Cheap Personal Loans

Personal Loans Tips Tricks

22 April, 2011

Do you have to take out a personal loan at all
Think twice before borrowing money without security. You may have a better option already available; home equity extension to your home loan, a new loan that uses your property as security, a credit card, or even a rich relative.
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Check out a credit card
Consider also a credit card as your source of credit. Interest rates are higher but credit cards are easier to secure and offer greater flexibility of repayments. Check out BankChoice’s credit card selector to compare cards that suit your needs.
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Look beyond the big banks
Community banks, credit unions and other smaller financial institutions might take a more approachable and offer lower interest too.
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Try lenders with whom you are a regular customer
Take advantage of the human factor. Being a familiar face may earn you some slack if your credit background is smudged.
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Don’t make multiple applications
Don’t fill out applications at several financial institutions and have all of them checking into your credit history. This can make you look desperate and lower your credit score.
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Honesty counts
Be honest about why you want the loan. Your bank may be able to offer you a loan option that better suits your circumstances. There are an increasing variety of different types of personal credit these days; car loans, commercial loans, leases, home equity loans, are just some of the examples.
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Understand what’s on offer
Is the interest rate is fixed or variable? What up-front, annual or ongoing fees are charged? Check out BankChoice’s loan selector to compare loan fees and rates.
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Online transactions are cheaper
Pay bills, check balances and transfer money between accounts using online banking. These transactions are significantly cheaper over the internet than over the counter – and far more convenient.
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