Because of the development of the economy, financial services are growing with vary of loans such as personal loans, home loans, car loans… Is it easy to get low-interest personal loans? Please have a look into the article below in order to find some best low-interest personal loans.

Is it easy to get low-interest personal loans? Some best low-interest personal loans
Is it easy to get low-interest personal loans? Some best low-interest personal loans

In the previous article, we introduced you to the most detailed, most complete information about bad credit loans. If you are interested in this issue, please visit the following article link: Bad credit loans or other articles on the same topic.

LOW-INTEREST PERSONAL LOANS

This our article includes the main four parts which are: “What are low-interest personal loans?”, “What are low-interest personal loans”, “How can you get low-interest personal loans?” and “Some best low-interest personal loans”.

1. What are low-interest personal loans?

The low-interest personal loans are loans that have interest rates below the market average.

The interest rate on a personal loan is the amount the lender will charge you for taking out your loan. Interest rates are almost always expressed as an annual percentage.

A personal loan is one that generally ranges from $2,000 to $100,000, usually for a period of one to five years.

Quick Cash Loan: With a simple and secure application process from any device, first-time customers can have $500 – $2,600 cash in their pocket as soon as the next business day.

Please note that the market average is always changing, so it’s impossible to put a definitive value on low-interest personal loans.

Ten ways you can use personal loans:

  • Buying a car
  • Taking a holiday
  • Doing renovations
  • Moving home
  • Consolidating debt
  • Funding for a wedding
  • Medical bills
  • Vet bills
  • School fees
  • Legal fees

2. Who offers low-interest personal loans?

  • Bank system
  • Credit unions
  • Building societies
  • Non-bank lenders
  • Peer-to-peer lenders

3. How can you get low-interest personal loans?

If you want to get a low-interest personal loan, there are four things to do, include:

Choose a secured or unsecured loan. For a secured loan, the borrower will have to mortgage or pledge valuable assets such as a house, car… to secure his or her loan. This makes his or her debt less risky. That means they will usually get a lower interest rate than if their loan were unsecured.

Is it easy to get low-interest personal loans? Some best low-interest personal loans
Some best low-interest personal loans

For unsecured loans, if you do not have or own a high-value item, they are convenient. However, you may be charged higher interest rates because banks or financial institutions are more likely to charge a higher interest rate to account for the added risk.

Regularly check your credit score. In fact, some lenders usually offer people with a good credit history lower interest personal loans. That means if you have a good credit score (high credit score), the interest charged on your personal loan will be lower.

Therefore, having a good credit score is important when applying for a personal loan.  Please check your credit score and improve it (if you don’t have a good credit score) before you apply for a low-interest personal loan.

Compare the low rate personal loans on the financial market. Now, there are many banks, credit unions, building societies, non-bank lenders, peer-to-peer lenders for everyone to choose. Therefore, personal loan interest rates can vary widely, so it’s worth doing your research before you start talking to an appropriate lender. Find out which banks offer low-interest personal loans and see if they fit your personal financial needs.

Imagine you wanted to take out a $40,000 personal loan over five years. Here’s how different interest rates would affect your repayments:

Interest rate Monthly repayments Total repayments
7.00% $792 $47,523
7.50% $802 $48,091
8.00% $811 $48,663
8.50% $821 $49,240
9.00% $830 $49,820

Don’t forget to check the fees and charges when looking for a low-interest personal loan. For example, a low-interest personal loan with a high application fee may be more expensive than a higher-interest personal loan with lower costs. It’s worth looking at its comparison rate to get better ideas of the total cost of low rate personal loans.

4. Some best low-interest personal loans

4.1. Earnest

Earnest has an APR range of 5.49% to 18.24% makes everyone, who has a minimum FICO credit score of 660, get a low-interest personal loan even if their credit isn’t perfect.

Here are some other terms and features of Earnest to know:

  • People can borrow from $2,000to $50,000;
  • Repayment periods range from one to three years.
  • There are no restrictions on how you use the funds.
  • There are no fees or penalties.
  • Earnest offers loan prequalification with a soft credit check.
4.2. SoFi

SoFi is known mostly for its student loan refinancing, but it also depends on your credit, you can qualify for a 6.28% to 15.62% APR.

Here are some other facts about loans of SoFi to know:

  • You can borrow from $5,000 to $100,000.
  • Repayment periods include three, five, and seven years.
  • There are no restrictions on how you use the funds.
  • There are no origination fees or prepayment penalties. You also can qualify for late-fee forgiveness after three consecutive on-time payments.
  • SoFi offers loan prequalification with a soft credit check.

4.3. Upstart

  • You can borrow from $1,000 to $50,000.
  • Repayment terms include three and five years.
  • There are no restrictions on how you use the funds.
  • Origination fees range from 1% to 8% of the loan balance. You’ll also pay a late-payment fee of 5% of the amount due or $15, whichever is greater. There are no prepayment penalties.
  • Upstart offers loan prequalification with a soft credit check.
LENDERS INTEREST LOAN AMOUT
UpStart 

7.73% – 29.99% $1,000 – $50,000
SoFi

6.28% – 15.62%1 $5,000 – $100,000
UpGrade 6.87% – 35.97%* $1,000 – $50,000
Payoff 8.00% – 25.00% $5,000 – $35,000
Freedom Plus 4.99% – 29.99% $10,000 – $35,000
Citizens Bank 5.99% – 18.99%2 $5,000 – $50,000
Lending Point 15.49% – 34.49% $2,000 – $25,000
Lending Club 5.99% – 35.89% $1,000 – $40,000
Earnest 5.49% – 18.24% $5,000 – $75,000
Avant 9.95% – 35.99% $2,000 – $35,000

In short, when you have narrowed down your choices it’s still worth taking a closer look at the fine print before making your final decision.

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Hillary (Team Content) – Low-interest personal loans