It’s important to use a responsible lender. Read these tips 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, work associate, or local banker for a referral.
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 All About Credit.
Click the Next button to learn the warning signs of predatory lenders.