February 4, 2020
by Addison Davies
Personal loans can be straightforward to obtain due to their abundant choices available in the mainstream as well as the online loan market. The lending companies have their criteria, and for a final decision, you need to know all the options in totality. However, this should not nullify the importance of comparisons that help you make rational decisions.
The habit of comparing helps in many ways –
1- It can save precious pennies on the interest rates as a varied lender have varied prices
2- It gives an overall idea of the available deals
3- You can know about the new changes in the policy of personal loans in Ireland
4- The new features and offers come into notice which you may exploit
5- Informed decisions prevent the regretful decisions that happen due to ignorance
Facets that facilitate comparison
With all the above concerns, it becomes necessary to compare the personal loan lenders on several factors. They are –
Borrower reviews and ratings on the website
The best way of knowing the lenders is to understand what your counterparts, as a fund seeker or borrower, say. There can be few questions in your mind about the lending company. Instead of asking them from the lender, try to find them in the customer reviews given by the other borrowers.
Find out the following things from the feedback –
1- Are the other borrowers happy with what they got from the loan provider? What is the rating – 2, 3, 4, or 5 stars???
2- What do they say about the speed of the loan procedure? Is the lender, fast or it just mentions itself as the provider of quick loans in Ireland?
3- Are they available 24×7 as the need of money knows no time limit
4- Are there any borrowers who belong to your circumstances, for example, some medical emergency, holiday, education, etc.? Are they satisfied?
Read the reviews of all the lending companies that you shortlist to consider.
Annual Percentage Rate
Of course, it comes first as the final cost of the complete deal. Abbreviated as APR, the annual percentage rate is the yearly cost applied on a loan product. It is scattered every month, which is obvious to affect the monthly instalments.
The lender with the lowest rate should be in your focus. The one that tackles the bigger picture (APR) well is usually able to handle the other worries on repayment, loan amount, etc. However, one thing needs to bring in attention here. There should be no drama of hidden charges that stun you later when the deal is almost done and step back becomes painful.
When you take a loan, it is not only about the loan amount, interest rate, or instalments. It is about the whole experience that constructs through the additional services that a lender provides.
Make sure that you check that the lenders provide these necessary facilities or not –
1- Online access to your loan account should be possible and smooth. It helps to know how much you have paid off, how much is left and is there any new discount offer etc.
2- Round-the-clock customer care assistance in case of any doubt. For example, if you get the message of an increase monthly instalment for the next repayment date, you may get anxious. There should a team sitting to serve your concerns and to know the reason.
3- Availability on bank holidays. The lending companies with no restrictions on this part are more reliable as the money requirement may pop-up.
4- The network of ATM as after you get the money, you may need to take the money out at any location. Also, know about the charges as the varied loan providers take different amounts. However, there are even some who do not take any such fee or charge.
Rollover policy in case you miss to pay off in the decided duration
Most of the lenders nowadays provide rollover policy. It gives you a second chance in the matter you fail to pay off the borrowed money. It renews the loan with a nominal additional cost, and then you can pay back the investment in the new tenure assigned to you.
There can be a massive difference in the rollover policies of the fund providers. Scrutinize all of them and take the money from the one that gives the facility at the least cost.
The above parameters will help you know both sides of a coin. With the help of comparison, you can remove all your doubts and threats on all fronts. Why wait? Start it now and get your share of financial assistance.