Borrowing money, even a small amount, puts our financial future at stake. After all, we are agreeing to owe money for some period of time into the future. And not only is it important to have our finances in order, with an expectation to pay the loan back; it’s also important to know who we’re dealing with as we borrow the money and make loan payments.
When you take out a loan, you establish a potentially long-term business relationship with a lender. Like any other relationship, you should evaluate whether it is the kind of business you want to have obligations to!
What should you expect from your lender? You’ll want your lender to clearly and immediately disclose all loan terms (interest rate, duration, etc.), but you might care about these factors as well:
- Does the organization have any complaints with the Better Business Bureau?
- Does the organization appear to be financially stable?
- Is customer service convenient to you?
- Would you prefer a local office you can visit?
- Is the payment schedule acceptable?
- Will you have the repayment options (online, automatic withdrawal, etc.) you want?
This is not a complete list, and you may have other circumstances that affect your situation. Keep in mind that different lenders may offer different loan options. The important thing is to evaluate the lender before taking a loan, so that you won’t be inconvenienced by poor loan servicing processes or worse, bad business practices that could cost you more money, time, and effort than you bargained for.
1 Comment:
My lender sucks. Where can I find more info
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