You would probably do the following when you're planning to get information about "low interest personal loans" - you would look for private lenders from classifieds or Yellow Pages, or ask around friends and family members who have been through the same search process. These particular search methods would consider unproductive as it would consume most of your quality time looking for suitable low interest loans - not to mention the successful rate of getting a suitable lender can be indeed low.
The search process can shortened through smart Internet browsing - you need to know how to look for suitable lenders, filter out irrelevant contents, and look for appropriate low interest personal loans by selecting the right loan package.
How about the chances of getting low interest rate personal loans online? Do lenders approve loans fast online?
That would be a different story. There are a few things that you should know in order to find absolute answers to the questions above.
1. Many private lenders advertise their lending services directly or indirectly on the Internet
Normally, private lenders directly advertise their services online through Google AdWords which means that their ads would appear on Google search results page. For example, when you Googled "low interest personal loans", you will see some relevant ads on the search results page.
As for indirect advertisement, some people would write reviews about their personal experience with private lenders through forums, blogs and other internet resources. You can exactly get some important points from their experiences - i.e. the interest rate or annual percentage rate (APR) of loans offered by specific lenders as well as lenders' dependability; which these points can possibly increase the chance of looking for the right lender.
2. There are many sites which dedicatedly provides access to several reputable lending partners
These sites are not actually loan providers - they provide a platform where you can possibly seek personal loans from several reputable lenders. You don't have to go to several lenders at different times as your loan application can be directed to suitable lender. One of the sites like E-Loan.com, you can possibly get a custom rate for your personal loan when you have at least a 'Fair' credit score - from 600 to 660 FICO score.
To get low interest personal loans from these online platforms - the higher your credit score, the higher the chances of getting such loans.
3. Non-traditional lenders don't approve loans as fast as you think
Don't be misled by many advertisements stating that non-bank lenders grant low interest rate personal loans without reviewing much on applicants' financial background. Highly reputable lenders are reviewing their applicants' current financial status including their credit scores, yearly income, and other supporting details that can increase their chances of getting such loans like their assets, or additional information of their co-signer.
Therefore, if you don't have a high credit score - your only chances of getting low interest person loans is by putting up collateral or having a co-signer to support your loan application.
Always remember that there are risks involved when you're unable to pay off your loans as agreed. Don't apply a loan if you couldn't afford to pay it back or else, you'll pay for the consequences of your irresponsibility.