Low-interest loans are like unicorns – everyone knows what they are, but no one has actually seen one in person!
Borrowing money is something no one ever wants to do, but everyone needs to do sometimes. If you need some extra cash, you need to stay far away from ultra-high interest rates of payday loans, and find the lowest possible APR.
Easier said that done, right?
Common Loan Options
When it comes to paying a bare minimum of interest, nothing beats borrowing from friends and family. You get lower rates (as low as zero, depending on how nice your family is) very reasonable repayment options, and no harassing debt collectors.
In all seriousness, a person to person loan is the simplest and cheapest way to borrow money. Since most of us don’t have that option, you need to start vetting the different lending institutions.
There are literally hundreds of private lenders and big banks that would like your business. It is just a matter of finding the best and most convenient low-interest loan you can.
For the Lowest Low-Interest Loans
For a truly low-interest loan, you will need to go through the formal process of applying at a bank or a credit union. When it comes to being mindful of costs and overhead, you simply cannot beat the big banks.
There are a lot of problems with banks, of course. They take a very long time, require a mind-boggling amount of paperwork, and dig deeply into your credit history. You have less of a chance of being approved, and the process takes a while, but this is still the best course of action to find the lowest interest rates.
If you have other considerations – such as needed the money very quickly, or having a toxic credit history – you may need to broaden your scope.
Installment loans from NSL have locked-in interest rates that never change. These are not low-interest loans, but they are fast, convenient, and available to everyone.