Personal Loans With The Lowest Interest! Where To Find & How To Get These Personal Loans
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Video Timeline: Personal Loans With The Lowest Interest! Where To Find & How To Get These Personal Loans
00:00 - Intro
00:32 - What is the APR of a low interest personal loan?
01:40 - Where can you go to get a low interest personal loan?
03:19 - What can you do to get a lower interest rate on a personal loan?
03:58 - Lowering your interest rate with a cosigner
04:36 - How discounts can lower your interest rate
05:25 - Using collateral to lower your interest rate
06:19 - How your term length can affect your interest rate
06:42 - Lenders that offer low interest personal loans
08:33 - How to ensure you're getting the best deal on a personal loan
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Low interest personal loans
There are a lot of lenders out there offering personal loans. Trust us; we track them. If you are looking for a personal loan that charges low interest, I am going to tell you where you can go, what you can do, and what brands are best. At the end of the video, I will tell you how you can get the very best deal that you can get in your current situation.
We’ve spend years in the lending industry. We track dozens of lenders. We want to use that experience to give you the information you need to make the financial decisions that are best for you.
What is the APR of a low interest personal loan?
I think it is important to talk about what “low interest” means. There is “low interest” and then there is “low interest.” Lending is extremely individual. If you have spectactual credit, a low interest loan will mean something very different than if you have fair credit. In fact, here is a rough idea of the average interest rate for unsecured personal loans based on credit score.
Of course, this is an average which means that a “low” interest rate would be below these numbers. If you have a credit score in the Good range, you can expect a personal loan around 15%, which means if you can get one at 13%, you are doing pretty well. The poor range is the wild card, frankly. A lot of the loans offered to people with poor credit can be much, much higher than 65%. Bad credit loans are a whole other thing and I am not going to tackle it right now. That’s a different video. In this video, I am going to focus loans for people with Fair to Excellent credit.
Where you can go to get a low interest personal loan?
There are three kinds of companies that offer low interest personal loans: credit unions, banks, and finance companies.
Not all credit unions offer personal loans. The ones that do are most likely to charge low interest. The ones we monitor generally offer loans with minimum APRs of 8% and maximum APRs in the low 20s. Credit unions are not-for-profit organizations that are owned by their members. They charge lower rates for their services because their charter demands that they reinvest earnings into improving services for its members. Of course, you need to be a member to use their services. They also often prioritize long-standing relationships. They might also be rather restrictive in who they lend to.
Banks can also offer loans, but not all of them do. For the ones that do offer personal loans, they often reserve their lowest rates and their highest loan amounts to existing customers. Banks tend to be rather restrictive about who they lend to, so you are probably going to need Good to Excellent credit to be approved.
The primary purpose of many finance companies is to offer personal loans to consumers. Generally, finance companies will have higher interest rates because they have higher costs in customer acquisition and underwriting. This does not mean that their interest rates are always higher, though.
