4 Things To Consider When Taking Out A Personal Loan

April 14, 2020

Peoples Bank is a true community bank full of People That You Know. And as the People That You Know, our goal is to help you improve your financial literacy and give you the tools to make wise financial decisions on behalf of yourself, your family, and your business.

An important piece of financial literacy at Peoples Bank includes education about personal loans and the best ways to navigate them. Here are some things to consider when you’re thinking about taking out a personal loan.

1. The Different Types of Personal Loans

When it comes to loans, one size does not fit all. There are many kinds of loans that meet many different types of personal needs, including secured and unsecured.

2. Your credit score and history

Lenders use this score to determine appropriate terms and interest rates for your loan. The better your score, the better chance you have of securing favorable loan terms. Before applying for a loan, pull your credit report to identify any potential errors that may be harming your score. Visit annualcreditreport.com to pull your report. 

Building your credit before applying can potentially save you thousands in interest payments over the life of your loan.

3. Interest rates, fees and charges

Before committing to a personal loan, it’s important to research those with the best interest rates and loans that do not come with hidden or additional fees like origination fees or prepayment penalties. Don’t jump straight into the first, most attractive offer you find; what’s there might be more than you bargained for! Working with People That You Know can help you trust you’re getting the best loan for you. 

4. Customer Service

Different borrowers’ needs are unique to them and their situation, and it’s essential that your lender is capable of meeting all of yours. Capable customer service is exactly what you’ll find at Peoples Bank. After all, borrowing can be a lot safer and easier when you borrow from People That You Know!

Whether you’re a current customer or you’re someone looking for a new bank to call home, our team can lend the helping hand you need. Click below to contact your friendly and knowledgeable neighborhood lending experts about your personal loan options.

Click Here to Contact A Loan Officer