Asking the Right Questions!
One of the best ways that you can evaluate the quality of a lending company is by asking the right questions. Typically, residents in this market are led astray and tend to forget to ask the most important questions, leading them down a path of hidden fees and surprises. Don’t worry though! We have generated a list of questions to help guide you and get the ball rolling. If you have any additional questions, feel free to add them to the list!
- What are your company’s requirements for a personal loan?
- How will a personal loan impact my credit score?
- What is the estimated total cost for a personal loan with your institution?
- Do you charge any origination fees?
- Why should I consider your lending company for a personal loan?
Aspects of Consideration
For Virginia Beach residents, it can be difficult to pick out the best personal loan lender when you consider the many different options that are available. This is why it’s important to utilize our aspects of consideration. These are simply different aspects that can help weed out the bad and highlight the best lending companies.
- Guarantees or Promises: The first aspect of consideration when researching different lenders is to look out for the words “guarantee” or “promise”. If either of these two words, or anything remotely close is being used on their website or during a conversation, it’s important to avoid these companies. These are considered financial red-flags.
- Accreditations: Another aspect of consideration when researching and evaluating different lending companies is to review each lender’s accreditations. Typically, given the nature of the industry, these lenders will tout their accreditation on their websites. However, you should still double check their accreditations and ensure they are true.
- Quality of Information: The last aspect for consideration is the quality of information the company is presenting on their website. Are you having to share any personal information to receive beneficial information? If so, remove that company for your list as well. When it comes to this industry, especially in Virginia Beach, there are so many different types of lenders that – only great personal loan lenders will share the most pertinent and comprehensive information.