January 29, 2020
by Addison Davies
With many, countless dreams in eyes for the future, students take their flights to renowned educational institutions. The land to one of them to construct a new tomorrow that is brighter in every sense than today. Education becomes the prime tool to achieve that, but that tool is not free of cost.
From tuition fees, examination fees to buying the study material, money is necessary for everything. Financial back up is not available for all, and if you are among them, student loans come into the picture.
Whenever you apply for a loan, the thought of interest rates knocks the doors of attention. That is natural as the interest rates affect the loan deal on every aspect and also the total cost.
With the desperate desire, you start searching for the lowest possible rates. But do you know the suitable ways to find student loans in Ireland that are inexpensive? Well, here is a precise help for you.
Read the best ways on how to find a loan deal with the lowest rate quote.
Keep an excellent credit score
When you talk about credit score, you are talking about your face in the finance industry. Yes, it is the actual identity that you wear in front of the money world. It tells how efficient you are in financial behaviour. If there are flaws in that part, the rating/score goes down, and if it is perfect or right, the score remains high. The latter situation is an idol to explore and exploit any economic opportunity.
Keep the credit score good or excellent, and it becomes easier to get the desired loan offer. The loan providers always want to keep the customers with a spotless credit record. Make it happen, and you can easily play in your way.
Go for the variable rates
This suggestion or tip may sound a bit weird, but in actuality, it is more fruitful.
There are two types of interest rates –
1- Fixed interest rates – The price never changes, and the instalment amount also remains the same.
2-Variable interest rates – The rate of interest changes, and accordingly, the repayment amount too may vary.
The fixed rates are comparatively higher than the variable speeds. It is better to apply for the latter as when the % of the price goes down, and you can get the chance to pay less in monthly instalments.
Apply for the option with automatic loan repayments
Maybe you do not know, and many lenders act flexibly on the interest rates if you opt for the electronic loan payments. They prefer that the borrower allow them to auto-debit the instalment money on the decided date. If, at one side, you act flexibly, the lending company reciprocates with a liberal approach.
Most of the financial advisors suggest taking the auto payment option while applying for the funds. This may sound like a difficult decision but think of the practical benefit it brings. The game is of ‘give and take.’ If you do something that the loan companies prefer, they also think about the interest of the borrower.
Keep your payment records on the track
It is very natural that when you apply for the loan, the lender pays attention to your payment history. New things also come in the notice. Now it is your responsibility to make sure that your record does not show any weakness. For that, you must pay the bills, debts, and other obligations on time.
As a student, it can be a bit difficult for you as there are sundry expenses, but to get funds on a lesser total cost, it is vital. However, in case, if the bills and payments are pending and credit rating is a bit low, there are bad credit loans in Ireland. They are also available online through customized deals that facilitate smaller instalments.
Short repayment terms can also help
The finance companies are more than happy to offer you a lower rate if the tenure of the loan is small. The reason behind this is – In a shorter term, the lender gets the money back faster, and that makes the whole deal less expensive. A student loan of 4 years is always more liberal in rate quote than the one that is of 20 or 25 years.
The other side of the coin in this concern is that the instalments can be significant. But if you think that you can manage, then the option of a shorter duration is best. In fact, as a borrower, you, too, can get rid of the loan obligation in a shorter time.
These ways are useful and can give the desired result. Apply them in the right manner, and you achieve the ultimate aim of a lighter rate of interest.