Christine Tait
Last updated: 10/2018
What to Consider When Picking a Personal Loan?
Given the volatile nature of the financial industry, it’s important that consumers take the time to evaluate the many different options that are available to them. When it comes to personal loans, there are many different factors to take into consideration. In efforts to help consumers understand their best options, we are going to share some of the most important factors to look out for, all of which will help highlight good personal loan lenders and the bad lenders. Let’s begin!
- Accreditations: The first area that all consumers should begin looking at is a company’s accreditations. Typically, since this is such a competitive market, especially in Raleigh, lenders will promote their accreditations on their website. Take the time to review and double check any of their accreditations. It may also prove beneficial to use sources like the Better Business Bureau to see what they have to say.
- Guarantees: When it comes to lenders, there are some companies that tend to talk about guarantees and promises. If you are being hooked by a guarantee, it’s important to understand that it’s a marketing scam. There is no guarantee in the financial industry – especially when it comes to loans and credit. Any line of credit puts a consumer at risk.
- Website and Information: The last tip that we have to share on this topic is all about a lender’s website and the information they present. It’s important to see how much information a lender is willing to provide without having consumers share any personal information. Again, given the competitive nature, you should be able to access all pertinent information without having to hand over anything. If you are asked for anything personal, chances are, they are not worth your time as well.
Questions to Ask a Representative
In Raleigh, it’s important that residents take the time to ask loan representatives all pertinent questions they have. This is the only tried and proven way that you can ensure your best interests are at the forefront of the entire loan. On top of this, since the average credit score in the city is below the national average, it’s important to ensure you are begin offered the best possible interest rates at your credit score. To help you out, we have generated a list of five questions to get the ball rolling:
- What makes your lending institution better than other ones in Raleigh?
- What are your current interest rates for a credit score between …-…?
- What would my total loan amount be with your interest rates?
- What are your company’s requirements for loan approval?
- What is the entire loan process?
