Does the lowest personal loan rate hide higher fees and charges?

There are just so many personal loans out there on the market. It’s confusing. Especially when there are so many factors to consider in finding your best personal loan. How do you even begin to choose the one that’s right for you?

The answer to finding the best personal loans depends on three simple, yet crucial, steps:

  1. Taking full account of your current situation.
  2. Comparing personal loan interest rates.
  3. Then comparing fees, charges, rules, terms and conditions.

Yes. You must do each one, because a low interest loan might actually be a high overall cost loan. In short, low interest loans are not always the best loans for your circumstances.

Remember, if a company offering low interest loans makes it tricky to understand and compare their rates and fees with their competitors, that’s a sign you need to look very closely.

Or you could try Rapid Loans, we make it easy for you to compare all our options and choose the best personal loan for you. Consultants are always on call and ready to answer any tricky question.

Low rates can mean unexpected surprises

The best personal loan for you and your individual needs simply cannot be bought ‘off the shelf’. People regularly run into difficulties when their loans are structured one way but their lives are pushing another.

In the three-step process of comparing products to find your best personal loan, the important things to watch for are:

  • early payment rules
  • lump-sum payment penalties
  • upfront charges
  • ongoing costs
  • fine print in the contract.

When you need more advice, a Rapid Loans consultant will be waiting on the line to talk you through the process.

We will guide you in considering things like the amount you’d like to borrow, the assets you have, the other loans you have and whether you are likely to receive sudden amounts of cash – say end-of-quarter company bonuses or gifts from family.

We will then build a loan and loan repayment plan to match your individual circumstances.

What the lowest interest rates hide

Very often, loans providers offering you the lowest interest rates won’t be offering you much of a saving overall.

The savings these providers deliver in low interest rates they make back in higher administration fees, more upfront charges and complicated interest calculations and other penalties in the terms and conditions.

Want to find out more?

Someone to answer all your questions is already waiting.

Our personal loans experts want to make sure you get the right answer.

Talk to someone who’ll listen on 1300 727 431, or request a call back.

Or simply apply now.

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Katrina, Redan

When it came time to move into a new property, I knew if I saw something I liked, I’d need to come up with the money for a bond very quickly. So when I found my ideal property, I also found Rapid Loans online and it was an even quicker process to get the money I needed for the bond. I’d never borrowed money online before, but if you need cash quickly, I’d recommend Rapid Loans as your first click.

Alex, Sunshine West

I had a few unexpected bills to pay off and I needed a bit of extra cash fast. I couldn’t believe how quick the whole process was with Rapid Loans – from applying for some extra cash to actually getting it in my bank account. Now I can pay off my unexpected bills in my own time, knowing exactly how much my repayments are

Christina, Mawson Lakes

I needed some money to pay off two smaller loans and part fund a family trip to the Philippines. I was blown away by how fast and efficient Rapid Loans was, always keeping me in the loop during the process and making me feel like I was their only client. A big thank you to Rapid Loans for their excellent service

Kim, Caloundra

We got to the stage where one car was just not enough for us with everything we needed to do during the week and on weekends. So I applied for loan with Rapid Loans to buy a second car and I couldn’t believe how easy and simple it was to secure the funds we needed. Our repayments are all structured and we know exactly how much we need to pay off and now we have the second car we desperately needed. Would I recommend Rapid Loans to friends or family? Well I already have!

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