Loans Information

Luxury Real Estate Information


Rancho Palos Verdes, California Homes
Palos Verdes, California Homes
South Bay, California Homes
Luxury Mexican Beachfront Homes

Featured Properties


Oceanfront Estate Near Trump National

Related Information


Loan Information
Real Estate Information
Mortgage Refinance Information

6 Key Points to Evaluate Online Lenders


The internet is teeming with lenders who are vying for your business. It seems like everyone wants to loan you money. You are truly in the driver's seat by going online for your mortgage, refinance, and consolidation needs. But how do you select a lender? How do you choose the right institution? How do you know who to trust?

In this brief article, we will cover the 6 simple, practical, and essential key points that we feel you should evaluate, when exploring online lenders: Feel free to print this out, and use it as a free guide, while pointing and clicking your way to success:

1. Privacy

2. Design

3. Popularity and Reputation

4. The Short Form

5. Communication

6. Points, Fees, Terms and Rates

1. Privacy:

In the modern world of ecommerce, it is essential that all respectable businesses honor your right to privacy:

a) Check for a posted PRIVACY POLICY, prominently displayed on the homepage of your prospective lenders site. Read it. Does it make sense to you? Does it address how they will use your email address, your name, and your private information?

b) Do they ask for things that may seem unreasonable at this stage of the game? Be wary of requests for credit card numbers, social security numbers, and similar information that may not be appropriate early on, for example, when you are filling out the initial, short form. Naturally, your lender will need that information down the road, but certainly not right out of the gate, when initiating the first steps towards a relationship with you.

c) Is the lender a member of a posted, third party, privacy program? For example, TRUSTe is one such independent company that will designate a member site. You can look for their emblem, and similar third-party companies. This is not a requirement for securing a good privacy policy; however, it is worth noting.

2. Design:

The storefront of the online world, is the website. Therefore, it is important that you examine the sites design, and evaluate it, much the same way that you evaluate an office or store as you walk in the front door. Let me give you a couple things to consider:

a) Is it a fast-loading site, or are you waiting forever?

b) Is it straightforward or elusive? Can you glean important, direct information from the homepage, or does the site appear to coax you in deeper?

c) Are you inundated with pop-ups, pop-unders, and other in-your-face ads, or does the site seem helpful?

Remember, how the lender presents themselves online, is a reflection of their business philosophy, and it tells you a lot about what kind of lender they may be, after you sign on the bottom line.

3. Popularity and Reputation

I'm sure you learned in high-school, that popularity and reputation aren't everything. However, just like in the real world, it is important to gather information on these two key points, and use them as a gauge.

a) By typing your lenders URL into http://www.alexa.com, you will be able to ascertain how popular your lenders site is, because Alexa will tell you how much visitor traffic the site gets. This isn't a science, and popularity isn't everything. For example, an extremely popular website could treat you like a number, and a relatively new lender or smaller institution, might not be frequently visited, but still be a perfectly viable choice. So, review popularity alongside rock-solid common sense.

b) Say, why not check out your prospective lenders reputation, by going to the online Better Business Bureau, http://bbbonline.com and checking the Reliability Report? This report will provide you with corporate information (such as name, address, phone number), BBB membership information, whether or not the lender is a participant of the "BBB Online" program, along with a complaint history, and each complaints final resolution.

c) These aren't the only methods for gauging popularity and reputation, of course. You can talk to people, go to chatrooms, conduct search-engine research, etc. Again, popularity and reputation aren't everything, but keep them in mind while exploring lenders, both online and in the real world of course.

4. The Short Form

The Short form is a term used to describe the basic application that you initially fill out, when seeking a loan from a lender or institution.

a) Is it short indeed? Does it ask you for basic information, relevant information, and is it presented in a simple and concise fashion, perhaps no longer then 1 to 2 pages?

b) Is the short form organized and appropriate? Does it make sense, is it simple to fill out, and is it easy to understand, and appropriate for an initial application?

c) Consider this form as an introduction to your lenders style. If the form is simple, concise, and easy to fill out, this may tell you a lot about the lender. On the other hand, if the form is complex, difficult, and requesting a little more information than your comfortable providing, this too might spell out a word of caution, and provide important information about your prospective lender.

5. Communication

Never underestimate the importance of communication. How the lender chooses to communicate with you from the get go, might indicate choices the lender will make later on in the process.

a) Does the lender have an "about us" page, and do they provide meaningful information about their business, such as how long they've been around, where they are located, their phone number, their physical address, and perhaps even their corporate structure? Or, are they a ghost in the machine, providing little to no information about themselves?

b) You will ultimately be speaking with a live person on the phone. How do they strike you? Are they pleasant, cordial, and polite? Are they low-key, helpful, and respectful? Or, do you see signs of pushiness, or over marketing?

c) Never make an immediate decision. Talk to 3 or 4 lenders, and then give yourself a pause to reflect on who provided the best deal, and, who might be the easiest and most appropriate to work with.

6. Points, Fees, Terms and Rates

a) Obtain several offers from competing lenders, and compare the nuts and bolts.

b) Who offers you the best savings? Who seems just too low to believe? Who is way too high to consider?

c) Check out the current interest rates, and make some market comparisons. Our site has a free RateWatch updated frequently throughout the day, or, you can easily find this information at any search engine or at other reputable websites online.

We've enjoyed providing this information to you, and we wish you the best of luck in your pursuits. Remember to always seek out good advice from those you trust, and never turn your back on your own common sense.

Publisher's Directions: This article may be freely distributed so long as the copyright, author's information, disclaimer, and an active link (where possible) are included.

Disclaimer: Statements and opinions expressed in the articles, reviews and other materials herein are those of the authors. While every care has been taken in the compilation of this information and every attempt made to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. The author will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.

Copyright 2005, by LoanResources.Org, This article is available in full format at: Evaluating Online Lenders. Tom Levine provides a solid, common sense approach to solving problems and answering questions relating to consumer loan products. His website seeks to provide free online resources for the consumer, including rate-watch, tips and articles, financial communication, news, and links to products and services.


MORE RESOURCES:
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news


Forbes

Why You Should Rarely Pay Extra Toward Your Student Loans
Forbes
If you want to get out of student loan debt quickly, then paying extra towards your student loans might seem like a no-brainer. Pay more, watch the balance go down, avoid extra interest, and see the loans disappear quickly. However, for many borrowers, ...
Why Public Service Loan Forgiveness Is So UnforgivingNPR
The Public Student Loan Forgiveness Rescue Hasn't Gone Well So FarNew York Times
The Student Loan WhistleblowerKUOW News and Information
IFAP - Electronic Announcements - US Department of Education -Consumer Financial Protection Bureau -Government Accountability Office -Mass.gov
all 47 news articles »


Regulation of installment loans varies widely by state
Marketplace.org
A new report from Pew Charitable Trusts finds that nearly 10 million Americans turn to consumer finance companies for short-term installment loans when they need quick cash. But just how much they pay in finance charges can add up depending on how ...

and more »


Forbes

Here Are The 5 Biggest Student Loan Mistakes Of 2018
Forbes
No one likes to make a mistake. When it comes to your student loans, in particular, a mistake can cost you more money. According to Make Lemonade, there are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt. The ...



The Real Deal

These were the top 10 outer borough loans in September
The Real Deal
Two of the top three outer borough loans recorded in September were for Bronx projects. The No. 1 loan was $115 million for Eastchester Heights, a complex spanning five city blocks in the northern part of the borough, while the number three loan was ...



Forbes

Judge Orders Betsy DeVos To Begin Student Loan Forgiveness
Forbes
When the federal government forgives student loans - even if a college committed fraud - taxpayers effectively foot the bill. DeVos has proposed creating a new formula for student loan forgiveness, which would cancel a portion of a borrower's student ...
Court allows Obama-era student loan rules to take effect, delivering defeat to DeVosWashington Post
Students defrauded by colleges can have student loans forgivenNBC4i.com
Obama Student Loan Rule to Take EffectInside Higher Ed
CNBC -Politico -Wall Street Journal -CNNMoney
all 179 news articles »


Detroit Free Press

New job perk that's luring employees, helping them cut college debt
Detroit Free Press
Carhartt will pay $50 a month up to $10,000 to help its eligible part-time and full-time workers worry a little less about their student loan debt. Employees have to be with the company at least 30 days, if non-union, or 90 days, if in a job ...
Think student loans are bad now? Just wait.BenefitsPro
How to Spend Your Money When You're Paying Off Student LoansZing! Blog by Quicken Loans (blog)

all 9 news articles »


VICE

Here's Fresh Evidence Student Loans Are a Massive, Generational Scam
VICE
For some perspective on how America let student loans get so out of control, why taking on debt is so often a mistake, and what we can do about it, I called co-author Julie Margetta Morgan for a chat. This conversation has been lightly edited for ...



Bloomberg

Leveraged-Loan Risks Start to Get the Fed's Attention
Bloomberg
In minutes of the Federal Open Market Committee's September meeting, policy makers made explicit for the first time that they're watching for any hint of risks to financial stability stemming from the more than $1 trillion market for U.S. leveraged ...



America's $1.5 trillion student-loan industry is a 'failed social experiment'
MarketWatch
But ask many borrowers in this generation whether they worry about how the loans will affect their future and you'll get a slew of bleak replies: It's stopped them from getting their car fixed, switching jobs, buying a home and having children. Even a ...



CNBC

Americans hold $1.5 trillion in student debt—here's how to know which repayment plan is best for you
CNBC
Paying off your student loans efficiently is most important than ever before. According to most recent figures from the Federal Reserve, 44.5 million Americans collectively hold $1.5 trillion in student debt. Even though college graduates have a huge ...


Google News

home | site map
TIGER MEDIA© 2006