How to Customise Your Personal Loan to Meet Your Unique Financial Goals

Personal loans provide a practical way to access extra funding to finance major purchases and expenses. With the right techniques, you can secure a loan tailored to your specific financial situation, savings goals, and lifestyle. Follow these tips to access flexible and competitive personal loans at Handy Finance and get a customised personal loan that aligns with your unique needs.

Shop Lenders for the Best Rate You Qualify For
Interest rates can vary dramatically between lenders. Those with excellent credit scores in the mid-700s and higher tend to qualify for the lowest rates. Research national lenders along with community banks and credit unions to compare quotes. Ask what credit score range they use to determine rates. This allows you to set proper expectations before applying.

Negotiate a Term Length That Fits Your Goal
Opt for a loan term that matches when you want to be debt-free. Shorter 12-36 month terms mean higher monthly payments but less interest paid over time. Longer terms of 3-7 years have lower payments but greater total interest costs. Know how quickly you want to pay off the loan when choosing terms. Make sure the monthly payment fits comfortably in your budget.

Discuss Payment Schedules and Due Date
You don't have to accept due dates that don't align with your pay cycle. Many lenders allow you to select a payment date that matches up with when you get paid. This prevents late payments. Explore options like biweekly payments that divide the monthly cost into smaller increments to fit your budget better.

Ask About Discounts to Reduce Interest Costs
Take time to have an open conversation with lenders about opportunities to reduce your rate and fees. There are often discounts for setting up autopay, taking a second loan, or having a previous banking relationship. Even a 0.5% reduction in your interest rate can add up to major savings.

Get the Exact Loan Amount You Need
Some lenders have set loan amount limits but most offer customized amounts up to $100,000 or more. Borrow only what you need for your intended purposes rather than maxing out the possible amount. This prevents taking on excessive debt and overpaying interest on money you don't use. 

Explore Options to Shorten or Lengthen Your Repayment Period
Life is unpredictable. You may come into extra money you can use to pay off your loan early without penalty. Or, a hardship may arise requiring more time to repay. Many lenders allow prepayments or offer deferments if you communicate financial challenges. Having this flexibility built-in provides peace of mind.

Add a Cosigner If Needed for Approval
Borrowers with limited credit history often need a cosigner to qualify and get better rates. But proceed cautiously – cosigners become equally responsible for repaying the debt. Some lenders allow cosigner release after 1-2 years of consistent payments in your name. This can provide a stepping stone to good credit.

Get Support to Improve Your Financial Profile
A benefit of working with certain lenders is their guidance on boosting your credit score and managing debts. Ask for a free credit report review and advice on actions to improve your rating. Your loan experience can position you for better financing options down the road.

Finding the Right Personalised Loan Fit
The best personal loans aren't just about getting approved for money quickly. They're about optimizing the borrowing experience to support your bigger financial goals and priorities in life. Taking the time to customize your loan saves money and sets you up for achieving true financial success.

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