for those with perfect credit rating. If your credit score is less than perfect, the interest rate for the loan might be far higher.
5) Some of the banks will reserve the best rate for their regular customers, check with your bank.
6) Normally, there are no upfront fees for personal loan. But be cautious of the early-repayment fees of up to one month's interest.
7) It is best to maintain your good record, if your credit rating is not good, try to improve it. If you have defaulted in credit card's bill or any payments, you application might be reject.
8) You may purchase payment protection insurance (PPI) from specialist insurer even this policy has been restricted from Financial Services Authority to lenders.
9) Take some times to shop for more lenders, finding the lowest rate and best term from online lenders.
10) The last tips is you may consider to borrow from your friends or relatives instead of banks or lenders.
For more information about other loans, please check out Various Loans Guide instead of Top 10 Loan Tips for Personal Loan
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