There are so many lenders in the market, but how would you distinguish a good lender from other lenders? Here is a list of characteristics of a good lender that you should look for.
1. They listen to you
A good lender will listen to you. There are a lot of lenders around that refuses to listen to their customers when they miss their repayment. A good lender, on the other hand, encourages their customers to contact them when they needed help and will listen to their explanation. Instead of taking the customer into bad debt, they will try to work with their customer to come up with a suitable solution for their situation.
That is why, if you have any problem with your repayment for any reason, it is important for you to call your lender. The impact of ignoring the repayment can greater than what you borrowed. For example, you may no longer able to borrow in the future, and this includes when you wanted a loan to buy a house.
2. They understand your situation
A good lender will try their best to understand your situation. We know that sometimes unexpected can happen and you may need to use your working money in this situation urgently. A good lender will understand your explanation and will work with you to find a solution.
3. They are honest
Lenders like honest customers and likewise a good lender should be honest to their customer as well. A good lender makes sure that you borrow responsibly. They would be honest with you whether your loan amount is suitable for you or it needs adjustment depending on your financial situation. They will know what is best for you and they will be honest to you if they see that you are not suitable for the loan.