Where can I get a low fixed rate personal loan

[Purple999Red]

I am planning to consolidate my debt and do some home repair, is it a good decision to get a personal loan? Where can I get a low fixed rate personal loan and what documents do I need?

How much existing debt do you have? What's your income and how much do you want to borrow?

A lender will only offer you a low rate if you are an appealing candidate and if you're looking to consolidate (which is usually a bad idea in it's self) then chances are you won't be.

The money saving expert site and forums and a good place to compare rates and look for advice.

How much do you need?

If you have a good credit record you might try RateSetter (p2p and for full disclosure I'm a lender). The advantage is that you can pay it off early with no penalty fees whatsoever.

It's not just to do with credit history (your rating doesn't actually exist), a lender will look at your income, existing debt and financial commitments.

If you want a personal loan to pay off credit card or other debt, the absolute fastest and most effective way to lower the interest you pay is to apply for a balance transfer, with a 0% rate. But a balance transfer isn’t for everyone, especially if your credit score isn’t perfect or if you need to borrow cash.

Apply for several loans to check rates. You can apply to each personal loan company separately.

check out this article about personal loans www.thesimpledollar.com/best-unsecured-loans/

If you need cash can you not do it by cascading credit cards?

I.e. take out a new credit card (A), withdraw cash - this will not be 0% will be a high percent as cash. Take out a 0% balance transfer card (B), balance transfer from B to A. A is now paid off, and all the debt from the cash withdrawl now qualifies for 0% interest because as far as credit card company B is concerned, and the debt is now all on B, the debt is a balance transfer from another credit card.

I had trouble with my debt for the last 3 years i did not know what to do also i had a week old baby who was awoken by phone call after phone call they called me from 8am-8pm this got me very stressed which also made my partner stressed. I went on to facebook and found a link called debtmate as soon as i sent the form they called me and helped me with understanding how much i could afford. If it wasn't for them i would probably be in the same boat now. I was so happy

Zopa are good, but agree that 0% cards are the way to go if it's possible for you.

What do you see as the benefit of consolidating the existing debt?

Before you think about applying for any loans, I suggest you go over to www.moneysavingexpert.co.uk and have a look at the debt free board. Consolidation is never a good idea - you need to understand why you got into debt in the first place and settle it without further borrowing. Do not follow previous posters advice if applying for several loans as that will trash your credit record. There are some excellent advisers on the debt free board and once you post up a statement of affairs they will help you.

Thanks for the advice guys. I went ahead and got a a personal loan from our local credit union. I think the deal I got is reasonable since my credit rating is a bit lower.

www.calcoastcu.org/rates-personal-loan.htm