Personal loans have grown into one of the most common forms of finance in the United States. They’ve become a popular way of helping people obtain finance for a range of different causes. If you need help covering costs in some area of your life, you’ve probably considered obtaining a personal loan. Personal loans have begun to rival the popularity of credit cards, which for years have been America’s favorite way to consume.
But the personal loan process may sound intimidating if you’ve never been through it. It’s an industry that doesn’t provide too much information about itself. That’s why we’ve created a series of guides to help our readers better understand the entire personal loan process. We want you to be able to understand how the industry works and how to best approach your own personal loan application.
You’re probably wondering what the best personal loans near you are. It can be nice to work with a lender that is close by – it can make the entire process much more personal. In this article, we will outline what type of companies are providing personal loans near you. We will help explain how to find lenders near you, and the advantages and disadvantages of working with these lenders. Lastly, we will also explore some alternatives that can help make your entire lending experience much more enjoyable.
Make sure to read all the information provided to you in this article before making any consequential decisions. It’s important you’re fully aware of all the different components of this industry.
Who Provides Personal Loans Near Me?
So, you may be wondering what type of companies provide personal loans near you. The reality is that there is only one form of legitimate lender that provides personal loans in physical locations around the United States. These lenders are traditional lenders, such as banks or credit unions. These are the largest consumer lending institutions in the country; they provide a lot of the liquidity that’s in the market.
If you want to work with one of these lenders, you typically have to go into their branches and apply for financing. They will have people on-hand to help you with your loan, these individuals can explain all the different components of the loan to help you get a better understanding of what you’re borrowing. The process can take a bit longer than with online lenders though, as the applications takes longer to complete. In addition, many lenders that have physical locations in or around cities, also take longer to review your loan application.
How Do I Find Personal Loans Near Me?
It’s actually much easier than you think to find personal loans near you. Pretty much any bank or lending institution will provide you with a personal loan if you qualify for their lending. You just need to make sure that you are an eligible borrower. Head online and find banks or lenders in your area, you can then go and speak with them about the types of personal loans they offer.
Another good option if you want a personal loan near you is to simply work with the bank that you already have accounts with. If you have a local bank that you use for your normal banking services, this can be a great spot to get a personal loan if you want to keep things simple. It can make paying your loan payments much more streamlined as well.
Don’t Take Reputations for Granted
It’s tempting to trust large banks or financial institutions because they are so big. But you would be surprised at how badly some of them treat their customers. That’s why it’s important to make sure that you don’t take the name of your lender for granted. You need to head online to a consumer watchdog group and try and find out more information about the lender that you’re considering working with. You don’t want to work with a lender that has previous clients who are unsatisfied.
The Better Business Bureau (BBB) is a good starting point for your research. You can search any lender or company in the United States and find out valuable information. There will be previous customer testimonies, as well as research from the BBB regarding the operations of the company. Cross reference every prospective member using this consumer watchdog website.
Things to Remember
If you do decide to work with a lender near you, you need to remember to be as prepared as possible for your application. The easiest way to add unwanted time onto your application process is to not be prepared. Make sure to remember the following things when you begin your application:
- Check Your Score – You need to make sure to check your credit score so you know if you’re eligible for the loan.
- Ask About Eligibility – Ask the lender if you are eligible for their financing, you don’t want to apply for a loan you won’t get.
- Bring Your Details – You need to bring proof of income, proof of address, personal details, and your SSN.
- Ask What Else You Need – Ask your lender if there are any other ways to make your application process as quick as possible.
Advantages of Obtaining a Loan Near You
There are tons of reasons to apply for a personal loan near you. If you’re someone who enjoys these advantages, applying for a nearby personal loan might be your best option. It can be hard to assess all the benefits when reading so much information, so we’ve made a short and concise advantages list to help you better understand the benefits of this type of finance.
- Personal Relationship – If you obtain a personal loan near you, you’ll be able to have a personal relationship with your lender. This means that you can head into their office at any time and speak to them regarding your loan balance and other components of your financing. It will also make the initial understanding of the loan much better, as you’ll be able to ask your lender questions face-to-face during the application process.
- Paper Application – If you’re someone who doesn’t like using technology, heading into a branch near you and applying for a personal loan can be a great way to avoid having to deal with complicated computer applications. Your lender will be able to guide you through the application and explain various components as you move along.
- Other Lending Products – Another advantage is that you may find that lenders near you offer many other lending products on top of the personal loan you have been provided with. This is because most lenders with physical locations have a variety of different lending products on offer.
- Large Institutions – Many lenders that have physical locations also happen to be large institutions. This means that they have the strength and security that a large lender may have – it’s great if you prefer working with big companies.
- Competitive Interest – Because the requirements to get loans in a physical bank branch are much higher than in other locations, you’ll find that the interest rates on offer are also more competitive.
Disadvantages of Obtaining a Loan Near You
While you can see there are many benefits in obtaining a loan near you, it’s important to recognize there are some downsides as well. You should make sure to consider these downsides when you’re trying to determine if you should apply for a nearby personal loan.
- Long Application – The reality is that if you head to a nearby branch to get your personal loan, you should expect for the application to take a really long time. You don’t want to waste hours filling out an application if you don’t have time to.
- Leaving Your Home – You have to drive to a branch to sort out the application, this might be a commitment that certain people don’t want to make.
- Harder to Obtain – If you don’t have a good credit history, you’ll find that these loans are much harder to obtain. Lenders with physical locations are typically much more risk averse when it comes to choosing their borrowers. You’ll need to make sure that you’re eligible prior to applying for the loan.
- Slow Cash – The sad reality is that many in-branch lenders will take a while to get your cash to you once you’ve been approved. Sometimes it can take over a week for funds to be transferred into your name. This can be a big problem for people who need access to cash quickly.
Are There Alternatives to Personal Loans Near Me?
Yes, there is a great alternative to obtaining a personal loan near you. The primary reason you probably want to obtain a personal loan near you is for convenience, but there is actually a more convenient option if you want to obtain finance without the stress of a long and complicated application.
Online personal loan lenders in the United States are booming. There are hundreds of different lenders that are providing personal loans to people throughout the country. If you’re looking for a personal loan that doesn’t require you to travel far, why not apply for one in the comfort of your own home? The applications are much shorter, and the rate at which you can receive money is extremely quick – many online lenders can get you money within 24 hours of approval.
Advantages of Online Personal Loans
It’s important to consider that there are plenty of advantages in heading with online personal loans. We will explore these advantages briefly below:
- Quick – The application will typically only take you about ten minutes, which means that you won’t have to worry about wasting time driving to a branch and filling out a paper application.
- Local – You never have to leave the comfort of your own home, you can head online and apply for finance directly from your personal computer. No additional technology is required.
- Unsecured – Most online personal loans are unsecured, which means that you won’t have to risk your family’s personal assets if you end up defaulting on the loan.
- Easier to Obtain – It’s also much easier to obtain an online loan than an in-branch loan, you will find there are a variety of lenders that cater to different credit histories.
Disadvantages of Online Personal Loans
Online personal loans aren’t for everybody, make sure to have a look at these disadvantages before you make any decisions:
- Less Personal – You won’t be able to meet face-to-face with a lender and ask them questions about your loan.
- More Technology – If you don’t like using computers, you’re much better suited to go into a branch and fill out an application directly with a lender.
- Higher Interest – Because the lenders take more risks with online personal loans, their loans also tend to come at a much higher interest rate.
Personal Loans Near Me: The Verdict
If you’re trying to find a personal loan, but you don’t want to have the hassle of applying for complicated finance, there are plenty of options available to you. If you live in a city, there will be plenty of lenders that provide personal loans to people within your area. You just need to make sure to review them online before you work with them. Local lenders can be great for people who want to work with someone face-to-face.
Online lenders are also great for those who don’t want to travel far for personal loans. But as discussed in this article, they come with their own advantages and disadvantages. If you want to see what lenders we recommend you work with, head to our homepage. We like to ensure that our readers have a head start when it comes to working with reputable finance providers. We ensure non-biased suggestions based off industry research.
Make sure to check out all the information we have on our site – we’re sure to have answers to any questions you have about personal loans.