Many people act hastily when it comes to looking for low interest personal loans to ease their financial burden. Basically, they would try to get such financial assistance from traditional banks although the chances are pretty slim since traditional financial institutions have limit their lending solutions to 'good ' clients - who have good credit history, which is above 720 FICO score.
As you are reading this article now, you might have or might not have such high FICO score which determines the eligibility of having such loans.
Therefore, here are some insightful Questions and Answers (Q's & A's) that can help you to find the right low interest rate personal loan via online or off-line:
Q. I've a lower-than-720 FICO score, and I'm sick of being rejected relentlessly by loan officers from most traditional banks. What should I do to have my loan application successfully approved?
A. If your FICO score is within 'Fairly' credit score range, you still have a change of getting a low interest rate personal loan from traditional banks but with certain conditions - you need to put up collateral or apply for a co-signer loan. Thus, you need to know the market value of your asset as a way to determine the total loan amount that you need to borrow from bank.
Start having a deep discussion with your spouse or any of your family members to convince him/her to be your co-signer based on his/her whole-heartedness.
Once you have one of following options done, request the bank to review your application as well as for a lower interest rate and affordable repayments.
Q. My credit score is terrible bad - for instance, lower than 500, and I know getting low interest personal loans are absolutely impossible from traditional banks. Any hope in getting a financial solution from somewhere else?
A. Many would advise you not get personal loans from non-bank lenders when you have a bad credit because of the high interest rates applied. If you're not financially fit - meaning that you are not under employment or do not have any additional personal funds, you would likely to have difficulties of paying off the loans as agreed.
Most people would normally shop around for a lower loan cost and they dedicatedly spent hours of research to look for affordable loans from reputable lenders. Follow the same trait of scouting for reliable lenders by checking out their business via Better Business Bureau (BBB) directory.
Take note that the interest rate or annual percentage rate (APR) of a bad credit loan is always higher than conventional one.
Q. Many private lenders have been offering low interest personal loans for people with bad credit on the Internet. It's often to see many online advertisements stating attractive offers like "Get Fast Cash Advance", "Need a Fast Loan", "Quick Cash Loan" and etc. Should I go for it now?
A. Some private lenders have often misled consumers through online advertisements and deluding them into thinking that they can obtain such loans easily. Therefore, you need to search for more constructive reviews from BBB as well as other online portals - online forums, blogs and social networking sites.
Once you have done all the research online, don't hesitate to contact the lender for loan availability. If it's not available, repeat the same search process until you've finally found the right lender.