With so many companies providing loans and loan matching services, choosing where to get a personal loan can be an overwhelming task, especially because all these services are not equally helpful. You have to start your search somewhere and move forward by eliminating whatever does not work for you along the way until you arrive at that one lender that feels just right. While on it, you have to know what to look for and avoid in a lender. Here are some criteria to consider when searching for the best personal loan:
The Process of Taking a Loan
- Origination fees: Some lenders take a certain amount out of the total loan before giving it to you. So if you want a $1000 loan, after the origination fee is deducted, you may receive $900. If $1000 was exactly the amount you needed, then getting anything less can become a problem.
- Credit score checks: Many loan services advertise non-credit-check loans, which should make you skeptical. Matching services that put you in contact with a lender do a soft credit pull, which doesn’t impact your score. A direct lender, however, does conduct a hard pull. So you will most definitely go through credit checks; make sure you don’t get over one hard pull during one loan process.
- Complete the form: This won’t impose any obligations on you. Yet, it’s essential to see if you prequalify for a loan. The form you fill out will not require detailed personal info, just the basics. Then you will likely have loan offers coming in that will give you an idea of what the lenders are looking for and if that’s something you’re willing to accept.
- Compare offers: During the prequalification period, you will most probably have a chance to go over more than one offer from more than one lender. While prequalification does not hurt your credit score, it actually gives you a chance to compare offers and look at rates, fees, and other conditions.
- When will the money arrive: Once your loan is finalized, it will take some lenders a day, others a week to transfer money to your bank account. Think about how soon you actually require the money to be at your disposal and choose accordingly.
Why Get a Personal Loan
Most personal loans can be used for any purpose, except for some companies that only finance certain expenses and not others. When looking for a loan with a particular purpose, make sure you look in the right place. With this being said, most loan services do not really dig into your reasons. In any case, there are common reasons why people seek personal loans. Here are the top three:
- Debt consolidating: You can pay off your multiple credit cards, close out credit lines with a personal loan, and be liberated from high-interest charges. But this only makes sense when you are getting a personal loan with a better rate.
- Emergencies: Anything can come at you out of nowhere, and there’s not enough imagination to list what financial emergencies can happen. Any unexpected expense like a car repair or hospital bill can affect your budget, and a personal loan can help out.
- Major purchases or events. Major expenses like weddings or travels, funerals, or any other event that can’t wait can be paid for with a personal loan.
Where to Get a Personal Loan
Now that you know what you are looking for and why we have one more piece of good news for you. You are at the right place. We are a personal loan matching service with premium direct lenders who offer consumer-friendly, transparent terms with no hidden fees, flexible payment plans, accessible requirements. We take care of your credit record and do soft checks until you decide to proceed with your loan. Our online submission form is quick and easy to fill, and we will get back to you with a prequalification decision very quickly. We disapprove of extreme bureaucracy. The info and documents we require are simple and attainable. We do our best to transfer your money within one to two business days. We improve and grow with every customer. We love taking care of you.