1. Look for different lenders – Never pick the first lender you find. Look around to find a few more because competition will always work in your favor. This might be a simple truth, but often, many people are so thrilled with the promise of quick money that they stop looking altogether. This is not a good decision.
2. You can get a loan without collateral – Many people are made to believe that the loan is always issued against collateral. That’s not true. You can indeed get the loan without putting up any collateral. Make sure that you tell point this out to the lender.
3. You can get a loan with bad credit too – Often lenders will say that you cannot get the loan with bad credit, and they will then charge you high personal loan rates for issuing the loan to you, if you have bad credit. Say no, and turn to bad credit loan lenders instead. You stand a better chance, particularly if the FICO score is less than 600.
4. Never compromise on the rate if you have a high FICO score – If your FICO score is more than 660, then you shouldn’t ever compromise on your rates. You should get the best deals. So find lenders who agree to offer you the best personal loan rates. There are bound to be a few advertisements that claim to offer the best rates. Look them up.
5. Do not supply more information than needed – Do not apply to multiple lenders because this will reduce your score. At least, not formally. Instead, talk to them, show them your documents, and ask about the kind of rates they can offer. Talk to at least 3 lenders. Never disclose anything, unless they specifically ask for it. Why take unnecessary risks?
6. Use an online personal loan calculator. The calculator can tell you about the best personal loan rates you can get.