It is a more difficult thing to get a personal loan than to get a mortgage on your house or a car loan. This is because these other loans are secured by the house or car that you are going to purchase. Therefore, if you cannot pay the loan back the asset you have acquired is taken by the bank to be sold and payout the outstanding debt. Consequently a personal loan is much higher risk for a bank. That is why securing a low personal loan interest rate is so much more difficult. The bank needs to ensure that you are a good risk before they would be willing to do this.
To have any chance of getting a low personal loan interest rate as opposed to one that is much harder on your wallet you will have to be able to convince the bank that you are a good risk. That means you will need to have a really exemplary credit history. If you have ever defaulted on a loan before there is no chance you will get a loan let alone one with a low interest rate. If your credit cards are maxed out this too will prevent you from successfully getting your loan. But if your credit history is clean and you have always paid back your loans then despite it being an unsecured loan you will have passed the first hurdle. Next the bank will want to see that you have a good job and are making enough income to be able to pay your living expenses and still make your repayments.
The ability to get a low personal loan interest rate is all based on being able to convince the bank that you are the kind of client that they want to deal with. This will be done by not only having a clean credit record, but by showing them previous years' taxes to prove your income. They may even ask you for a budget so that they know you will be able to pay back the loan. Think of it like a job interview, you need to sell you and your skills to the bank so they will give you a personal loan, unsecured, with the best interest rate they can offer. By having all your documentation in order and presenting yourself in a professional manner, you will greatly increase your chances of getting just the type of loan that you want.
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