Choosing the Right Loan

Those who are searching for competitive personal loans must at least have these things to consider:
Interest Rate ・The lower the interest rate that is given to you, the better. Of course, not all rates are available to every borrower; those with good credit records will normally be given the best deals. Different lenders use different ways of calculating the rate of interest, and these can lead into different repayment schemes. It would be wise to use as comparison the APR to avoid interest distortions.
Repayment Period ・If you're set on a long-term loan, you will have lower monthly repayments. Nevertheless, this means that you'll also be paying interest for a longer time, making your cost of borrowing actually higher.
Repayment Penalties ・Some lenders penalise borrowers for paying off their loans earlier than the term of repayment, so make sure you read the small print. This can reach up to two months' interest. Repaying your loan earlier than agreed upon can save you a lot of money in the long run.
Fees ・There are lenders who will charge an application for securing a loan. This is not common practice, though, and other lenders do not practice the same method. On the other hand, if you've a bad credit record and cannot find a loan anywhere else, this is what is left to choose.

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