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  • Applying for Personal Loans: Key Pointers to Choose your Lender Wisely

Applying for Personal Loans: Key Pointers to Choose your Lender Wisely

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January 16, 2019September 14, 2019 No Comments
Applying for Personal Loans: Key Pointers to Choose your Lender Wisely

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When it comes to borrowing money for personal use, choosing the right lender is imperative. Here are five key pointers to pick a reputable provider for your financial needs.

Facing a financial crunch and need a cash infusion to cover a major expense? While getting a loan for personal use is easy, picking the right lender is not so simple. Thanks to the cut-throat competition in this domain, there is no shortage of players who are willing to oblige. But acceptance of a loan application is no guarantee that you have clinched a good deal. What if your trust is misplaced? Since you are likely to be saddled with the loan for a while, it’s essential to do a little homework to ensure a hassle-free and rewarding borrowing experience.  Here are five tips that will help you nail a trustworthy lender.

  • Ease of Application Process: Hate the thought of endless paperwork and long waiting time for loan sanction? Look for a lender that offers a secure, end to end online application process with minimum documentation. Besides being convenient and a big time saver, the seamless digital procedure results in quick approval of the application and speedy disbursal of funds.
  • Focus on Transparency: Pick a lender that is open to addressing all your concerns about personal finance. He should be completely upfront about interest rates, penalties, repayment terms, turnaround times, or anything else that that might cause customer dissatisfaction. Transparency throughout the loan process is crucial as it helps in making an informed decision.
  • Responsive Customer Support Team:If you think availing a loan is all that matter, you couldn’t be more wrong. The after sales service is an absolute must. What if you have queries, need to change the repayment clause or wish to foreclose a loan. The last thing you want is an unresponsive lender to make life difficult after the product is sold. The provider must have direct communication channels and an efficient support team for interaction when the need arises.
  • Utilise a Comparison Tool: With a sea of prospective lenders on the marketplace and hundreds popping up on a daily basis, it hard to decipher which is the right option straight away. Since most reputable providers have an online presence, a comparison of various parameters eases the process of finding a lender that best qualifies for your financial needs.
  • Check the Lender’s Reputation: Regardless of referrals and testimonials from family or friends, it’s crucial to conduct a background check on the lender. Get in touch with past and present clients to learn about their experiences and the lender’s credibility. And yes, browsing through online forums and checking reviews can caution you about any major red flags.

A little legwork and research can go a long way in helping find the right provider for personal loans. Thorough knowledge about the application process, costs, after sales service, level of transparency and the lender’s reputation can avert nasty surprises and unnecessary headaches down the road.

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