Online lenders might be high quality, serious companies such as well reputable banks and credit companies as well as not so serious loan firms. Before you decide which online lender to go with, you should perform this test. The more questions answered "yes", the better the loan website.
The Loan Website's Layout and Design
- Are you able to glean valuable information immediately from the website without pushing a series of buttons first here and then there?
Does the page load fast?Are there no error messages?Does the web page not have pop-ups, pop-unders and other in-your-face ad campaigns? Is the all in all first impression of the web page good?
The Loan Site's Privacy Policy
- Does the website contain a written statement about their privacy policy? If so, take a quick peak at it.
If you answer 'yes' to the above question, does this policy statement seem reasonable and does it make sense?
The Loan site's 'About Us' page
- Does the lender have an "about us" page? If your answer 'yes", then read this page.
Does the loan company say how long it has been in business?Does the loan company tell where they are located? Does the loan company post a phone number?Does it provide an email address?Do they say anything about their policies and philosophies?
The Loan site's Popularity
- Go to Alexa.com and check the loan sites rating.
Do not use popularity alone. There are plenty lenders with the highest integrity, which may not necessarily have a favourable Alexa rating. Therefore use popularity as one of the many tools for evaluating internet lenders.
The Lenders Reputation
- If you know anybody who knows the lender, are they saying positive things about the company?
Is the web lender a member of the Better Business Bureau (BBB at BBB.com)?If your answer is 'yes' to the question above, does the lending company lack complaints on record filed against them at BBB (see BBB's reliability report)?
In Fact, it's really surprising how many "popular" lenders carry a ratherlengthy BBB reliability report filled with a variety of complaints. So again, just use your good, common sense and consider reputation as one of many factors.
The Online Loan Application Form
- Is the online loan application form really short or not asking you for too much information?
Is it simple for you to follow and understand?
As soon as you have completed the online loan application form, prospective loan offers will almost instantly be displayed.
Preliminary offers
- Do the loan offers present you with important information about the points, fees, terms, and rates being offered - in dollars and cents?
Check the current rates. Are the offers competitive in relation to these rates?
Communication with the Lender
- Pick out 3 or 4 of the most promising lenders. Call each one of them and ask them the questions you want answered. Are you comfortable with the relationship forming?
Is the lender's representative you talked with over the phone someone that you feel you could do business with?Does the loan clerk answer you clearly on the questions you ask?
Then take a break and think over what you've learned. Do some more calls and use your common sense and you'll soon find out who you work well with. If you follow this method you'll most likely find a top online loan company. I wish you good luck!
Terje Brooks Ellingsen is a writer and internet publisher. He runs the website 1st-In-Loan.net Terje gives advice and helps people with personal financial issues like various debt solutions and applying for credit cards.