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How to know what personal loan is right for you?
If you are looking to borrow cashand are thinking of taking out a loan, getting the cheapest deal is crucial for keeping costs to down. This article is here to help you find the best personal loan on the market.
If you're in the process of applying for a personal loan, getting the most competitive deal can make a considerable difference to the amount you end up having to repay. Whilst comparing all of the options there are several different factors you need to consider before opting for any source of finance.This article is here to assist you to get the best loan for your individual circumstances.
What is the maximum amount that can be borrowed?
It is important to first decide on the amount you wish to borrow, before starting your search for a personal loan, - this will let you compare personal loansand allow you to select the one most alienedto your individual requirements. In total the sum of money you need, will dictate the type of personal loan you will need to look for.
There are two main types of personal loans; secured and unsecured, 25,000 is the largest sum that can be borrowed with an unsecured loan, if you wish to borrow a sum greater than this amount you will need to look to apply for a secured personal loan. Most loans will state a minimum-maximum loan range, for instance £7,500-£15,000, so that it is transparent if the amount you need to borrow will be available before you choose to apply.
How long do you need to borrow for?
Determining how long you need to have to pay back your personal loan is extremely important when searching for the best option for you. Distributing repayments of your personal loan over a lengthier period can reduce the mount you have to pay back each month can lower your APR and making the personal loan much more affordable. However it is important to remember if you choose this option you will be committed to repaying the loan for longer; this will more than likely mean you will end up paying a high amount of interest that if you paid larger monthly repayments over a shorter period of time.
Will you be approved?
Before applying for any type of financial product, including a personal loan, it is important to check that you meet the application requirements. In the case of a personal loan your age, income and credit history can often affect your suitability from a lenders perspective; in addition when applying for a secured loan you will also have to own your own home.
If you have a poor credit history you may find it difficult to secure a personal loan at a competitive rate; however it is not impossible. There are still several personal loan providers who are willing to offer credit to applicants who have struggled with late payments, defaults and IVA's in the past, without adding on extortionate interest rates.
What is the rate of interest charged?
After you have decided upon your borrowing amount and the length of time you wish to repay it over, use this as criteria to narrow down the number of personal loanoptions available to you, once you have excluded the options that do not meet your criteria, your next concern should be price. This is mostly be determined by the interest rate, as a general rule the personal loans with the lowest interest rate will be cheapest.
To establish whichpersonal loans are best you must compare each personal loan's APR as it is this figure, which will determine just how much you end up paying back.
It is not a confirmed that you will be offered this rate if you apply, as pricing based on risk is likely to be used, however it is important to remember that the advertised rate of interest must be attainable for at least 51% of all those who apply for the loan.
Is a fixed or flexible loan best?
The last thing to do before you apply for your personal loan is to check you are 100% happy with the method and time scale you will be able to repay it over. Most secured and unsecured loans will set a fixed monthly repayment for an agreed number of months, it is important to check possible fees should you wish to re-pay the loan earlier than agreed.
It is also wise to decide what is important to you, if this flexibility, you may wish to apply for a slightly more expensive loan, but one that gives you the freedom to repay the amount you wish without incurring a fee. However, you will need to make ensure that you know how much this will cost you before making a decision, as it may cost you more in the long-term than a fixed personal loan. Whilst searching for a secured loan, considerations should be how much you can borrow in relation to the value of the asset being used to secure the loan for example your home or car.
The most important thing to do when applying for a personal loan or any other financial product is to check the criteria set out by the lender and compare it extensively to your personal circumstances and select the option that matches your requirements best. This will ensure you have the greatest chance of repaying your personal loan and protecting you credit rating, which will be crucial for securing any future borrowings.
Please Note: www.whichwaytopay.ca is not authorised to give advice under provincial and federal regulations.
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