Question : Where can I get a personal loan for a very low ineterest rate?
I want to get a personal loan for about $5000.00 and want a low interest rate. The banks are around 12%, which is too much for me to pay back a month. Does anyone have any suggestions?
- asked by Dawn R
All Answers:
Answer #1
If you are not currently a member of a creditunion you may want to check it out...Credit unionsrequire that you have some membershipqualification such as you have a family member inthe military or that you live in a certain county,but ask around they often have more cunsumerfriendly rates
- answered by monkey
Answer #2
The only place I could even imagaine that wouldgive you a lower interest rate than that for anunsecured loan would be family or friends. Banks,credit unions, etc. are,at the minumum,11.50% forA credit with established credit. Good luck.
- answered by Mary G
Answer #3
We work with a partner that offers unsecured loansstarting at 6.5% but you have to have a very goodcredit history - a credit score of 700 or above. Also the loans start at $10K so I don't know ifthis would help.
- answered by pioneerlendersmod
Answer #4
There are 2 types of personal loans – securedpersonal loans and unsecured personal loans.Secured personal loans require you to pledge anyof your assets like you house to the lender ascollateral. Many people choose this type of loandue to many benefits like lower interest rates,long repayment time and easy terms and conditions.But your asset is under threat if you cannot maketimely payments. Your asset can be taken over bythe lender and thus you lose the possession ofit.Unsecured personal loans do not have any risksince you are not pledging any asset. But you paymore interest due to higher interest rate, shortrepayment time and rigid terms and conditions. Ifyou are a tenant or homeowner who does not want totake the risk with your property, choose this typeof loan.
- answered by hendy h
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