After deciding you need a personal loan, the next step is deciding where you want to get the loan from. Choosing a loan provider can be a difficult, but an important process. You want to make sure you’re working with a professional and reliable company.
We know you’re in a hurry to obtain your funds, but choosing a faulty loan provider may cost you more than you can afford in the long run. It’s important to do your research on multiple providers, finding the best fit for you.
First: Online or In Store?
Some people, especially first time borrowers, feel more comfortable going to a physical store, and speaking to someone in person. Some worried about their information security may like to go this route as well, but there are many benefits to working with online providers. If you’re working with a reputable company, the lending site will have data security certifications, making sure your information is fully protected.
Other benefits of working with an online provider are convenience, possibility of soft credit checks, no pressure to purchase additional products, while offering more flexibility and possibly more perks. If you need a small loan and fast, an online loan is a great option.
Second: Direct Lender or Loan Matching Service?
Before choosing a provider you should know if they are a direct lender, loan matching service, or a third-party aggregator. A direct lender means you are getting the money directly from them, there are no other parties or middlemen. A loan matching service is the middleman. You apply for a loan with the matching service and they find a lender for you, which eliminates any searching you would have to do yourself. A third-party aggregator sells your loan application to lenders interested in offering loans.
Third: Make Sure it’s a Reliable Company
After finding a lender that’s the right fit for you, do your background research. Laws differ from state to state, so make sure you know which states the company has licensing for. Most online lenders offer rates and terms on their websites, along with details of their state license. If you apply for a loan and they do not ask which state you reside in, they’re probably not a reputable lender, and you should look elsewhere.
The main criteria you should be looking for when applying is licensing, security, accessibility, and availability. You should be able to easily verify state license, rules, and regulations. All reliable companies use a secure socket layer encryption to keep information and data safe and secure. Lastly, online loans are all about convenience, accessibility, and availability. You should be able to easily fill out an application and contact customer service with any questions or concerns during the process.
When applying for a loan with TLC, you never have to worry about being with a reliable company. We offer 24/7 customer support and your data is always fully protected. There are never extra fees, you always know what you pay. We take pride in providing fast, friendly, and reliable service. We consider all applications, so never hesitate to apply.