Need a little financial help to get you through some difficult times? Then, you need a personal loan. Your best option is to go for personal loans with low interest rates because these rates are the most important aspect of the overall cost of a loan. The lower the interest rate, the less you eventually pay for your personal loan. So, if you’re looking for information about personal loans with low interest rates, you’ve come to the right place.
Understanding Personal Loans with Low Interest Rates
Personal loans with low interest rates are commonly known as low-interest personal loans, which come with an annual percentage rate (APR) 12% or below. Other than the low interest, these loans work in the same way that an average loan does; you borrow money to cover some expense and pay it back to the lender with interest and other fees. However, the overall cost is lower when it comes to personal loans with low interest rates.
You need to meet certain criteria when it comes to any kind of loan, but personal loans with low interest rates usually require a credit score of more than 720, along with a strong financial history. Furthermore, you are unlikely to get a large loan with low interest rates, simply because that is not profitable for the lender. If that’s not what you’re looking for, you can go for secured loans. You can also borrow the money you need from peer-to-peer lenders or credit unions, which usually give lower interest rates compared to direct lenders.
Personal Loans with Low Interest Rates Providers
Three of the best options for personal loans with low interest rates are given below:
- Even Financial Personal Loans
This is the best option when it comes to low interest rates as you get a starting APR of just 4.99%. The minimum amount you can borrow is $1,000 while the maximum is $100,000.
- Laurel Road Personal Loans
With a starting APR of 5.5%, a minimum loan amount of $1,000 and a maximum loan amount of $45,000, this is another great option.
Then there is Prosper which gives you a starting APR of 5.99%. You can borrow any amount between $2,000 to $35,000.