What Is a Low-Interest Loan? And Why You Should Care
Another thing to keep in mind is that the repayment period on a personal loan is typically shorter than that of a mortgage or auto loan. If you aren't planning to buy a home or a car, a personal loan might not be the right option for you.
Lastly, be sure to compare the
customer support options of the different providers. Some lenders provide
helpful phone, email and live chat support while others don't offer these
services at all. Make sure you find a provider with customer support that is
easy to reach and friendly.
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The best way to avoid the stress
of student loans is to limit how much you borrow and apply for scholarships,
work-study positions and grants. This will reduce the need for loan borrowing
and allow you to complete your program before reaching lifetime loan limits.
Also, make a conscious effort to save for tuition expenses, and be wary of any
lender that pressures you into borrowing money with aggressive marketing
tactics.
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Having a good score can also help
you save on fees and repayment terms. Lenders may charge upfront origination
fees, late payment fees and prepayment penalties. While these fees don’t always
apply, they are important to understand when shopping for loans because they
add up over time.
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It’s important to compare lenders
to find the best rate for your situation. You can start by searching reputable
financial websites, like NerdWallet, and browsing independent media outlets
that keep lists of top lenders. Many of these sites also feature a “prequalify”
tool where you can enter your credit, income and borrowing details to see what
rates you might qualify for.
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You should also look at the
length of the repayment term and fees before making a decision. A shorter
repayment term will save you money on interest charges and will make it easier
to manage monthly payments. Lastly, you should also check whether your lender
offers hardship options to pause or suspend payments.
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Once you’ve settled on the right
loan for your needs, it’s a good idea to fill out an application. The lender
will likely ask for pay stubs, tax documents or other financial information to
complete the full application process. Once you’re approved, your loan funds
will be transferred to your bank account and you can use them for your goal.
Know Your Rights
Aside from interest charges,
there are other fees that may come with borrowing. For example, you might be
charged for late payments or penalties for paying off a loan early. In such
cases, you can contact the lender to try and negotiate a better deal. If they
won’t agree to a compromise, you can also file a complaint with the state
attorney general or federal consumer protection agency.
Regardless of how you borrow,
remember that a debt is a serious obligation that must be paid off in full.
Take the time to understand the terms and conditions of any financing you
consider so that you’re not blindsided by unexpected costs down the road. Lendistry
is a proud signatory to the Small Business Borrowers’ Bill of Rights,
guidelines set by The Responsible Business Lending Coalition, reflecting our
commitment to responsible lending practices and equal access to small business
funding for all.
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