Cheap Personal Loan

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With rates from 5% you can have a £2000 holiday for only £200 of borrowing fees. With such benefits, your overall choice of lending includes credit cards and flexible banking.

You would have thought that borrowing money was as simple as looking for the lowest possible APR. Often that's true, but there are other factors too. Here are a few pointers to getting a cheap personal loan.

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If you're borrowing to start a company, then you should go to your bank. Not only will the cheapest lenders refuse you, but also you need to become close with your bank manager when you go into business.

In general banks are oddly not the first place to go if a low APR is all you want. Because of the intricacies of credit scoring and personalised quoting plus their overhead in branch expenses, bank rates are usually high. For a really cheap personal loan deal, check out the newer breed of financial provider, especially at lower borrowing amounts. This includes the many Internet lenders and supermarkets that provide loans.

You should also investigate offsetting or flexible accounts. This is where you can offset borrowing interest against your savings and often attach your loan to your mortgage. Similarly, if you have equity in your home, a cheap personal loan solution might be a homeowner loan or an extension to your mortgage.

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