7 Top Tips To Choose Right Lender For Your Loan

Tips to choose right lender

With the number of calls we all receive from lending institutions including banks, it might seem like a flood of credit taking place. Sometimes it looks all too easy and tempting, particularly when you are in dire need of funds for business or personal purposes. However a wrong decision in this regard can land you in a big financial lurch. This is why choosing a lender and lending terms that suit your requirement is vital. This write up guides the borrower on choosing right lender and giving a low down on how Letzbank makes this process really easy.

➤ Compare rates

Interest rate is of course the first factor every borrower considers. According to your needs you may choose between fixed and floating rates. Letzbank portal allows you to compare interest rates across various lenders as you explore your options.

➤ Research is the key

Taking a credit line is a crucial decision and so you must not take it in a hurry. Read the fine print and find out about charges other than interests that a lender levy. Sometimes lower interest rate might be offset by high administrative charges on your loan. To facilitate a right decision in this regard, Letzbank displays information regarding processing fee, foreclosure fee and other administrative charges for every lender it collaborates with.

➤ Credit Score matters

In case of bigger loans, negotiations on terms and conditions are possible. But to fortify his or her stand for good bargain, a borrower must seek a credit score. Letzbank’s Credit Score application with a detailed Experian Credit report helps you with this part. Our guide also helps the borrower in understanding the science behind credit score and ways to improve it.

➤ After Sales services

Do not underestimate role of after sale service. A sub-standard and uncooperative after sale support can spoil a little more than your “experience” of availing the loan. Check on the “post” loan communication, statement sharing and help desk services. Other services like options of payment, cheque pick-ups, free and paid services, allotment of relationship manager, and internet access to your account are valuable services that you must enquire about beforehand.

➤ Advisory and other services

Big lending institutions employ account and wealth managers who possess expertise in financial and investment products. They help you in understanding the suitability of loan products and advise on future course of action. These professionals also advice borrowers and customers with services and other products on offer.

➤ Customer reviews

Customer reviews are widely available on internet and one must check them out before zeroing on a particular lender. These reviews can give great insights into terms and factors that might not be available on loan agreement or anywhere else. They may also deal with other issues that would not ordinarily occur to a borrower.

➤ Reputation

It is advisable to opt for known names when it comes to taking loans. Since these players are big and have standard structured loan products, there are lesser chances of misunderstanding terms and conditions attached with loans. There is also no risk around exorbitant interest accumulation and unauthorised recoveries and charges. Letzbank always collaborates with the best and the most reliable names for its customers who have a well placed infrastructure that makes the whole process seamless and simple

These were the 7 factors that can help borrower choose the right lender and how letzbank assists in achieving this goal. Visit Letzbank today and explore more of our Insurance, loan and other products that give you freedom to live your life on your own terms.

Main Category: Loans