 TITLE: How to Get a Low Interest Personal Loan CONTENT: Things to Keep in Mind When Applying for a Low Interest Loan\n------------------------------------------------------------\nWhen you pay back a loan, you are usually paying back more than just the principal amount you borrowed. Depending on the terms of your debt, a portion of your monthly payment will go to pay the interest and fees associated with the loan.\nPaying attention to some of the common costs associated with new borrowing could mean saving thousands of dollars over the lifetime of your loan. Here are some things to take a close look at when shopping around for a new loan:\n*   **Interest rate.** Interest rates are one of the most important aspects of borrowing and should be weighed heavily when shopping for a new loan. While the rate you end up with is often based on your credit score, rate ranges vary depending on lender and type of loan, so it's important to understand how they can affect your borrowing.\n*   **APR.** Your annual percentage rate, or APR, includes your interest rate and other fees and costs associated with taking a loan. You can use this number to drill down to the exact cost of your loan. APRs are different from interest rates, and although in some cases they are used interchangeably, it's important to read the fine print when considering different loans.\n*   **Fees.** Your borrowing agreements can help you identify any fees or extra costs associated with your loan. These include origination fees, prepayment penalties, late fees and other costs. Fees can increase the overall cost of borrowing, so make sure you know the details associated with your loan.\n*   **Term.** The term—or the length of time over which you agree to repay your debt—is important because, in combination with your interest rate, it can tell you how much you will pay each month. Loans with longer terms often have lower monthly payments, while shorter terms typically come with higher payments. Remember, interest is charged on borrowed money over the life of the loan, so the longer it takes you to repay the debt, the more interest you'll end up paying.\nIf you're in the market for a new loan, limiting the number of applications you send out can help keep your credit score intact. Usually, when a lender requests your credit report for a loan application, a hard inquiry is recorded in your credit file. Hard inquiries remain a part of your credit file for up to two years and can have a negative impact on your score if you rack up too many in a short period of time.\nPersonal Loan Calculator\n------------------------\n†The information provided is for educational purposes only and should not be construed as financial advice. Experian cannot guarantee the accuracy of the results provided. Your lender may charge other fees which have not been factored in this calculation. These results, based on the information provided by you, represent an estimate and you should consult your own financial advisor regarding your particular needs. END