Find the Best Personal Loan for Your Needs
Opening a personal loan may be Mesa, Arizona residents’ best option for handling their debt or financing their home remodeling. These are typically low interest personal loans, with minimal fees and charges. However, this is entirely dependent upon your credit score.
In Mesa, Arizona, residents have an average credit score around 691, which is slightly below the national average. In light of this, it’s essential for residents to take the time to improve their credit score if they plan to secure a good personal loan. On top of this, residents must also become aware of how to evaluate different lenders, given the ample of lenders in the city.
In efforts to help residents out, like yourself, we have created a mini-guide exploring the different questions to ask lending representatives and factors to consider when researching different lenders. Are you ready?
Questions to Ask a Lending Representative
As a consumer, one of the best ways that you can learn whether a personal loan lender is worth your consideration is by asking the company a series of important questions. Based on their answers and how they treat you, you can evaluate how you feel and if you can trust them. We have taken the time to generate five initial questions to get the ball rolling. If you have any questions, be sure to ask them!
- Why is your lending company worth my consideration?
- Do you charge any origination fees?
- Do you have fixed or variable interest rates?
- What are your requirements for a standard personal loan?
- What is the estimated total cost of a personal loan with interest?
Now take this info and put it into a personal loan rates calculator to determine what your payments are going to be. Do these payments look comfortable for your financial situation? If not then keep shopping.
Factors to Consider When Researching Personal Loan Lenders
If you are new to personal loans, chances are, you are not 100% what to look out for or what are the deal breakers or makers. In light of this, we have a few factors to help guide you make a financially sound decision. Now, before we jump in, we would like to mention that, if, at any point during your research, a company mentions the words guarantee or promise – these are red flags and that company should be removed from your list of potential personal loan lenders. Without further ado, here are a few factors to consider when research the best personal loans lenders:
- Customer Reviews: Since we live in the digital age, one of the best ways that any consumer can learn about a personal loan lender is by seeing what other customers have said about the company. There are dozens of different review-based websites on the internet and you can even use social media.
- Quality of Website: One of the quickest ways to evaluate a lender is by the quality of information on their website. Are you having to provide personal information in order to access specifics on loans? If so, that company is not worth your attention. Personal Loan Lenders should be more than willing to share information regarding their services without any information from you.
- Accreditations: The last factor to consider when researching personal loan lenders is to look at the company’s accreditations. Typically, lenders are proud of their accreditations and will share them on their website. Be sure to not only double check their accreditations on their website, but use the many other websites that are available to see how other experts and professionals are seeing this company.
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.