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 | 6 Key Points to Evaluate Online Lenders |
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4. The Short Form
The Short form is a term used to describe the basic application that you initially fill out, when seeking a loan from a lender or institution.
a) Is it short indeed? Does it ask you for basic information, relevant information, and is it presented in a simple and concise fashion, perhaps no longer then 1 to 2 pages?
b) Is the short form organized and appropriate? Does it make sense, is it simple to fill out, and is it easy to understand, and appropriate for an initial application?
c) Consider this form as an introduction to
your lenders style. If the form is simple, concise, and easy to fill
out, this may tell you a lot about the lender. On the other hand, if the
form is complex, difficult, and requesting a little more information
than your comfortable providing, this too might spell out a word of
caution, and provide important information about your prospective
lender.
5. Communication
Never underestimate the importance of communication. How the lender chooses to communicate with you from the get go, might indicate choices the lender will make later on in the process.
a) Does the lender have an “about us” page, and do they provide meaningful information about their business, such as how long they’ve been around, where they are located, their phone number, their physical address, and perhaps even their corporate structure? Or, are they a ghost in the machine, providing little to no information about themselves?
b) You will ultimately be speaking with a live person on the phone. How do they strike you? Are they pleasant, cordial, and polite? Are they low-key, helpful, and respectful? Or, do you see signs of pushiness, or over marketing?
c) Never make an immediate decision. Talk to 3 or 4
lenders, and then give yourself a pause to reflect on who provided the
best deal, and, who might be the easiest and most appropriate to work
with.
6. Points, Fees, Terms and Rates
a) Obtain several offers from competing lenders, and compare the nuts and bolts.
b) Who offers you the best savings? Who seems just too low to believe? Who is way too high to consider?
c) Check out the
current interest rates, and make some market comparisons. Our site has a
free RateWatch updated frequently throughout the day, or, you can
easily find this information at any search engine or at other reputable
websites online.
We’ve enjoyed
providing this information to you, and we wish you the best of luck in
your pursuits. Remember to always seek out good advice from those you
trust, and never turn your back on your own common sense.
This
article is available in full format at:
http://www.loanresources.org/article-evaluate-online-lenders.htm
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