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Personal
loans can differ greatly from one lender to the next.
That’s why it’s important that you have a good, clear
understanding of how your personal loan will work, what
you’re promising to the lender and what the lender is
promising you in return.
The
problem can be that the language banks and other
financial institutions use may be unfamiliar or
confusing. Be an assertive borrower! Ask the lender to
provide an explanation of all the details of your
personal loan in “plain English.” If you don’t
understand something, ask more questions until you get
all the information you need to make a wise decision.
Because
lenders are all different, it’s worth the effort to do
some research about each lender before you decide which
one you’ll choose for your personal loan. You can find
the answer to these important questions on the Internet,
at your local library and from other sources like your
local Better Business Bureau.
For each
lender, find out:
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If
they have a solid financial history.
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How
many years they have been in business.
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If
other borrowers have filed complaints against them.
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How
current customers rate their service.
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