How Can I Make Sure I’m Getting the Best Possible Rate on a Personal Loan?

Are you thinking about applying for a personal loan to pay for a wedding, a vacation or for unexpected expenses? Here are some simple suggestions that could help you choose the right loan and get the best possible rate.


Know Your Credit Before You Apply

Several factors come into play when determining your loan eligibility, including your income, credit score, and current credit obligations. Learn why your credit is so important and use a reputable service to get your credit report and score. The higher your score, the better the chances of getting a great rate on a loan. If you have other loans and credit cards, paying down your debt as much as you can before applying for a loan could also have a positive impact on your credit score. The lower your credit obligations are, the more attractive you look as a loan customer.


Shop Around

There are many different types of lenders, from banks to credit unions to online lenders, and they all offer different rates and qualification criteria. Research the lender and their rates to see what loan product will best accommodate your needs. It’s worth it if you could save by finding a better interest rate on a loan. Consider all of your options.


Plug In Your Numbers Beforehand

Our Personal Loan Payment calculator can help you estimate your monthly payment based on different loan amounts and interest rates. Use it first to determine how much you want to borrow and how much you can pay on a monthly basis, and you could be on your way to scoring a great rate on a personal loan.

* Please consult with your attorney, financial consultant/planner, accountant, and/or tax advisor for advice concerning your particular circumstances. The information contained herein is for general informational and educational purposes only and should not be construed as professional, tax, financial or legal advice or a legal opinion on specific facts or circumstances. The information or opinions contained herein should not be construed by any consumer and/or prospective client as an offer to sell or the solicitation of an offer to buy any particular product or service. Eloan does not guarantee the accuracy of this information or any results and further assume no liability in connection with this publication, including but not limited to any suggestions contained herein.