Low Interest Loan

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For a low interest rate, look at the APR and be sure to add on any payment protection insurance for a true assessment of the cost.

In an ideal world, loans would be clear cut - the one with the lowest quoted rate would be the one to go for. But we don't live in an ideal world as the lowest quoted rate might be introductory rate. What matters is the APR (Annual Percentage Rate), which is a rate including all charges you might have to pay across the entire term of the loan. It's the best judge of whether a loan can really be called a low interest loan.

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Don't forget to add on a premium insurance package if you're borrowing for any length of time, or if you have any reason to be worried about your future ability to pay. And let's remember the fact that the interest rate quoted isn't necessarily the one you'll be offered. The process of credit scoring means that as an individual you will be offered a rate matched to your circumstances - and that rate may be a good bit higher than the "best" rate shown in promotional literature. So what looks like a low interest loan when quoted in the literature might be beatable.

Now you get an idea why not to trust the numbers, and to shop around. There are low interest loan products and there are deals on offer that beat other deals. But you will have to put some effort and speak to a financial advisor. Also don't be afraid to apply for loans and then not sign the papers, that's often the best way to find the exact figure you're expected to pay. Get a quote with us, its absolutely free.

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