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Robert Henderson

Last updated: 8/2019

Find the Best Personal Loan for Your Needs

A personal loan is gaining traction among people as a great way to get money fast for unexpected events or emergencies. You can also use a personal loan to pay off any high-interest debt you may have. If you are considering applying for a personal loan, there are important steps you must take before getting approved for a personal loan.

Step 1: Do Your Research

It goes without saying that research is vital when applying for a personal loan. Much like applying for a mortgage or financing car, you must research the best companies that work with your finances. This research includes getting to know the lender, researching reviews, asking them questions, and meeting them in person.

Whether it is a bank, credit union, or private lender, you must feel secure about your personal loan lender decision. Most importantly, you must build a relationship with a lender you can trust. Although the option to apply for a lender online is available, meeting a lender in person gives you more room to negotiate and get to know the lender.

Personal Loans in Nashville, TN

Step 2: Check Your Credit Score

As the crucial deciding factor of your personal loan, the lender will check your credit score be approving you for your loan. Therefore, you should check your credit score beforehand to better ensure that you get approved. This process includes disputing anything that needs to be fixed on your credit report, paying past collections, and potentially lowering your current debt. If you see that your credit score is not in the best standing or at least above the Nashville average of 682, you may want to wait until your credit score gets better through lowering your debt and online payments.

Step 3: Ask Questions

Asking your loan lender questions is a vital aspect of applying for a personal loan. You need to feel secure at that your interests are taken seriously. With that said, below is a list of the questions to ask a personal loan lender.

  1. Do they work with people in your financial bracket?
  2. Do they work with your credit score?
  3. Is the loan secured or non-secured?
  4. Is the interest rate fixed or non-fixed?
  5. Is there an origination fee?
  6. Are there fees for being late?

Asking questions allows you to take the time to make an informed decision. Once you have decided on the best personal loan lender, it is time to apply.

 

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 Nashville

Personal Loans in Nashville,Tennessee
Map data © 2019 Google.

Exchange Finance Company

204 B 6Th Avenue North, Nashville, TN 37219, United States
(615) 255-0391
https://www.exchangefinancetn.com/
3.3 / 5 Stars

Mariner Finance

4907 Nolensville Pike, Nashville, TN 37211, USA
(615) 277-9090
https://www.marinerfinance.com
1.9 / 5 Stars

TN QUICK CASH Inglewood

3100 Gallatin Pike, Nashville, TN 37216, USA
(615) 228-3033
http://tnquickcash.com/
4.9 / 5 Stars

OneMain Financial

63 E Thompson Ln Ste 114, Nashville, TN 37211, USA
(615) 834-4980
https://www.onemainfinancial.com
3 / 5 Stars

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.


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