In order for you to get minimal interest rates on personal loans, you have to compare different lenders to each other. If you want to consolidate accounts you have, you can make a loan from one of the banks, but you have to remember that you want the lender that is going to offer you the best interest rate. This is slightly more difficult if you are blacklisted because all lenders will charge you a higher interest rate if you have such bad credit, but there are companies who only deal with clients like this, therefore their rates won’t be too bad.
If it’s debt consolidation you need, then you definitely need to get minimal interest rates on personal loans, but if they see you as a risk, they may push the interest rate to as much as you can handle, based on your income and expenditure. Some companies have a fixed rate at which they charge interest, but it also depends on the type of loan you take out, whether you are blacklisted or not, the terms you take out on the loan, etc. In many cases it seems as though personal loans have a higher interest rate compared to other loans like a debt consolidation one or a vehicle finance one, so you have to determine which company that offer you a personal loan with a reasonable rate.
Even though it is more difficult when you have a bad credit record, you still have the opportunity to get the loan and consolidate accounts if that’s what you need to do. The rates on a personal loan usually start at about 16% and work their way up according to your profile. First try the banks as they are the most trustworthy, but they aren’t likely to grant you a loan if you have a bad financial history so look around and get minimal interest rates on personal loans from other lenders.