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Originally Posted On: https://www.matchfinancial.com/finding-the-perfect-low-interest-personal-loan-for-you/
Personal loans are an excellent tool for just about every occasion. Want to finance a new addition to your home? Planning a wedding or anniversary getaway? Need an emergency infusion of cash to cope with an unforeseen incident? Personal loans are ideal for all of these situations plus even more. Not only that, but thanks to the internet, it’s easier than ever to get connected with a lender that’s willing to provide you the cash you need.
What can be a challenge, though, is finding lending that isn’t going to charge you an arm and a leg for the privilege. Interest rates can vary wildly from lender to lender, and two otherwise identical loans with different rates could spell the difference between repaying your loan in a flash or having to spend months working off that interest. Finding the perfect low-interest personal loan for your circumstances doesn’t have to be difficult, though. Here’s Match Financial’s quick and easy guide to finding a low-interest personal loan of your very own.
A Short but Powerful Checklist
It’s always in your best interest to find a personal loan with an interest rate that you can afford. If finding a low-interest personal loan sounds like a good idea to you (and it should!), here are some great tips for finding one that’s going to be ideal for your situation. These steps might not be foolproof, but you’ll have a much greater chance of landing a loan with an attractive rate if you keep the following advice in mind.
Always Review Your Credit Score First
You’ll hear this a lot from us: your credit score is the biggest determining factor of getting a great interest rate on a personal loan. Make sure you take a close look at your entire credit history and address any mistakes that might be bringing your overall score down when it shouldn’t be.
Remember that there’s more than just one credit-reporting agency so you’ll have to check them all. There’s a number of services out there that can provide you access to your credit report, either for a small fee or completely free of charge.
Get a Handle On Any Outstanding Debt
This might seem counter-intuitive, but already holding certain kinds of debt will give you a better chance of getting a low-interest personal loan. The trick here is to ensure the debt you do have is under control — if the ratio of your debt to income is too out-of-kilter, lenders won’t consider you a good risk.
At the same token, if that debt-to-income ratio shows that you’ve got no problem handling the current amount of debt you carry, you’re considered worthy of a lower interest rate. This means you’ll be served well by paying down any outstanding debt you might have first before applying in order to improve that debt-to-income ratio.
Never Stop at One Application
Each lender is different. They all measure a borrower using different criteria when it comes to the rates they offer their borrowers. This means taking the time to check several lenders to find the ones that are willing to provide you the most generous interest rates around.
It’s also heavily recommended to check the fine print if you can and make sure you understand if there are any other fees associated with the loan. Before you sign on the dotted line, ensure you have a firm grasp of whether you’ll be subjected to penalties for paying off your debt ahead of schedule or things of that nature.
Low-Interest Loans On Your Schedule, Not Someone Else’s
Our easy application process is quick and easy, taking just a few minutes at most. If one of our connected lenders approves your loan, you can expect your cash to be deposited in your account as soon as the next day in many circumstances. When you’re looking for the best low-interest personal loan you can find, always turn to Match Financial!