Secured Personal Loan is certainly one of the easiest way to get financing provided if you provide collateral to your loan.  A lot of people do not have an asset, so the only way to go is looking for unsecured personal loan with the disadvantage of paying higher interest rate.

The cheapest unsecured personal loan lies on the interest charged, processing fees or administration fees and others term and condition.

Let’s break it down to different parts.

1)     Interest Rate : the lower the interest rate the cheaper the loan repayment.

2)     Fees : please check with the respective finance companies on what are the fees that you need to pay, such as processing fees, administration fees, stamping fees etc etc

3)     Others term and condition : Any early settlement fees if you decided to repay your loan earlier ?

I strongly suggest you to go for online comparison to check out the cheapest unsecured loan available to you.

First, you have to decide the loan amount. Let say $10,000.00, secondly the repayment period, let say 36 months or 3 years. 

Then prepare the following template:

Loan amount : $10,000

Repayment Period : 36 months

Co.  Interest Rate    Monthly Payment   Fees   Total Payment

 A           10%                        $361                $100         $13,100

 B              9%                        $353                $250         $12,950

 C             12%                      $378               $0                $13,600

Visit the financial company Website that is available for you, use their finance calculator to work out the monthly payment, please do call to find out what are the fees that you need to pay.

Fill up the template above and you will be able to find out which finance company provides you the cheaper unsecured personal loan.