When you apply for a personal loan, what interest rate should you look for?

Answer 1

the lowest one you can get

Answer 2

1

Answer 3

You want to be concerned with all of the terms, not just the interest rate. A twelve percent rate may be better than ten, depending on the other terms.

Your key document to understand this is the Truth in Lending. If you get a loan at 12% with zero loan costs, your rate is 12%. If you get a loan at 10% interest for one year, but the loan costs amount to 3% of the loan, your interest rate is over 13%.

If you borrow $100, but have to pay 3% up front, the TIL says you're really borrowing $97, and paying back $110 (100 +10%). You're paying back 113.4% of what you borrowed, compared to $112 with 12% and no loan costs.

Understand the TIL. Interest rates alone are not the whole story.

Answer 4

A loan should be looked at like any other "product", you should shop around, in the case of a loan with several lenders, and go with the best offer, i.e. lowerst interest rate.

Answer 5

Look for the lowest rate possible, for the shortest term.

To search interest rates, go to www.bankrate.com

:)

Answer 6

8 to 9%. from a bank. there are banks that have rates of 18 to 27% that is to high. seach around for 8 to 9.

Answer 7

You want the lowest it can be, but must consider what type of loan you want, any pay off penalites, PMI required, and a host of things to consider.

Answer 8

first of all, you're "scam bait" if you're doing this on line. it truly is about the most stupid element you would possibly want to do. if you're actually not likely to a common lender, you're begging for difficulty.

Answer 9

anything under 10% is good