Find the Best Personal Loan for Your Needs
If you are a resident of Atlanta, Georgia and have loads of credit card debt or perhaps need extra capital to finance a wedding, a personal loan is a fantastic option for you. Traditionally, personal loans are known for the low-to-average interest rates and minimal fees for those with good-to-excellent credit. This is why many financial experts refer to personal loans as credit score dependent.
For residents of Atlanta, the average credit score is well below the national average at 667. As a result, interest rates are typically higher for residents of Atlanta, which is something to consider when researching a personal loan in this city.
In efforts to provide the most valuable information on the topic, we have created a short guide all about personal loans. Here, we will cover the right questions to ask a loan representative and the different factors to consider when picking a personal loan lender.
Questions to Ask a Representative
Out of the many different tactics that consumers can use to evaluate a lending company, asking questions is one of the best tools. By asking questions, consumers can open up doors that are often locked by lenders. On top of this, you can see how a company will treat you and handle your very specific needs. With that being said, let’s take a look at some of the questions we generated to get the ball rolling:
- Why should any resident consider your lending services?
- Are your interest rates variable or fixed?
- What are the standard requirements for a personal loan?
- How will opening a personal loan impact my credit score?
- What is the total cost of a personal loan?
Factors to Consider When Picking a Personal Loan Lender
For those looking for the top personal loans or have never opened a standard loan before, there are a few different aspects to look out for when picking a personal loan lender. To help you out, we are going to share some critical factors to consider during your research, all of which should help highlight the best and worst of companies.
- Quality of Information: When considering what personal loan lender to pick – it’s important to look for companies that provide you with a wealth of information the moment you visit their website. If a lender is requiring you to provide personal information before you can receive information, avoid them and remove them from your list. Quality companies provide quality information.
- Accreditations: Another great factor to consider when looking at personal loan lenders is to look at their accreditations. Normally, these companies will tout and promote their accreditations on their website. Not only should you double check their accreditations, but do your own research on what accreditation companies are saying about the institution.
- Guarantees or Promises: When it comes to red-flags, there is no greater sign than a company that mentions guarantees or promises. If they do, avoid them! These companies are typically scammers and only seeking money.
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 but higher fees and much higher interest than personal loans. Take a look at direct lenders for installment loans for example. 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.