Need To Apply For A Personal Loan? Here Are Five Tips To Make Sure You Get It Right

Life is not always straightforward. Especially when it comes to finances. One minute you’re riding high and the next you’re desperate to find money just to pay the bills. In fact, when it comes to applying for a loan, it could be quite the opposite too.

Things could be going good and you’re looking for a loan to buy a holiday home or add an extension. There are many reasons for taking a personal loan, and there are many things you should know about them in too.

If you’re looking to take out a personal loan, then here are our top tips…

Shop Around

Obviously the main thing to do when taking out a loan is to shop around. It doesn’t matter where you are in the world, there will be a range of loans available, some better suited to you than others. Whether you’re looking to compare personal loans in Canada, the USA or beyond it’s so important to get to grips with what’s on the market.

The APR is of course the main thing to look out for as it tells the true cost of the loan, taking into account interest and other charges.

Do consider the option of early repayment

One thing people regularly do is take out a loan, begin the monthly payments, fall into some more money and keep the payments going at the same rate.

By paying additional money into your loan payments you’ll be able to pay it off earlier and avoid paying surplus interest. The best thing to do with a loan is to pay it off as fast as you can. Get it off the monthly payments you need to make and draw a line under it.

When comparing loans it is worth looking to see if there is a fee for paying it off early, as their often can be however.

Don’t just choose PPI with your lender

While many are mis sold PPI, it can also be a useful thing to have. It can be crippling if you can’t pay your loan repayments back for a legitimate reason such as sickness or unemployment, and PPI can be a real lifesaver.

You don’t have to choose to take PPI with the bank your loan is with though and shopping around can get you a better and cheaper deal. Do read all the terms and conditions for each, and just like searching for a loan, find the one with the terms that suit you.

Consider the amount of your loan

Generally speaking, the bigger the loan, the lower the interest rate and in some cases you may find you’ll pay less by lending slightly more.

Speak to your lender about these opportunities as in some cases lending £7,500 instead of the £7,000 you intended can see your monthly payments drop by a fair amount each month. This is all due to the APR offered and it happens so often that you can get that little bit more and actually save yourself some money.

Don’t go crazy with applying for loans

One of the worst things you can do is make lots of applications for loans. If you’re declined a loan, don’t continue to make further applications as they leave a footprint on your credit score and make you look more of a risk to other lenders.

It’s worth waiting six months or so before re-applying, in the meantime making sure you pay bills on time and do everything you can not to harm your credit score any further. Again, it’s worth doing your research and discovering which companies are fairer at accepting loan applications to boost your chances of receiving one.

January 2, 2021 Update: We have just announced our BEST STOCK NEWSLETTER of 2020 AWARD!

CLICK HERE to find out which stock newsletter was up 78% in 2020 (and whose 2019 picks are now up 113%).

*** Our Award for BEST STOCK NEWSLETTER of 2020 ALERT ***

Updated January 2, 2021

At WallStreetSurvivor, we subscribe to dozens stock recommendation and advisory newsletters. There is ONE newsletter that is constantly outperforming all of the others--The Motley Fool Stock Advisor.

Five of their 2020 stock picks have doubled and the average return of all 24 of their stock picks for 2020 is up 78%!

We have been tracking ALL of the Motley Fool stock picks since January 2016. That's 5 years and 120 stock picks. As of Friday, January 1, 2021 the Motley Fool's January stock pick (TSLA) is up 720%, their March pick (ZM) is up 172%, their April pick of SHOP is up 226% and their June pick CRWD is up 120%; and another two have more than doubled. In addition, 10 of their 2019, 12 of their 2018, 11 of their 2017, 15 of their 2016. Most impressively, over the last 5 years that we have been tracking every recommendation, their average stock pick is up 209%--tht means over the last 5 years their stock picks, on average, have TRIPLED!

Now no one can guarantee that their next picks will be as strong, but our 5 years of experience has been super-profitable. The important thing about the Fool stock picks is you have to buy them the day they are recommended because they usually pop 5-10% in the first 72 hours after the release their recommendation. You sure don’t want to risk missing out on their next pick.

Normally the Fool service is priced at $199 per year but they are currently offering a NEW SUBSCRIBER DISCOUNT that allows you to get theiir next 24 stock picks for just $99/year. HERE is the LINK to visit their New Subscriber Discount page.

CLICK HERE to get access to all The Motley Fool’s Stock Picks and their next 12 months of picks for just $99 per Year! 



Robinhood was the first brokerage site to NOT charge commissions when they opened in 2013. They just past 10,000,000 accounts and to celebrate they are offering up to $1,000 in free stock when you open a new account.

Here’s the details: You must click on a special promo link to open your new Robinhood account. Then when you fund your account with at least $10, you will receive one stock valued between $5 and $500. Then, you will get a link to share with your friends. Every time one of your friends opens an account, you will receive another free stock valued between $5 and $500. Click here to learn more about this Special Robinhood offer.

Claim your free stock NOW (before it’s too late)

Comments are closed.