Oftentimes, people (and tons of articles) will tell you that you need to take care of your credit history. You are reminded to pay your bills on time, avoid borrowing money when it is not necessary, and limit your credit card to one or two. Otherwise, your credit score will be affected and you might have a hard time getting approved when you apply for a loan.
What about lenders? Don't you think it's fair that you have a criteria of what it takes to be a good lender?
Read up because below are traits and characteristics you need to watch out for to ensure that you are in good hands:
Borrowing money entails costs - processing or documentation fees, interest rate, pretermination fee among others. The question now is do you know how much you are paying?
A good lender is transparent. This means they will explain to you how much each cost is worth and how it was computed. More importantly, your lender will explain everything you need to know about the loan and must be willing to answer your concerns. If the lender refuses to show a sample computation, or constantly use financial jargons, or does not want to disclose the rates you are required to pay, then move on to the next.
Competition will always be part of everything, including among online cash lenders. A good lender should offer competitive rates and packages to entice customers to come to them.
Therefore, don't be afraid to negotiate fees or interest rates (as long as you can back it up with sufficient savings) or duration of the term. There's nothing wrong with trying.
Think about this: your due date is tomorrow and you completely forgot about it. Then, you got a call from your online cash lender demanding for payment. You promised to pay on the due date but things happened and you lost track of time. The next day, you got another call from your lender demanding and threatening you to make payments.
Do you want to deal with that kind of lender? Definitely not.
A loan is a loan and requires timely payment, but a good lender must be respectful to its customers. Threatening customers should not and must never be part of their vocabulary. A good lender must also be respectful of their customer's time and not bombard them with tons of calls and messages starting at six in the morning.
That's not all. Being respectful also means talking to you in a professional and calm manner - even if you missed a payment.
Don't worry. This won't happen with Loan Ranger. We respect and value your time.
Online cash lending means you get to apply for a loan without actually going out of the house. Because of this convenience, the best way to contact an online cash lender is by phone, email, or sending them a message on their Facebook page.
That being said, a good lender must be responsive, not only in answering questions about the loan but also in replying to your inquiries and complaints. Aside from the Facebook page, a good lender must have hotline number with dedicated customer support service to answer your concerns.
When you see a friend who is feeling down or depressed, what do you usually do? You comfort her, right?
The same goes with lenders. A good lender must learn how to empathize with their clients.
What does this mean? Empathy means a lender will work with you and understand your needs so you can come up with a viable, sustainable deal. A good lender must know how to genuinely listen instead of giving you a "you need us" attitude.
6) Takes Care of Clients
This is a must. A lender's responsibility does not end with them giving you money. They should also take care of you, give you updates about your loan and their new products, and give you incentives in case you borrow from them again.
More importantly, a good online cash lender treats you as a friend and partner, and not just a regular customer. If they can't give you that, then they may not be good enough.