Many people have seen their paychecks dwindle. Many people have suffered some financial blows that have left their credit histories a little ragged.
Personal Loan Lenders Are Online
More traditional, brick and mortar lenders are not really a part of this booming market. They are hindered by high overhead due to their buildings, offices, and personnel. They are also bound by their charters to adhere to strict lending procedures. Legitimate online, non-bank lenders do not have these expenses.
The nice thing about online lending is that you do not have to wander all over the countryside to find an acceptable lender, one who will offer you rates that are not loan shark in nature and that has repayment terms you can live with. You can do it from the comfort of your own home or office. So get started.
FIVE Easy Steps To Find Your Lender
ONE – Define Your Goal
You need to know exactly what you are looking for. How much money do your REALLY need and why? Can you get by with less? How do you plan to gather the funds to meet the repayment obligations? What kind of repayment terms would work best for you? Some offer monthly, some want you to pay on the next payday. Once you have given yourself some firm answers, proceed.
TWO – Punch Your Browser
Using your favorite browser or search engine — Google, Yahoo, Bing, etc. — enter this key phrase: unsecured personal loans. Within seconds you should be rewarded with lists upon lists of available lenders. Open your desktop notepad and start visiting the various websites.
THREE – Shop Around
As you browse among the various lenders, write the name, contact, rates and terms of each that interests you. You want the lowest interest rates and the best repayment terms you can find. You should endeavor to find about ten different lenders.
Shopping is important because rates and terms and requirements vary wildly from lender to lender and it is important that you identify the best of those according to your financial goals. In fact, browsing makes it especially easy for you to locate the perfect lender.
FOUR – Check Credentials
Once you have collected about ten or enough to satisfy yourself, you need to check them out a little. You can go to the Better Business Bureau website and see what they have to say about the various entities. You can find customer feedback there too.
You might want to hookup with some personal finance forums and see what the buzz is there. You will probably bump into others who have been in your shoes and thus pick up experience.
FIVE – Start Applying
After all that, select the top five and start asking for quotes. At this point, it is not really necessary to start divulging personal financial facts and numbers. You just want to get an idea of what the particular lender is willing to offer and under what terms. Once you finally decide on a lender you can formalize the application process with your secure particulars.
Do not accept rejection. Keep applying and be persistent. Understand that a poor credit history will require higher interest rates and fees. You can and will find a legitimate lender who will work with you to get you the cash you need at a reasonable cost.