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Christine Tait

Last updated: 10/2019

Find the Best Personal Loan for Your Needs

For the people of Indianapolis, Indiana, there are many options available when it comes to paying off the small debt they have or paying unexpected medical bills. A personal loan may seem like the best financial decision if you think you can get a low interest rate and a good size loan. However, this will only occur if you have taken the proper steps when taking out a personal loan. In this article, we will discuss the proper steps to take out a personal loan.

Step 1: Check Your Credit Score

With the average credit score in Indianapolis being 697, falling right above the national average of 696, according to creditcardlocal.com, there are numerous lenders that can help you may the right financial decision.

However, before you even begin the process, it is crucial to check your credit score and get to know what lenders will be looking out. This includes past collections, debt, bankruptcy, available credit, income ratio and credit score average. These factors, all together, may harm or help your ability to receive the ideal personal loan. It is your task to ensure that your credit score is in good standing and that you adjust anything that needs to be fixed prior to applying for a personal loan.

Personal Loans in Indianapolis, IN

Step 2: Shop Around

Shopping around for the ideal installment loans online is as equally important as buying a home or financing a car. The reason for this is because if you happen to sign the wrong contract with heavy interest rates or fees you will be left worse than when you began the process. It is important to ask questions, inquire with different lenders, read reviews, and ensure the lender is a reputable personal loan lender.

Whether you go with a credit union, bank, or private lender company, you must feel welcomed, safe, and secure that you are making the right financial decision for you and your future.

Step 3: Fees, Interest, and Length

As we said before, heavy interest rates and fees can hurt you more than help the situation. Therefore, get to know the hidden fees within the fine print and how much they are. Also, shop around for the best interest rate for you and your financial bracket. Of course, the better your credit score the better your interest rate will be. Many lenders offer 0% interest rate for the first 12 months. However, once interest hits it can cause more damage than good. Alongside the importance of interest rate, keep in mind the length you will serve on your term. The longer the length of your loan, the more money you will pay because of interest rates. Plug the numbers into a personal loans calculator to see if payments are desireble.

 

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 Indianapolis

Personal Loans in Indianapolis,Indiana
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Eagle Finance

9747 E Washington St, Indianapolis, IN 46227, USA
(317) 252-0001
http://www.eagle.com/
5 / 5 Stars

Mariner Finance

7411 Shadeland Ave, Indianapolis, IN 46250, USA
(317) 348-3318
https://www.marinerfinance.com
4.8 / 5 Stars

OneMain Financial

5749 E 86th St, Indianapolis, IN 46250, USA
(317) 842-1122
https://www.onemainfinancial.com
3.2 / 5 Stars

Check Into Cash

2328 E Stop 11 Rd, Indianapolis, IN 46227, USA
(317) 889-5132
https://www.checkintocash.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.

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