How to Choose the Right Lender

Anelle Valdes
Anelle Valdes

When it comes to financial struggles, stress levels tend to reach their maximum. Being constantly stressed is not a healthy way to go through life. “Well tell me how to relieve my financial stress if you think it’s so easy!” you may say. One way to lighten the load when faced with financial problems, especially short term struggles, is through installment loans. Having a lender you feel comfortable with is a helpful tool to decrease stress and increase happiness. However, there are a few key points to take into account when searching for the best lender.

Great credit scores are always the golden ticket to being approved for loans. While not all of us have excellent credit scores, it is important to do your best to make sure your credit score stays strong. Some situations arise over which we have no control, causing financial hardships that can lower credit scores. If you are in a situation with a below average credit score and are looking to take out a loan, make sure to find a lender that will work with you to improve your credit score while lending you money. Wise Loan, specifically, has implemented a rewards program for those who pay off their loans in accordance with their loan conditions. This rewards program known as the “Nest Egg” will deposit a percentage of your previous loan paid off into a small account that can continue to grow over time. The ability for a lender to work well with you if you happen to have a poor credit score is key when searching for the right lender.

Comparing APR’s

Who loves high interest rates or high APR?!?!? No one does. Make sure to compare the rates of different lenders before settling on one. You will never know how much more you could benefit from lower rates if you don’t do some research. There are numerous lenders that are looking to serve you while also making a very large profit. High APR’s are not where you want to look when searching for a loan because you may end up getting caught in a viscous cycle of missed payments and a decreasing credit score. Although your credit score will have an impact on how large a loan you receive, you still want to make sure the rates on your loan are not outrageous.

How Can Referrals Help?

While credit scores and payment rates are very important, referrals are also just as useful when looking for the lender that fits you best. Asking around among your friend group, co-workers, or just seeing advertisements are great ways to learn about different lenders. We all know talking about financial struggles is always a hard and uncomfortable conversation to have with others, but utilizing your resources can help you in the long run. Looking on the company’s social media sites to see what people are saying about them is a great way to use referrals to help guide your decision. When it comes to searching for the right lender, always make sure to keep these points in mind in order to make the choice that is best for you! Stay Wise!

The recommendations contained in this article are designed for informational purposes only.  Essential Lending DBA Wise Loan does not guarantee the accuracy of the information provided in this article; is not responsible for any errors, omissions, or misrepresentations; and is not responsible for the consequences of any decisions or actions taken as a result of the information provided above.

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