Low Interest Loans
How to pay as little as possible for your loan
Low interest loans are the Holy Grail for borrowers: the higher the interest rate, the more your loan will cost you. In some cases a loan of a few thousand pounds could come with hundreds of pounds in interest charges, so it makes sense to do your homework.
We all need to borrow money from time to time, but why should we pay a fortune for the privilege? If you shop around there are plenty of low interest loans on offer, and if you do your homework it's easy to find a loan that won't charge massive interest rates.
To benefit from low interest loans you need to do two things: find out how to get the best possible rates, and shop around. You'll find that loans for less than £2,000 tend to incur massive interest rates, while the best rates are for loans of £5,000 and above. Unsecured personal loans are usually cheaper than secured ones, while the most expensive loans of all are those offered to people with bad credit ratings and CCJs. Few lenders will consider sums lower than £1,000 – credit cards with a 0% introductory APR are a better bet for smaller sums – and if you're buying a car, you might be able to take advantage of a 0% finance deal.
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