A personal loan, which is an unsecured loan giving to you by a bank or other lending institution based on your credit history, is a good way to get money fast. A secured loan, such as a home equity loan, requires an appraisal of the property offered for collateral, and has associated closing costs and other fees.

You can be approved for a personal loan with your bank in just a few minutes. But how do you know you’re getting the best deal? Follow these tips to get a good deal on a personal loan.

1. Know your credit history. Obtain a copy of your credit file. Anyone who has had credit within the past seven years has one. If you have been denied credit, you are entitled to a free copy of your file. Veda Advantage is one credit agency that keeps credit files. Lending institutions use information obtained from Veda to determine your creditworthiness, which determines your interest rate.

1. Dispute any mistakes in your file. Mistakes in your credit file cost you money when you apply for any type of loan, and especially unsecured loans, where the interest rate is largely based on your credit history. The Web site MyCreditFile.com (http://www.mycreditfile.com.au/faqs/frequently_asked_questions_default.aspx#WIACF) provides information on how to dispute inaccuracies in your file.

1. Shop around for the best rate. All interest rates are determined by the Reserve Bank of Australia’s interest rate, but rates do vary. This Web site provides a comparison chart of personal loan rates from different lenders. (http://www.money-au.com.au/loans/personal-loans-comparison-chart.php)

1. Track the market. If you don’t need the money for an emergency, keep an eye on interest rates for a few weeks, or even a month, to strike while they are low. If rates seem to be rising, it’s a gamble to apply for your loan right away or wait and see if they drop.

1. Save with a variable rate loan. Variable rate loans often provide lower interest rates than fixed rate loans. Most variable rate loans offer no penalties for pre-payment, either. If you can pay off the loan early, you can save big on interest.

1. Pay a little more. Adding just a few extra dollars to your loan payment each month can help you save hundreds of dollars in interest when you pay off the loan early. One way to do this is simply “round up” your payment. In other words, if your monthly payment is $141.92, pay $145 or even $150 each month.

1. Compare fees. When you shop around for a loan, ask about added fees, such as loan approval fees. Do the math when you compare loans with upfront fees versus loans with higher interest rates. Shelling out a few extra bucks now may save you hundreds of dollars in interest, long-term.

1. Have a co-signer. Bad credit? No credit history? Having a trusted relative or close friend co-sign on the loan for you, or put the loan in their name, with you making payments directly to them a few days before payments are due to the lending institution.

1. Look into loans through your union and other organizations. Credit unions often offer great deals and low interest rates on personal loans. Consider these options before going to a bank or another lending institution.

1. Use a credit card, instead. People with a strong credit file often get credit card offers with a zero percent introductory APR and a low interest rate after that. It might make more sense to borrow money on your credit card than taking out a personal loan through a bank. Take advantage of zero percent for the first year. You can always take out a personal loan to pay off the card just before the introductory rate expires.