Start off with banks and well known credit unions. When you begin looking for a personal loan, it’s best to start with your current bank, building society or the larger, local credit unions. These institutions have solid reputations, so fraud will not be an issue. The downside is that their rates may be higher. A genuine rate comparison web site can help you there.
Then try the internet-based lenders. As their business is solely lending, you should be able to negotiate an even better rate.
If you have excellent credit then you should get a correspondingly good rate. This is not always the case. You see, a loan is like any other good you buy in a shop; the vendor may try to get you to buy a pricier product. In the case of loans, this means a higher interest rate, additional insurance, or fees. And maybe life or health insurance on top of that. He knows you’ll likely not be ‘shopping’ with him again, so this may be his one-and-only chance to get as much out of you as possible.
Make sure that you are aware of the total costs involved, including the annualised percentage rate and any other fees attached to early repayment. When a loan is...
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