How To Comparison Shop For The Best Personal Loan

When you are in the market for a new car, do you buy the first one that you see at the first dealership you visit? If you are shopping for a big screen plasma TV, do you buy the first one you see at the first electronics outlet that you visit?

The correct answer to those questions is obviously “no”. When you are shopping for a car, even if you know the make and model of the car you want to buy, you shop amongst various dealerships, possibly even checking things off on an exhaustive checklist to make sure it has all the features that you want, then you spend countless hours haggling with the dealer to make sure you have the best possible price. When you shop for that big screen plasma TV, you look at the sizes, the brands, the warranties, the prices, the rebates, and choose the one that represents the best financial deal possible for you.

But it is very interesting to note that the majority of consumers do not put forth the same amount of effort or diligence when shopping for the best personal loan. What makes this even stranger is the aspect that the difference between two different personal loan programs could potentially add up to hundreds and even thousands of dollars over the term of the loan.

When you are looking for a personal loan, you have a lot more choices available to you than you probably even realize. Of course, you understand that you can get a personal loan from your local bank or credit union, and yes, they sometimes have a “sale” on personal loans with very aggressive rates. If your credit is less than stellar, or let’s be frank, if you have bad credit, you can usually get a personal loan from a finance company, although the interest rates are not going to be anything to write home about.

You may even have a well-off uncle or parents who will loan you the money you need at an excellent interest rate or perhaps no interest rate at all. If this option is available to you, it is probably worth pursuing for your economic benefit.

But one of the places few people check out is online personal loans. Perhaps there is a mystique about doing an online personal loan, with visions of shady characters in a 9th floor apartment answering the phone and looking online with old laptops. But nothing could be further from the truth. Many companies have ONLY online loan divisions, and many companies who provide loans as part of their core business are creating online divisions to handle the online inquiries.

Getting a loan online is certainly worth your time and effort to investigate and evaluate when you are doing your comparison shopping. Due to the very low overhead of an online loan company compared to their brick and mortar counterparts, they usually pass on those savings to you in the form of lower interest rates and perhaps even longer terms.

When you are comparing your personal loan options, be sure to look of course at the interest rate being charged. Make sure that you are comparing apples to apples, since the loan payment on a 36 month loan will be obviously higher than the loan amount on a 48 month loan. Also make sure that there is no pre-payment penalty or any penalty for paying off the loan early.

If you are willing to put the same amount of diligence into shopping for a personal loan that you do when shopping for other things, you can save a lot of money, which makes the time you invest into the process more than worthwhile.

Personal Loans – Travel Smart

With the ever expanding lending market catering to almost every kind of loan, it is now possible to get financial assistance for almost every conceivable thing that the human mind can think of. And, that includes holidays. So, if you have been postponing some very deserving R&R plans, then you can now take advantage of the present situation.

It is up to you what kind of loan plan you prefer to take. Ask the financial advisers of the bank or lending society to find out the best personal loans deal for yourself. You may even apply online and compare the different APR rates provided by different companies. Most sites also offer a budget calculator that you can use to calculate how much the loan is going to cost you. That way you have a clear idea about how much money you will have to pay at the end of each month to the lender.

Now, that you know where the money is going to come from, lets focus on how to make your trip comfortable but economical at the same time. Money flows like water in most overseas trip. But, the following tips might just help you stretch your cash for an extra mile.

Shop around for good deals

Look at this as a warm-up run. Hunting for good bargains is a knack that everyone should master. Go online and search extensively for good deals on air fares and hotels. Check out offers from consolidators, travel agents and web sites for more ideas. Even if you are going for a package tour, hunt out cheap bargains. If your trip is more flexible, then you can book directly with the airlines or hotels.

The destination does matter

You can make the most out of your money from the personal loans by going to a destination where the exchange rate of the pound is high. Not only will you have a luxurious trip (which may not be possible in a Euro destination), you can also pick up on amazing bargains. Bangkok, India, China, Sri Lanka, Maldives and Mauritius are some good options that you may consider.

Rent an apartment

If you intend to stay or a week or ten days in one place, or want to make a particular place your base point, then think about hiring an apartment. Not only will it be cheaper, it also allows you to get a feel of the place where you are staying. After all, your personal loans are to be repaid, so every dime counts. For example, in Goa (India) most locals rent out portions of their home to tourists. And, in some instances, the landlord may offer you the use of his bike too.

Eat right

One of the best way to budget you cash stow is to eat like the locals. Give expensive food joints a miss or visit them only twice a week. Savour the local delicacies but do take care to drink only mineral water.

Shop smart

I ask you, what is a trip without some retail therapy? Shopping for local curios, clothes and accessories is part and parcel of every trip. But, the trick is to do it without burning a hole in your pocket. Firstly, give stalls around tourist spots a miss. Go to those places where locals shop.

Cash or credit?

This is one tricky question. I feel that one should carry a credit card with oneself for emergencies. But, do not overuse it otherwise you will be in debt and then you will have to take another personal loans deal just to pay off your bills. Use your credit card to pay for tickets, hotels and other big expenses. For regular expenses like travelling and sight seeing, use cash. Also remember that all places may not allow you the facility of using your credit card. If possible, withdraw a large amount, as in enough to last you for a week. This way your bank charges on ATM withdrawals don’t add up.

Don’t throw away the receipts

In case you have shelled big bucks on your shopping extravaganza, there is a possibility that you will be paying huge VAT taxes on them. Depending on your destination, you may be getting a refund on the value added taxes that you paid. So, save the bills.

And, last but certainly not the least; buy a guide that is suitable to your travelling plans and budget. Lonely Planet guidebooks are the best bet for budget travellers because it gives you excellent information about native haunts, cheap eateries, and local amusements. Because, after all if you are taking personal loans to fund this trip, you might as well make it worth while the cost.

Personal Loans Are a Great Solution For Money Woes

If you are suffering from money woes, then it may be time for you to look into personal loans to help you out. These loans are great for those that need extra cash; yet do not want to be tied into anything complicated. A loan like this is great for a student, or someone with a lower income as you can choose to take out a very small sum of money if you want. Many lenders today offer very competitive packages as a form of incentive to sign with them for the loan you want. These incentives do actually help you in the long run, and they can actually save you money as well.

Get Your Paperwork In Order

The first thing you are going to want to do when you are going to apply for personal loans is to get all of your information together. This will help you in the whole application process, and it will also make it easier for the lender to come to an answer on whether or not they are going to grant you the loan. Any debts or bills should be accounted for, and all of you personal information such as banking and employment history needs to be handy as well. This makes the whole process run smoothly, and you will find that it will make the lender far less weary of you if you are prepared. Knowing what you want is always a good thing, but having everything in order to get what you want speaks volumes. Take the time to get it right, and save time in the future while shopping for a loan.

Online Shopping Is Quick

If you are going to shop for personal loans, the best way to reach as many lenders as you can in a very short amount of time is to shop over the Internet. This powerful medium for shopping allows you the chance to shop comparatively, and to pick out the best bets for you and what you need. The fewer lenders you have to weed through, the more time you are actually applying. Be sure to use appropriate keywords in your search on the web, as this will also help minimize the amount of sifting you have to do as well. By using keyword specific to what you are actually looking for you could save yourself a great deal of time during your shopping for the right loan.

Paying Back On Time

One of the most important things to remember about personal loans is that paying back the loan on time is imperative. You need to be sure at all cost that you make the payment on time and as specified by the lender. This will eliminate any troubles later on down the road with your credit, as the major credit agencies are in fact monitoring what you are doing with that loan that you took out. Paying back on time is also a great way to ensure that you are clear to peruse another loan in the future.