Your coaches explain the importance of using a responsible lender and then give you tips on how to identify one.
Always be careful when selecting a lender. A responsible lender can help you gain financial flexibility and achieve your goals. Unfortunately there are a few lenders you should watch out for.
How do you find a responsible lender? Look for an established company with a good reputation. Ask a money-savvy friend, family member, or work associate for a referral. Or, ask your local banker or employer.
Only work with lenders who answer all your questions, put everything in writing, and give you time to shop and compare costs and rates before you sign a loan agreement. These are all good signs of a responsible lender.
You’ll have to live up to the terms of the loan agreement you sign, so it’s critical that you understand exactly what you’re signing.
Characteristics of responsible lenders:
Ask sources you trust for referrals.
Learn about loans in the topic Using Credit to Your Advantage.
Click the Next button to learn the warning signs of predatory lenders.