Predatory lenders are everywhere and rely on those who are in dire financial situations to make money. Finding a reliable lender is one of the most important steps in obtaining a loan, and it is no easy task to sort through the hundreds of online lenders who claim to be the best in the industry. Make sense of obtaining a signature loan by asking about the following before completing an application. This can help a borrower get quick access to the cash they need while avoiding many of the common problems associated with online lenders.
Loan Origination Fees
Many lenders charge an upfront fee for the processing of a loan application and to cover any expenses associated with the disbursement of the final loan amount. These fees are standard in the lending industry, but be sure to read the loan disclosures before signing, so there are no surprises. Some lending companies will deduct the origination fees from the final loan amount, which can leave the borrower short on the money they need.
Numerous Credit Checks
It is normal for a company to conduct a credit check during the loan application process. Some lending companies will perform multiple checks, which can drastically lower a credit score and prevent a consumer from being approved with another lending institution in the future. Read the disclosures that accompany the loan application and ensure that a credit report will only be pulled once during the approval process.
It is important that the lending company have a dedicated customer service department that can address customer questions promptly. Some offer online chat support, as well as a toll-free number that a customer can dial to get answers to any questions or concerns they may have. It’s important for a lender to be supportive during and after the application process to ensure a positive financial transaction.
Taking the time to read disclosures before signing documents is the best way for an applicant to safeguard themselves from predatory lending techniques. King of Kash makes it easy by not charging loan origination fees and being upfront about their application process. Check out their website to read her comment about past customer experiences. They provide excellent customer service and have helped thousands of people get their hands on the money they need to live.