What To Look For In A Loan Provider
It’s often overwhelming when you want to take out a loan, so we’ve prepared a list of top tips to help you find the best loan for you. These include:
- Research the lender – read online reviews, have a thorough look at their website, look through their social media. Essentially, determine if they will make a good match for you.
- Find out as much as you can about them by word of mouth. If you can find someone who already deals with them, and is happy to recommend them, then the risk you will be taking in choosing this provider is diminished.
- What is the accessibility to customer service? Does the lender have customer service consultants readily available or are these matters dealt with by a call centre or message service? If your circumstances change, or you want to discuss your loan, you need easy access to their team. Having ready access to key decision makers within your loan provider can save you a lot of time and stress down the road.
- Is your provider transparent in their dealings? Many people are bewildered by all of the numbers and are unable to make an informed decisions. You need to understand all of the costs and benefits before choosing.
- Ask about all fees – having hidden fees that you aren’t aware of, for example, if you wanted to exit your loan early can have a huge impact on your overall loan costs. They may not simply tell you about discharge, bank or settlement fees. You need to be very particular with your questions.
- Definitely shop around to find the best rates around. It is an competitive industry, and many will do a lot to ensure that they win your business. Understanding the comparison rate over the life of your loan is important.
- Consider using a broker, having a trusted advocate may be very helpful.