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How to Find the Right Lender for Personal or Business Use

Let’s face it. A paycheck isn’t always enough to provide for our needs and you could find yourself in need of a loan. While they produce a small financial liability on your paycheck, they help you fulfil your wishes, fund an important event or raise money for your business. However, finding the right lender is a tough job. You could end up working with shady lenders who operate outside of the law and do not comply with trading standards and legal obligations. These questionable lenders provide you with loans starting at just a few hundred pounds in most cases, but their APR is so high, with an often total disregard for your ongoing financial situation, that you could remain in their debt trap forever.

Therefore, finding the right lender is essential. Here is how to determine which creditor will be good for you.

Loan tenure

If you are looking for a long-term loan, a bank is always a good option. Traditional lenders like banks usually provide better rates for long term loans as opposed to the short term alternative. Moreover, they can be more stable and if the economic conditions are right and you choose floating rates of interest, you could ultimately pay less on your loan. These lenders may also allow you to refinance or re-adjust your rates of interest so you never have to worry about your changing financial situation. For short term loans, focus on a reliable company who can cater to your needs.

FCA accreditation

If a lender is not authorized or regulated by the Financial Conduct Authority (FCA), don’t deal with them. This is especially true for people who are looking for short term loans. While there has been a sharp decline in the number of lenders working illegally and unfairly since the FCA took over regulation of the industry, there are still a few which may have slipped through the net. Reliable, trustworthy lenders, such as MrLender.com, will always be approved and regulated. If you’re unsure if a particular lender has been approved by the relevant authorities, you can check their credentials on the FCA website to confirm their legitimacy. Once done, you can safely proceed with submitting an application.

Internet research

Before applying for a loan, first find out which lenders provide the kind of loan you are looking for to the area in which you live. Make a list and search for everyone online. The vast majority of reputable lenders will have some form of website where you can find out more about the company. While there are some which are purely office based, it is best to stick to companies who have a website as they are likely to be more trustworthy. Also, check if the website is providing enough details about their business, APR rates etc. If not, then you may want to contact the company and do some more background research before applying for a loan. When you have narrowed your search down to a few lenders, start reading user reviews to find out how they work and the quality of the service they provide. One final thing – check the privacy policy of these creditors before applying as this will often contain important information regarding the application process.

Personal recommendation

Everybody needs a loan at some point in their life. Your colleagues, neighbours, friends and relatives may have taken out a loan and they may know of a trustworthy, cheap loan provider. Usually, the loan providers you meet through personal recommendations are the ones which are most trustworthy. Just make sure that whoever is recommending the creditor to you has personally used their services.

By following these tips, it will be easy for you to find a reliable creditor. Remember, one mistake and you could end up falling into a debt spiral which could be tricky to overcome.