With the recent credit crunch, it is now a lot harder to get a loan with the competitive interest rates we were seeing 12 months ago. These past 6 months of financial upset will see the majority of people, even those with a decent credit rating being offered higher rates of interest for personal unsecured loans.
There are a few methods you can take to ensure you get the best possible deal you need:
Ensure you have the best possible credit rating - You can request a copy of your credit rating whenever you want and you should use this opportunity to; check for fraudulent activity and make sure it is all up to date by checking all credit cards are cancelled if they are and all loans are down as paid if you have.
Pay it off as early as you realistically can - Personal loans normally allow you to pay your loan off between two - seven years. The longer it takes to pay off your loan then the more interest you will pay resulting in a higher amount paid in total.
Avoid repayment holidays - Try to avoid taking a repayment holiday as you will still accumulate interest for this period.
Check your APR - Even though it states that you will pay 6.8% APR typical on loans from £10,000 - £20,000 you might not qualify to fall under this category, this will depend on your credit assessment by the lender. The Consumer Credit Act of 2004 explains that only two thirds of customers who have been successful in their application will actually obtain this typical rate, the other third will be open to higher APR rates.
Follow these steps where necessary to aid you in your search. You will need to search a variety of loan; companies for your desired personal loan, also check out unsecured loan comparisons to make sure you get the best possible deal out there.
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