2 Important Aspects of a Personal Loan
Credit Score
Your credit score will directly impact the personal loan amount you will be receiving. The reason for this is because a credit score is used by any lender to give them a bit of insight as to your financial background. With this, they can better decide on the interest rate of the personal loan alongside the duration that you will be given. Therefore, it is important to know your credit score beforehand as well as adjust any possible disputes and pay off any past late payments or debt that you can.
Secure of Non-Secured
Is the personal loan secured or non-secured? This is vital to the process of repaying your personal loan. Non-secured personal loans mean they are not backed by any personal assets in the case that you cannot pay your monthly installment. A house or car for example, is backed by a personal loan that is secured, which means, the lender can take back that particular item as collateral if you default on the loan. Either way, defaulting on payment will affect your credit score.
Qualifying and Picking the Best Personal Loan Lender
1. Know the Lender
Researching information is a vital aspect of figuring out the easiest place to get a loan for you. With that, always read the reviews, make sure they are reputable, and find lenders that will work alongside your financial situation.
2. Know the Interest and Fees
When qualifying for a personal loan, it is important to always read the fine print, ask questions, and know the interest rate and fees on that personal loan. The interest rate will be directly impacted on your credit score and length of the loan. With that said, origination fees and late fees are all parts of a personal loan you should study beforehand.
3. Feel Out the Lender
Meeting with a lender in person helps you identify which financial institution or personal loan lender is best suited for you. Asking questions, meeting in person, and knowing the branch is a key component of picking out the best personal loan lender.
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.
Personal Loans in Phoenix
Cash Time Loan Centers
7430 S 48th St, Phoenix, AZ 85042, USA
(602) 438-0800
https://cashtime.com
5 / 5 Stars
Tio Rico Te Ayuda Loan Centers
2721 W Van Buren St, Phoenix, AZ 85009, USA
(602) 429-8404
https://www.mytiorico.com/
3.8 / 5 Stars
CASH 1 Loans
4735 E Southern Ave, Phoenix, AZ 85042, USA
(602) 454-1300
https://www.cash1loans.com
4.8 / 5 Stars
Don Dinero Financial
3024 W Van Buren St # 126, Phoenix, AZ 85009, USA
(602) 257-6466
http://dondinerofinancial.com
5 / 5 Stars
Christine has a solid background in personal finance as she spent the last eight years working at one of the biggest banks in the US. She managed her own team of financial advisors that helped hundreds of people with their financing needs. Her understanding of different financial products and loans helped her move up the ranks quickly after graduating with a degree in Business Administration.