Wapakoneta, Ohio
116 E Auglaize St, Ste B
Wapakoneta, OH 45895
(419) 738­-3560
1st Choice Financial in Wapakoneta, OH offers affordable, small loan solutions. Their fast, friendly service will help you get the money you need, when you need it.

5 Facts You Need to Know About Getting a Small Loan March 20, 2017

Wapakoneta, Auglaize
5 Facts You Need to Know About Getting a Small Loan, Wapakoneta, Ohio

As a comprehensive financial services firm in Ohio, 1st Choice Financial isn’t just committed to making the cash loan process easy and quick — they also make it a priority to help consumers learn how to improve finances. That’s why they make their small loan application process clear and simple. This lender, with nine locations throughout Ohio, explains that while personal loans are some of the best arrangements when you need fast financing, it’s important to understand what these agreements mean.

If you’re new to the process, 1st Choice Financial has a few quick tips to make getting a small loan stress-free.

Here’s What to Know Before Obtaining a Small Loan   

1. Small Loans Carry Interest — But Rates Vary

Sometimes, a small loan can be more affordable than if you were to finance a purchase with a credit card. And while many lenders offer low, fixed interest rates, not all do. In addition to being clear about your interest rate, you should also look for fees that can be part of the loan agreement — such as origination fees or pre-payment penalties.

2. Not All Small Loans Need Collateral

small loanOften times, a lender will lower your interest rate or offer you a larger loan amount if you are able to put up a valuable asset as collateral — like a car title. However, smaller unsecured loans are also available. While unsecured may require you to provide proof of income and submit a credit check, you won’t be putting your assets at risk.

3. Credit Counts

Some lenders will extend fair rates on small loans to those who have bad credit. However, not all lenders will be flexible, and some could tack on hefty interest rates for poor credit. As such, it’s usually a good idea to try and repair your credit as much as possible before applying for a loan.

4. You’ll Need Some Documentation

While getting a small loan is usually a fast process, you should have some key pieces of documentation ready to speed up the process. For example, you’ll likely need to provide a valid form of identification, proof of address, and some form of income verification, such as previous pay stubs.

5. Small Loans Can Be Used for Anything

One of the great things about small cash loans is that they can be used for anything you require funds for. For instance, while some loans are only good to purchase vehicles or buy a house, personal loans can be used for everything from paying off high-interest debt to covering emergency medical expenses.

To learn more about how to get an affordable small loan in Ohio, 1st Choice Financial has nine convenient locations open Monday through Saturday. You can also start a personal loan application online.

Other Announcements, Events and Deals from 1st Choice Financial
3 Benefits of Getting a Payday Loan, Wapakoneta, Ohio
Life throws a lot of unexpected curve balls, from broken appliances to emergency car repairs. If you don’t have the cash on hand, dealing with these situations is almost impossible. ...read more
5 Items Needed for an Easy Payday Loan Application Process, Wapakoneta, Ohio
Applying for a payday loan is easier than you may think. When you partner with 1st Choice Financial at one of its nine Ohio locations, the process is fast, convenient, and offers a s...read more
Cash-Strapped? 3 Ways Payday Loans Provide Fast Relief, Wapakoneta, Ohio
When caught in life's twists and turns, it’s not always easy to keep cash on hand for financial emergencies. If the situation is urgent, a payday loan can serve as an ...read more
How a Payday Loan Can Fund Your Emergency Car Repairs, Wapakoneta, Ohio
Emergencies happen, but when your car breaks down, it can turn a good day into a catastrophe in no time at all. Even small repairs can be expensive, and if you lack a rainy-day fund ...read more
5 Amazing Perks of Getting an Instant Cash Advance, Wapakoneta, Ohio
Emergency financial situations seem to always occur after a paycheck has been used to pay all the monthly bills. When access to funds is needed right away, a cash advance can offer s...read more