If you’re considering borrowing money, it’s important to compare the places where you’re going to be borrowing from. Some places offer better terms and interest rates than others. Here are the 5 main steps to take in order to compare personal loans and to ensure that you select the right choice for you:
Step 1: Be sure to get an understanding of the kind of personal loan you’re getting. Are you getting a secured or unsecured loan?
Step 2: Watch out for the terms of the loan. Shorter term loans have higher interest rates than long term loans.
Step 3: Find out what the APR will be. This will determine the amount of interest you pay on your loan based on every $100 borrowed.
Step 4: Find out the fees of each lender.
Step 5: Do the math on the personal loan rates and find out which one has the lowest fees.