How to Find a Cheap Loan?
You need a loan and you are trying to compare providers to find yourself the best deal. Well, the less good news, is that, it is not always on the compare sites because they want to make profit from the deals you receive which you will pay their commission on top of the loan deal you apply for through them.
How to find a cheap loan? Glad you asked! You will need first to check the APR rate. If it is above 45% in short term loan or more than 20% for long term loan, RUN!!
If you have low income:
It is better that you take low amounts at a time for shortest time, mainly because you need to keep your income stable. Let's say you have taken a cheap loan and you will pay it back within 18 months. Do you guarantee yourself that nothing will come up within the next 18 months that you will need to finance above your loan? It is better to budget first how much you can afford and split it: repay the cheap loan with part of it and save the rest. Check your options with your local credit union first.
If you have a low credit score:
A loan for poor credit score is challenging, the high interest seems unavoidable. However, you will be able to check out for your best options and that you will need to get the best out of the best deal. Still, make sure you do not fall into the trap of long term loans with high interest, you might end up paying, unnecessarily, too much back.
Where do you search for a cheap loan?
Compare sites
My own bank
Friends and family
My local credit union
How to find a cheap loan, personal loan:
Finding a cheap loan is relative to finding a good lender that gives you a good APR rate compared to the repayment period of time. For example, an APR is 40% over 12 months, is relatively cheaper than APR 30% over 60 months.
The best first step to getting a cheap loan, is checking with your local credit union, if you live or work within our common bond area (Postcodes start with: FY1 - FY8, PR1 - PR9, PR25, PR26,
LA1 - LA4), then we are your local credit union. Our job is to give out a cheap loan to anyone in our community who needs it. The interest you will pay is only to cover operational expenses.
We also help you save while paying back your loan, you won't even feel it.
Learn more about how to use credit union to your benefit, check out our website for useful information: clevr.money.
