Thursday, May 1, 2014

Unsecured Loans - Money-Saving Concept Explained

What happens if you need a set of furniture for your living room, another outfit for work or leisure, or a new car? You go shopping! You do not just buy the first thing you see, whether it is a polo shirt on sale or an expensive appliance; instead, you go store to store, looking for items on sale, negotiating discounts with salespeople, and choosing what is best for you. It all sounds very logical, yet most people do not exercise the same approach when they pick unsecured personal loans. Interest charges that you pay over years add up to hefty amounts and price-conscious loan shoppers are often able to save on interest and charges hundreds or, sometimes, thousands of dollars. You could use those savings to spoil yourself with many nice things or just put them aside for emergencies.

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Shopping for Unsecured Loans Is Like Shopping for Everything Else

Loans are products, like cars, clothes, and groceries and lenders are retailers, offering these products. While lenders follow similar pricing strategies, i.e. interest charges and fees, competition forces them to operate in the same way like stores do - to attract consumers with better offerings. Many people do not think of loans in such way, and their loan-shopping experience is commonly limited to a trip to the bank where they have their checking and savings accounts. While your bank may value you as a customer, they may not offer you the best rates available in the lending marketplace, often making you overpay for using borrowed money. To avail from better terms and to save some money on interest, you should shop for loans as you shop for everything else.

Interest Rates and Loan Terms Depend on Many Factors

The major difference between regular shopping and shopping for loans is that the cost of latter is comprised of many individual factors. When you go grocery shopping on Sunday, you get the same price for a can of beans or for a bottle of soda, no matter how much money you make, how long you stayed with the same employer, and how good your credit score. With loans, it works differently. If you see a supermarket advertising chicken on sale for 69 cents a pound, you can walk in and get it; however, if you see a 6.9% APR on a bank flyer, it does not mean everybody walking into a bank branch would get the same rate, as loan terms are always a subject to many conditions. Lenders consider many factors before presenting you with a loan quote, as they assess your financial stability, credit quality, and repayment ability. Therefore, your individual loan quote is usually different from what bank advertises, unless you have a stellar credit record.

Getting Best Rates Is Not Complicated

Many people would like to know how to find out if they received the best possible terms, if loan rates are calculated using complicated formulas. The answer is very simple: get the loan quotes from multiple lenders and pick the one that has the lowest borrowing cost and the most comfortable repayment plan. Online presence of lenders enables you to apply with few clicks of a mouse and get loan offers almost instantaneously. Moreover, applying at different places does not obligate you to anything. Until you sign the loan agreement, you do not have to accept the terms proposed by a specific lender. So, go online, apply for loans, and compare loan quotes side by side to make an educated decision that would save you a good deal of money for years to come.

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