Finding a great loan provider is an essential task for any consumer in the market for a new home, car, or personal loan for any other reason. Consumers benefit from a fantastic working relationship with their lenders in a variety of ways, but many people don’t know how to shop around for a great loan provider that can make their life easier. With this guide, homing in on three elements of a great lender can help you make smarter financial choices for the long term.
1. A great interest rate is crucial, so use a comparison service like iSelect
On every account from home loans to credit card consolidation lending, the interest rate is a key facet of any borrowing experience. With the help of a comparison site like iSelect, matching up with lenders who can provide you with the lowest rates on the market is simple. A comparison site is a crucial ally in your search for any new borrowing opportunity, yet many people simply fail to incorporate this step into their borrowing search and application process. It’s easy to find information about lenders with iSelect comparison services, and by inputting a few personal details, you can get accurate quotes from a wide range of lenders.
For some borrowers, the interest rate and resulting APR are the only things that matter. Minimizing the total financial burden of any borrowing opportunity is critical, but it’s not the only facet of a great lender.
2. Seek out responsive customer service
Life is messy. Borrowers with fixed-rate loans and variable interest rates alike take on a new personal loan with the best of intentions and a budget that is suited to handling all of their bills (including this new one). But things can become tangled in a hurry. The birth of a new child, a sudden medical emergency or car accident, or even a global crisis like that which has been brought on by the coronavirus pandemic can all contribute to a change in your financial circumstances and cash-flow considerations.
A financial institution that prioritizes customer service and consumer solutions is a great partner for any borrower. Working with a bank or private lender that wants to help you succeed is a great way to ensure that you maintain a positive working relationship as well as a bright and happy future. Customer service additions are a must for any borrower who is seeking a great experience overall.
3. Consider additional perks that a lender might offer
Lenders try to entice borrowers with all kinds of additional perks and benefits. Borrowing when a promotion is running is a great way to gain the benefit of some unique kickback that the financial institution of your choice might be offering. Cashback, waived origination fees, or gift cards to your favorite stores after a certain number of on-time payments are all possible additions that can sweeten the pot for you as a consumer.
Likewise, some lenders will offer reductions to the interest rate for the use of certain cost-cutting services. For years, many businesses have tried to incorporate a paperless fee waiver, and some banks will provide a small reduction in your rate if you opt for paperless statements, direct debit set up in the application stage of the loan relationship, and more. With these additions, you can bring a new and positive edge to your financial livelihood. Consider these three elements of a great lender in order to get the most out of your next borrowing need.