Christine Tait
Last updated: 10/2018
In the financial industry, there are many different tools that are available to help consumers handle their debt or find the extra capital needed for important events, like a wedding or spontaneous vacation. For residents in Tulsa, Oklahoma, a personal loan may be their best option in either circumstance. However, given that the average credit score for the city is hovering around 681, it’s important that residents are careful when considering a personal loan lender. In light of this, we have created a quick guide to help you doing the process.
3 Factors to Consider When Picking a Personal Loan
To better help locals in Tulsa, Oklahoma secure the best personal loan, we have created a small guide of factors that all residents should consider when performing research.
- Information on Website: One of the best ways to gauge the quality of a loan and lender is through the quality of information on their website. The rule of thumb is that you should not have to give away personal information to get pertinent information. If you do, skip the company and move onto the next. You should have easy access to interest rates, loan terms and limits, charges and fees, and other pertinent information.
- Reputation: Look online to read what other previous customers have said about opening a loan with that lender. It would also prove beneficial to check with the Better Business Bureau to review the accreditations of the lender.
- Interest Rates: Aside from the quality of information on a website, the physical interest rate number is incredibly important. Compare each company’s interest rate with the national average and try to find a company that offers the lowest possible rate.
Questions to Ask Before Applying
Before you apply for a personal loan, it’s important that residents in Tulsa take the time to ask the proper questions. In our opinion, there are no silly questions in the personal finance field. If, at any point during your research, a question pops up, write it down it and add it to the following list. The truth is, the best way to gauge whether a company is worth your consideration is to see how they handle your very specific questions and case.
- What are the requirements for a personal loan?
- Do you have an origination fee or any entry fees?
- Do you have any early exit fees for paying your loan off early?
- What is your current interest rate?
- What is the true total cost of a personal loan with your company?
