When you experience a situation that leads you to make the decision of borrowing money in the form of official loans, you might get worried about paying it back on time. However, your worries can be intensified if when you have to pay an APR on it that is even higher than the amount of your loan. For example, say you got a loan worth $1,000 that has to be paid back in a period of a month. Now, if the APR on it is 34 percent or more, than the amount that you need to pay back increases quite widely and the loan can put you in a loss. And so, in this article we are going to be looking into personal loans with low interest rates for those of you who wish to get personal loans from the best companies out there without having to pay them back with an arm and a leg!
Personal Loans with Low Interest rates
When we mention personal loans with low interest rates we basically refer to the loan term that comes with annual percentage rate that is commonly called APR. Now in this article we have set an APR limit that we consider is a low interest rate; 12 percent or less. A low interest personal loan works similar to all other personal loans you can get. A personal loan in general is a type of loan that is applied for personal reasons such as entertainment, covering expenses, travelling, debt consolidation and more. This loan, just like any other loan has to be paid back with an interest and a fee that is generally applied by different companies. Personal loans with low interest rates just cost you less and in order to qualify for a low interest personal loan, your credit score is the most important aspect. Many companies will give you personal loans with low interest rates If your credit score is above 720. The following are various companies that can help you then:
- You can apply to Prosper online lending company to get a loan up to $35,000 with an interest rate that begins with 5.99%. You must have a credit score that is equal and above 640 and you can get your loan in 1-3 working days.
- Then comes Even Financial Personal Loans that offer you a starting APR of 4.99% with a maximum loan amount of $100,000.
- Opt for Laurel Road Personal loans that offer an APR of 5.50% APR on loans and let you borrow a maximum sum of $45,000.