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When unforeseen expenses pop up, many individuals experience overwhelming dread and stress because they simply don't have the money on hand. Turning to a small consumer or personal loan can help you take care of the situation, but it's important you choose a reputable and honest lender. Whether you're facing a large medical bill or emergency car repairs, here are the three questions you should ask a loan company before applying for a loan.

3 Questions to Ask Your Loan Company

1. What Are Your Loan Requirements?

When you apply for a loan, the lender will run your credit report. This standard procedure is fine if it only occurs a few times every couple of years, but when you apply to multiple loan companies at once, it could negatively impact your chances of approval. Luckily, you can avoid this by learning about their minimum approval requirements, such as credit score and monthly income, before you submit your documentation so you can weed out companies that don't match your needs.

2. What Types of Fees Are Involved?

loan companyFees are a common practice among lenders, but you should be wary of companies that charge for every little aspect of their service, like paying your bill. Such expenses quickly add up and create a substantial financial burden that puts you at risk for delinquent accounts and further money struggles. Look for a loan company that has minimal, set fees that don't replicate on a continuous basis.

3. What Are Your Interest Rates?

You should also learn about their average interest rates. Some companies offer a straight-across rate, but many lenders base your interest level on your credit score. Previous credit blunders may cause you to have a higher interest rate on your loan, but check the average market rates ahead of time so you can identify companies taking advantage of your circumstances.

 

When unexpected expenses arise, contact a loan company that cares. The consumer loan specialists at Master Finance in San Marcos, TX, avoid astronomical interest rates and instead focus on affordable, installment repayment options. Learn how the lender can assist you by calling (512) 392-6102 or visiting them online.

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