Find the Best Personal Loan for Your Needs
The Three Factors to Consider When Reviewing Personal Loan Lenders
In a city will well over 430,000 residents, you can only imagine the amount of different money loan places that are available. On top of this, the average credit score for residents in this city is well above the national average at 717. This is a great sign for residents as, because of this, lenders in this city will typically offer better-than-average interest rates to match the increase in credit score. Furthermore, since there are so many different companies offering competitive interest rates, there are many different factors to take into consideration. In efforts to help you out, we will share some of these factors, all of which can highlight the best of companies, and the worst of companies.
- Accreditations: One factor to take into consideration is something known as accreditations. This is simply where reputable financial institutions recognize or endorse a lending company. Typically, lenders will tout these accreditations on their website. Take the time to double check and research these accreditations.
- Guarantees or Promises: If a personal loan lender discusses even the slightest comment of a guarantee or promise, this is something you will want to avoid. The truth is that personal loans, or any line of credit, is incredibly risky and, as a result, there is never a guarantee or promise.
- Quality of Information: The last factor that we are going to share is about checking the quality of information that lenders promote on their website. As a consumer, you should be able to visit a lender’s website and learn all the pertinent information about their loan and services. If you need to provide personal information, keep on moving!
Asking the Best Questions
In this industry, it’s incredibly important that consumers take the time ask the absolute best questions. Now, if you are new to the industry, you might have no idea what types of questions are the best to ask. This is where we come into the picture. We have generated a list of five questions to get the ball rolling. As you will notice, all of our questions are specific and catered towards putting a loan representative on the spot. Sometimes, the questions may be seemingly controversial; however, it’s important to gauge the responses and answers. If you have any additional questions, feel free to attach them to the list!
- Why should I sign-up for your company’s personal loan service?
- What is the total loan amount for a personal loan with interest costs included?
- Do you charge any additional fees or charges?
- What is the requirements for approval?
- How will this decision impact my credit score?
Are Payday and Title Loans the Same as Personal Loans?
No not really. A payday loan, or cash advance, is easier to get and has a shorter term(unless it’s a longer installment option) but higher fees and much higher interest than personal loans. The same is true for title loans with the addition of your car being used as collateral. Be very cautious with these types of loans.
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Robert is our in-house expert on personal loans and finance. He got an MBA, specializing in Finance, before joining the workforce. After working for multiple Fortune 500 companies in the past decade, he brings a wealth of knowledge and experience to the table.