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Step 1
Ask your current financial institution about a relationship discount. Many of the larger institutions create bundling packages, which means that if you have a couple of accounts with the company, you may receive a discount. If your lender doesn't offer this service, ask to speak with a manager. A discount of 25 to 50 percent is a reasonable request.
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Step 2
Check the average rates of secured personal loans at Bank Rate (see Resources). This is a company that provides financial news and also lists national averages of secured personal loans. This will give you an idea of what interest rate to pay on this type of loan.
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Step 3
Talk with online companies such as E-Loan. Since they don't have the overhead cost of branches and physical locations, their rates can be lower. You can fill out an application online (see Resources) or contact a representative at (888) 888-8553.
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Step 4
Credit unions often have great deals on secured personal loans. This is because credit unions are nonprofit and member-owned. They pass the savings back to members with lower loan rates and reduced fees.
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Step 5
Contact Direct Lending Solutions if you have poor credit (see Resources). Although your interest rate may be higher, paying your monthly payments on time and repaying the debt in full can give your credit score a boost.
