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How to Find The Best Personal Loan to Pay off Your Debt Fast - Metro US

How to Find The Best Personal Loan to Pay off Your Debt Fast

Financial advisor consulting new clients
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The average credit card interest rate is more than 17%. For those with bad credit that number jumps to almost 25%.

Anyone with interest rates that high knows paying off debt can feel nearly impossible, especially when juggling multiple credit card balances. That’s why finding the right personal loan can be a game-changer.

But there’s no one place to find the best personal loan. Lenders have varying requirements for approval and finding the right one can feel so overwhelming, many people stay trapped in debt. 

 

Where is the Best Place to Get a Personal Loan?

Finding the best personal loan used to involve entering the same information on several lender’s websites and hoping there’s no better rates from lenders you haven’t heard of. And in the end, most lenders reject a majority of applicants making the process unnecessarily time and energy-consuming.

Fortunately, technology has made that process much more streamlined. Especially with the creation of Fiona.

Fiona is a free search engine for financial services. It searches top providers to determine which lenders are most appropriate for you and reaches out to them in real-time to get personalized loan offers in less than 60 seconds.

Simply answer a few questions and Fiona sorts through APR, terms, speed of approval, speed of funding and if you actually qualify for the loan, to show you offers without affecting your credit score.

 

How to Qualify For the Best Personal Loan Rates

If you’ve tried Fiona and didn’t get pre-approved for the rates you were hoping for there are a few things you can do to boost your creditworthiness and see better offers.

1. Reduce Repayment Length

When you choose a longer repayment period you’ll often be saddled with a higher interest rate. That’s because in the eyes of a lender, the longer the term of your loan, the more likely you are to default on it. 

2. Improve Your Credit Score

Get your free credit report from all three credit reporting bureaus and make sure they’re free of mistakes and errors. Once that’s done the single most influential factor in raising your credit score is simply paying your bills on time followed by keeping debt balances low. 

3. Only Borrow What You Need

Lenders see larger amounts borrowed as a higher risk for default and in turn, charge more in interest. Take out only what you need in order to qualify for a lower APR.

4. Show Stable Employment and Repayment Potential

Lenders look at how much you earn and your job volatility to determine how likely you are to pay back your loan. A positive financial situation can oftentimes lead to a lower interest rate.

Don’t wait for your debt balances to pile up, improve your credit and find the best personal loan for you so you can get out of debt for good.

 

 

Eliminated high-interest credit card debt with a personal loan – save with a lower rate!

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