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Six Tips For Getting The Best Personal Loan For Consolidating Debts

Oct 30

       With personal loan interest rates being as low as they are now, it is a perfect time to consolidate debts. A personal loan can help you pay off your existing credit card debt and loans with lower monthly payments and save you hundreds if not thousands of dollars in interest.

       But getting the best personal loan for consolidating debts requires planning ahead – so don't wait until your credit cards are maxed out or you have missed a couple of payments before applying for a personal loan. Personal finance blog InnovativeFinance shares six tips on how to get the best personal loan for consolidating debts.

       1. Use the bank you already have an account with: Chances are that you've done some banking online already so visit these personal finance sites to compare personal loan interest rates from your bank. Keep in mind that you are eligible for personal loans with any personal worth over $1,500.

       2. Seek out personal loans up to $35,000: If your credit is not stellar, don't worry. There are lenders who will give personal loans up to $35,000 . The downside is that they have higher fixed personal loan interest rates so be sure that you can repay the personal loan within three or five years.

Reducing High-Interest Expenses With Personal Loan Consolidation Is a Great Way To Save Money Every Year

       3. Personal Loans With No Hidden Fees: Always start by reading through the terms and conditions of a personal loan before applying so you know what you are signing for. The best personal loans do not have origination fees, processing fees, personal loan late fees, personal loan pre-payment penalty fees, and personal tax service fees.

       4. Avoid Personal Loans With Prepayment Penalty Fees: These personal loans with no hidden personal loan fees can be very rewarding as you to repay them faster without the possibility of incurring personal loan pre-payment penalty fees.

       5. Get A Loan That You Can Repay: Make sure that your lender is flexible enough for you to pay off the personal loan within three or five years. If not, look for a lender who gives personal loans up to five years and regularly has promotions and offers for personal loans disbursement. Remember – the best personal loans don't have prepayment personal loan penalties nor personal loan personal tax service fees.

       6. Check The Personal Loan Promotions: Make sure that personal loan interest rates are within your budget because personal loans have personal finance fees. The best personal loans can give you a personal financial statement in about 15 minutes to help you market worth out if the personal loan is right for you.