It’s hard to image that only 20 years ago Americans had very few choices when borrowing money. Back then, the Big Banks were the only game in town unless you wanted to turn to a high interest payday loan. But thanks to the internet, there is more competition, and more choice in borrowing, than every before. But to really find the saving you have to compare loans.
Take the Time to Compare Loans
Time is money! We all know this. Chances are if you are needing a loan, then you need it quickly and don’t have a lot of extra time for research. But if you slow down just a little and take the time to compare loans, it is the best way to save yourself money.
Many small lenders charge extra fees. Virtually all of them charge higher interest rates then the Big Banks, but many of them also charge extra fees. You need to read the fine print for the different lenders. Look beyond the bold print that tells you the APR and look for the extra charges they tack on.
You might get dinged for late payment, or for early payment! You may have to pay a surcharge for completing your repayment! The only way to know is to research for yourself, because the lender surely won’t tell you. So slow down, compare loans, and look for the one that suits your needs and won’t break the bank.
Don’t Be Afraid to Ask Questions
You would be surprised how many people agree to loans even though they still have lingering doubts or unanswered questions. Do not be one of those people. When dealing with a loan, you are signing a legally binding contract, and need to take steps to protect yourself.
So when you compare loans, do not hesitate to directly contact the lender with your concerns. Ask questions, dig deep, leave no stone unturned. You can email your questions into the support or help desk for that lender, or you can just call them.
Warning – if a lender does not answer your questions, or even worse does not have a phone number to call, you probably do not want to do business with them. This is yet another benefit when you compare loans.
By taking a closer look at each lender you can better evaluate who is a real business and who is not. The internet is deep, dark place, and there are lots of scams. Don’t get scammed! Compare loans, make phone calls, ask questions, and save money!