Walk into your local bank and you will see the interest rates that they are advertising for a mortgage. They are at all-time lows. The problem is, of course, that barely anyone qualifies for them anymore. The restrictions are so high, the amount of money you must put down so high, and the amount of paperwork so length, that almost no one qualifies. The same is also the same for a personal loan rate. The rate is low, but the loans are scarce.
If you have money in the bank already, then you know that you are also affected by low interest rates. You may pay a low personal loan rate, but the rate you are making on your savings is even lower. So, no matter what you do, you lose.
When you are looking for a loan, it is important to look at the rate, but it is also important to look at other factors. For instance, can you pay the loan off ahead of time without a penalty? Many companies will put a clause somewhere deep in the paperwork saying that you have to pay a penalty if you decide to pay off the loan early. This will hurt you in the long run, so make sure you can pay off your loan should you decide to.
Also, keep in mind that your personal loan rate will not include any fees, penalties, or application charges that the bank or institution may put on your account. A traditional bank may charge you a fee just for applying, so be very careful when you sign anything.
Getting a loan is difficult business these days, and you must always be wary of any offers that come your way. With all financial decisions you make, buyer beware, and never borrow more money than you actually need.
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