Personal loans for bad credit usually involve large sums of money, so it’s not a bad idea to be a little choosy about what lender you get them from. Asking the right questions while doing your reasearch will get you far. If you’re not sure what to start with, here are 3 that we think you might find helpful in determining whether a lender is a good choice.
1. How many loans have they provided?
You probably wouldn’t hire someone for a job if they had never done the task you’re asking them to do, and borrowing is the same way. You want to choose a lender who you know has plenty of experience in the field and knows how to serve customers like yourself. That way, you don’t have to worry about whether or not they know what they’re doing and you can concentrate on your goals and duties as a borrower.
Find out how long your prospective lender has been in business and, if you can, how many people they have served over that time. If you know their name just from having heard others talk about them or seeing advertisements for them, they’re probably established and a good choice. If they’re very new or don’t seem to have things figured out quite yet, you might try a different lender for now. You can always come back to them later if you still feel like giving them a try.
2. How up-to-date is their website?
One of the most important things for a lender to do is stay current in their industry. There are a lot of regulations, both federal and provincial, that govern loans in Canada, and they undergo periodic changes and updates. Lenders who don’t keep up with what’s going on may not realize when a change has happened, and you don’t want to be stuck working with a lender who is (hopefully not intentionally) violating the law. There are also emergent trends in lending that companies who stay informed tend to adopt, such as having a mobile app for easy payment tracking. Ideally, you want a lender who has these things too.
That’s why it’s best to look for signs that the lender you’re considering is actively managing their business. Look for a 2019 copyright date in their footer at a minimum, which shows that they at least took the time to change the year over when the new year started in January. Even better signs are news posts (again, dated within the current year) giving updates to customers about what is going on with the company and their products. You could also look for current blog posts, as a company who is actively marketing like that is also certainly keeping up with market trends.
3. How easily can you get in touch with them?
Now that technology has made it so easy to connect to each other at all times, standards of communication for most businesses have increased. Lenders are no different. You want to choose a lender who you can contact at a moment’s notice if something goes wrong, because no one wants to live with that uncertianty when there are hundreds of dollars on the line.
Before you settle on a lender, assess the options they give you to contact them. Just a phone number with normal business hours of operation is not enough; you want to see at least an email address or an open chat client attached to that, if not both. Ideally, the email address will also come with an assurance that the lender will respond to those emails within a certain period of time (24-48 hours is common). The more open channels that are available to you, the easier it will be to speak to someone who can help you when you have a problem.
Find Your Personal Loans For Bad Credit Through Us
Having your questions prepared is one thing, but what about finding lenders in the first place? Bonsai Finance can help you do that. We work with many lenders providing personal loans for bad credit who meet these criteria and who would love to help you out too. It’ll only take a few minutes to set your search criteria on our online portal before you can start comparing each lender against the others. With so much information at your fingertips, you’re sure to find your perfect match.