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3 tips for personal bank loans

The fragile state of the economy may have you seeking out a personal bank loan, but take care to look before you leap. It's important to secure the best interest rate possible before pursuing personal bank loans for temporary financial relief. Here are three tips for acquiring a respectable rate on a personal bank loan.

Credit score

Credit score directly relates to the interest rate you'll receive on a bank loan. You can get your free credit report by visiting AnnualCreditReport.com. Bankrate has partnered with myFICO to let you estimate your FICO score for free. You can purchase your actual FICO score from FICO.com. Knowing your credit score and receiving a report will allow you the opportunity fix any errors before applying for a loan.

Shop till you drop

Banks don't have a common one-size-fits-all interest rate for loans. Some offer better rates on loans than others. Bankrate offers a loan comparison tool for personal bank loans in your area.

Get fixed

Monthly payments on loans will be determined by fixed or variable rates. Make sure to get a fixed rate for your personal bank loan. This will keep the payment from rising unexpectedly. Also, find out if the loan is in installments or all at one time. Make sure to read the fine print on upfront fees and for terms and conditions of payment.

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