Getting the best deal is always the first preference no matter what. Even when we are planning to opt for personal loans, we want the good deals. If you are worried about your personal loan rates being too much to afford, then here are some basic tips that can help you out. Personal loans, generally, have high interest rates, which can be quite intimidating for some individuals. If you are finding for personal loans Philippines lowest interest then keep on reading…
- Go for seasonal offers – Every year, some or the other offer comes in picture during special occasions. With so many companies and banks offering loans, professionals are trying hard to attract customers due to which there are special seasonal offers when it comes to personal loans too. If you happen to spot one then take advantage of it. Make sure you research well about the offer before finalising.
- Use your credit score for bargaining–If you have an amazing credit score, then that can be your strong point to get a bargain. If you have a bad credit score, then you won’t be getting the deal you want. But if you have a good credit history, then why not make use of it? A lot of companies that offer loans or banks like RCBC personal loans provide some advantages to those with a high credit score. So, make use of it and bargain well when you are finalising your loan plus the interest rates.
- Maintain your score – Even after you have gotten the loan, make sure you maintain your credit score. Sometimes, banks do negotiate on the final or the last repayment account. Avoid little mistakes like a bounced cheque and not using your savings account at all or opening too many accounts at once. If you are going through financial issues mid way through the loan period, then some banks make exceptions for customers, who have been paying the repayments on time. They might not charge you a penalty or it might not be way too much.
- Opt for diverse options – If your bank is not ready to settle with the deal you want or anything close, then go to a company that provides loan. You can also opt for other options like taking a personal loan from a goldsmith where in you can keep gold in exchange. At such places, you can get low interest rates.
- Check the interest beforehand – Don’t ever get carried away with a low interest offer, make sure you check details first. A lot of companies might give you low interest rates but there might be many hidden fees and prices. Make sure you calculate the interest rate beforehand along with the instalments to make sure you know what you are getting yourself into. If you don’t need a huge amount and you can adjust with a small amount, then go for a small amounted loan to save some money on the interest rates and also repayments.
These basic and smart tricks will help you get the best deals on your personal loan.