Top Tips for Getting the Best Interest Rate on your Personal Loan - Loan Trivia

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Thursday, 31 January 2019

Top Tips for Getting the Best Interest Rate on your Personal Loan


The interest rates for personal loans can rather be on the higher side. This is owing to the fact that it is an unsecured loan and as such the risk factor for lenders increases dramatically. However, just because you are being offered a high-interest rate does not mean that you have to pay for it. This is because there are many ways of getting a better deal on the interest rate, a few of which have been mentioned below - 

Check Periodic Offers

There are a number of lenders including financial institutions available in the market who offer personal loans at low interest rates. This has not only given the consumers more options but has also increased the competition among lenders. This is why they come up with offers from time to time including discount on the interest rates. These are mostly offered during the festival to be on the lookout for such offers when applying. 

Ensuring Right Credit Score

As personal loans are unsecured loans, lenders place a lot of emphasis on the credit score. This is because your credit score is a reflection of how responsible you have been with your finances. It is a three-digit score and in order to ensure that your loan application gets through, you should ideally have a credit score of around 750. 

Making Timely Payments

Making timely payments not only ensures that you have a good credit score but also ensures that you are in the good books of future lenders. This will help you in getting a good deal from lenders in terms of interest rates.

Read Also: How to Get a Better Deal on Your Personal Loan Interest Rate

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