How do i go about finding the lowest apr on personal loans?

Question

I want to take out a personal loan to consolidate my bills but im not sure how to find the best interest rate. I'm thinking maybe I have to go to each bank and apply and c who offers the lowest apr. I don't know any suggestions?

Answer 1

Well ... first and foremost ... you can find out the rate various banks will offer before you fill out an application ... in fact you should call or visit the banks first to inquire about their loan rates LONG before you actually fill out an application. Now ... having said that ... the next question is will you qualify for a personal loan. Do you have a very stable job with a high income (at least high enough to easily make the payments), a very good FICO score, AND do you have collateral .... like a paid off car or something other of value that you fully own that is worth at least as much as the amount you want to borrow. If those three things aren't true you'll have a hard time getting a personal loan for debt consolidation ... especially with the current credit crisis. An unsecured loan without impeccable financial status is very difficult to get. If you can get a loan ... you'll typically get a better rate from a Credit Union than from a traditional Savings and Loan or bank ... so ... don't forget to check those out as well.



So here is an alternative suggestion if you don't think you'll qualify for a loan .... check out www.lendingclub.com or www.prosper.com (prosper is currently down for restructuring ... though I like their site better than lendingclub). These two services match up private individuals that want to loan money with private individuals that want to borrow money. Your interest rate is a function of the amount you want to borrow and your credit history ... but unlike most banks, the interest rate is often lower because the standards of the loaners are not quite as tight as a bank due to collective loaning. I wont go into all the details here ... but it's just one place you might look. I'd also recommend checking out www.bankrate.com for a list of low interest loans of all types.



Good Luck.

Answer 2

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Answer 3

I'm confident that you will find every financial clarification at: loanfocus.info-



RE How do i go about finding the lowest apr on personal loans?



I want to take out a personal loan to consolidate my bills but im not sure how to find the best interest rate. I'm thinking maybe I have to go to each bank and apply and c who ...show more

Answer 4

... only one problem... every time you apply for a loan with a bank this bank will run a hard inquiry into your credit file...



5 banks later your credit score will have dropped significantly and you will end up getting denied by all of them.



Stick with the bank you know the longest and do the most business with. Because nowadays... everything relies on your credit score and the higher the score the better APR you can get for the loan.



Good Luck...

Answer 5

12% unsecured is good.