With the coming of the new year, most of us want to ensure that we get into better financial habits. While for many of us this means saving more and making better choices when it comes to the purchases we make, it should also extend to the financial products we use and the institutions we rely on to provide them. Let’s face it “neither a lender nor a borrower be” simply isn’t practical advice when living in The Big Smoke in the 21st century.
No matter how hard we work, how hard we try to save and how much free time we dedicate to a side hustle, every now and then we may need to rely on a helping hand from a lender.
Whether it’s a credit card company, a short term lender or even a mortgage company, we should all be looking for the same important things. When you know what to look for in a lender it becomes much easier to manage your debt and prevent it from getting on top of you…
Great social proof
It’s all well and good when a lender has a friendly looking website and a number of impressive looking awards from consumer magazines. What matters is that they have glowing reviews from real customers; people just like you with similar needs. Check out Fast Loan UK’s website and you’ll see a multitude of glowing reviews from customers. It’s this kind of social proof that will be invaluable in determining whether or not a lender is right for you.
Financial circumstances change and your lender needs to be able to offer you the flexibility to change with them. For example, if your financial situation improves, you may want to pay off more of what you have borrowed or even pay off the full balance outright. This will likely save you a great deal in interest but some institutions may charge a fee for early repayment. A great lender will give you the flexibility to allow you to make early repayments or make a lump sum repayment that allows you to pay off more and reduce your monthly repayments or the term of your loan without consequences.
There’s nothing more frustrating than when lenders and credit card companies lure you in with attractive rates only to jack them up later. No sooner have you gotten used to accommodating your monthly repayments into your household budget when the interest rates are hiked up meaning that even though your repayments remain in-budget you pay off less and less of your loan.
A worthy lender will make it clear to you how long introductory rates last and what you can expect when those rates expire.
The phrase “terms and conditions apply” hides a multitude of sins. If you see it used on a lender’s website it means that you should take extra care when going through any paperwork pertaining to a loan, credit card or mortgage before signing on the dotted line. Fortunately, a responsible lender will set out the terms and conditions in easy to understand, jargon-free terms so that you know exactly what you’re signing on for.
When you choose your lenders wisely, you can better manage your finances and move forward into a more prosperous 2019.