Do you need extra bucks for your college class, a car, your home expenses or just a few dollars to get you through to your next payout? You are not alone. Currently, there are around 44 million people who have borrowed money for their tuition fees, and that is in America alone. But student loans are not the only debts, there are other things that needs to get paid that is why loans are applied.
Another example is when purchasing a house or a car. Without loans, around 70% of people cannot afford any other the things that they want to purchase. However, it can be lengthy, risky and it could be an emotional process to borrow money. You have to make sure that you do not borrow more money than you can pay back.
You must know who you can turn to that can give you assistance so that you make the right decision to suit your needs financially. If you have the need to borrow money to be able to move forward with your life and your finances, then here are the places where you can go to for loans:
- National banks
Banks are the number one source of loans, and these days it is not only the large banks that processes loans, even the small ones and some online banks offer service nationwide and access to a lot of products.
Pros: Banks give you a lot of options, from a series of terms, incentives, fees and more, you will find a loan program that works perfectly for you. Also, banks that are known are set up for convenient features like customer service that can assist you everyday and online bill pay.
Cons: Working with banks could make it difficult for their customers to get someone to talk to on the phone, and you may even end up talking to a bank agent that has little to no experience. They may also not have the power of the flexibility to give you exceptions and they are also required to follow their rules about borrower profiles and credit scores.
- Credit unions
They are an alternatives to banks these days. They are usually located within the community that they serve, and it is a great way to know the local businesses and also to get some benefits for small-business.
Pros: Credit unions offer their customers with lower rates compared to banks. Another plus is their location, instead of having to make a phone call when you have a question, you can always drop by their branch to talk to an expert.
Cons: If you want to pay your loan online or check the progress of your payoff, it may not be an option. There are limits to their services, products and technology.
- Fast-money lenders online
If you need money fast, then you can go to an online lender. You can apply for a loan and get the money the next business day. However, there are things that you need to be cautious about before you take the money from an online lender.
Pros: It is easy, fast and you do not need to do much than to put in your personal information and wait for their approval. It can also be an option for you if you do not have good credits.
Cons: Some of the banks may charge high interest rates. In some cases, you may pay an APR of 400.00% or even more. Once you are in that cycle, it can be difficult to break out and the cost and the fees just keeps on piling up.