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Writer's pictureMichelle Gorsevski

3 Tips to Get a Lower Interest Rate on a Personal Loan

Updated: Aug 29

Quick tips: Learn 3 tips in 60 seconds that could help you get a lower interest rate on your personal loan


Tip 1: Improve your credit score

Your credit score has a huge impact on the interest rate you get on your personal loan so focus on improving it.

Pay your bills on time, pay off short term or pay day loans and make sure you are paying any loan repayments on time. 


Tip 2: Don’t Shop Around

It is human nature to shop around and get the best deal, whether it’s in finance or retail, however, many people don’t know how this affects your credit score. Each time you make an application or enquiry directly to a lender, they can do what’s called a hard check on your credit file which lowers your credit score. At LendLab, we strive to protect your score whilst working with numerous lenders to find you a personalised rate while you sit back and relax.


Tip 3: Use a personalised finance platform

You’re probably wondering how to find your best rate without hurting your credit score? That’s where LendLab, your personalised finance platform comes in.

In just a few minutes LendLab can compare over 40 lenders for you without hurting your credit score.


Follow these 3 tips and you’ll give yourself the best possible chance at getting a lower interest rate on your personal loan.

If you’d like us to help find you a personal or car loan from our large panel of lenders fill in our application form now. It only takes a few minutes!


The LendLab difference:

  • We'll find you a great rate from our panel of over 40 lenders

  • No upfront credit checks

  • apply in less than 10 minutes

  • 5 star Google rating





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