If I have a good credit score, can I get a better loan interest rate? | Personal Loan FAQs
Are you thinking about getting a personal loan and have some questions? Don’t worry, so does everyone else! We answer some of the frequently asked questions about Personal Loans here so you can be in the know!
Q3. IF I HAVE A GOOD CREDIT SCORE, CAN I GET A BETTER LOAN INTEREST RATE?
Yes – some lenders offer borrowers interest rates that are tailored to your credit score. So the better your credit score usually the lower your interest rate you can get because you have shown good credit history and are therefore considered less risky to lend to. In addition to this a good credit history may be able to get you reduced or waived fees, so potentially the better your credit score, the more you could save!
Examples of lenders who do this are RateSetter, MoneyPlace, and SocietyOne – compare some of their tailored personal loan products on our comparison platform here.
Still have questions? You can read more about what you need to know about personal loans here in our Learning Hub.
Learnt something? If you think that now you know a little more about them that a personal loan might be right for you, you can compare a variety of personal loans right here on our comparison platform.