If you are thinking about applying for a personal loan, follow these steps to get the cheapest personal loan possible:
Step 1: Review your credit score and correct any and all errors that might be present. Errors can reflect negatively on you and a cheapest personal loan may not be forthcoming.
Step 2: Ask your boss for a raise or promotion. These are great indicators to the credit bureaus and the lenders that you are serious about succeeding.
Step 3: Make sure your bills are paid and, if you have the time, spend 3-6 months paying them in full, on time.
Step 4: Start searching for the cheapest personal loans on the market. Keep an eye on interest rates because those will fluctuate with the state of the economy. Watch for interest rates to fall.
Step 5: Shop around aggressively to find a few different rates. Then find the cheapest personal loan rate on offer and bring that information into one of the higher rated loans. Point out that you found a great loan and offer them the chance to beat it. If they say yes, then you have definitely found the cheapest personal loan. If they say know, you still have the cheapest personal loan you can find.
Here are a couple of additional tips to help you get the cheapest personal loan:
Offer a down payment and see if the interest rate will diminish because of the down payment.
Secure the loan with a tangible asset, which might lower the rate even further.
To get the cheapest personal loan available, you have to present a good picture of someone who is a great borrower. A great borrower is someone who pays promptly, makes good money, and is stable. Present that kind of picture to lenders and they will be falling all over themselves to offer you the cheapest personal loan they can.