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Saturday, January 31, 2009

Basic Tips On Getting Cheap Loans Online

By James O' Reilly

Here are basic suggestions on researching secured and unsecured loan deals online:

- If you're looking for a personal loan do not make multiple enquiries to different lending agents in a short space of time; this may have an unfavourable affect on your credit rating.

- Overpay your finance deal if you can do so without penalty, especially if your repayments are re-calculated week-to-week or month-to-month. This means you will incur much less interest over time, and get peace of mind sooner. Get your outstanding loan amount down, and get on with the fun things in life. If you have a few small loans with various lenders then you can combine them all into one monthly repayment. The easiest way is to get a low-cost loan to pay off dearer ones, such as credit card debts.

- It's important to comprehend every word of your loan contract before you sign, including terms and conditions, because a loan deal may become too dear by adding APR and additional fees.

- Brokers will accept some customers with a lousy credit history; it depends on their own internal credit-scoring system. There are financiers who charge fairly low rates of interest. You simply need to fill in a basic application form. To ensure that you are getting accurate quotes, fill out the form as thoroughly as possible BUT without making yourself a target for identity fraud (hint: they don't need your mother's maiden name or your exact date of birth!) A slight difference in revenue or employment dates can reduce or increase your interest rate.

- If applying over the internet, you should not have to cough up for processing fees, as there is little manual labour involved. You can cut out a lot of time and money in the approval process. Research lending agents. Only by requesting quotes and comparing the fine print can you be sure of getting the best rate. With some web sites you can make side-by-side comparisons, while other web sites will email you multiple loan offers.

- All enquiries for your credit report within a 14-day period will count as one inquiry if you are looking to refinance your home, a mortgage, a home equity loan, or a car loan. Such loans are collateralised by valuable property. If you are looking for a _personal_ loan or credit ATM card, however, each inquiry will be counted separately. The loans are not collateralised by valuable property, so are more risky for the loan provider.

- Verbal quotations aren't worth the paper they are printed on; get them in writing, and get two or three. You may improve your credit ranking by only having one or two credit-cards and paying them off in good time. Get rid of lines of credit you do not need. The smaller you can make your loan, the better. Loans, like credit cards, are an expensive way to get money. If you can beg or borrow from friends or relatives to bulk up your cash-at-hand, do so. You'll feel a lot happier if you're only paying a few hundred, rather than a thousand-plus, a month.

- If you have okay credit and are generally a good candidate for a loan deal, web companies will be keen to offer you a minimal rate and the best terms possible, so as to get your business. Interest is, however, only part of the overall picture. So when comparing internet lenders, be sure to ask about prepayment penalties, closing costs and other aspects of the "small print". It's important that you get everything in writing. This is good fiscal practice in general, but it's especially important with large monetary deals.

I hope these few basic tips will help you in getting a worthwhile internet loan deal.

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