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When you’re considering a major purchase or life throws an emergency in your way, consumer loans can be a great way to access the cash you need. However, the financial world is complex, and many borrowers aren’t sure how to find a reputable lender or choose the best loan program. Below are some answers to common questions you might have about personal loans.

Answers to Consumer Loan FAQs

Is a consumer loan the same as a payday loan?

consumer loanWhile payday loans are a type of consumer loan, they aren’t always the same thing. Payday loans require borrowers to pay back the entire balance all at once (usually in a week or two), but most lenders provide installment programs that allow you to pay back the loan over time.

Do I need collateral?

Some consumer lenders require borrowers to put up their car title or other valuable property as collateral on the loan. Signature loans are unsecured, giving you access to money without surrendering any of your personal possessions.

Do I need perfect credit?

A higher credit score will make it easier to find a loan and may result in lower interest rates, but your history doesn’t have to be perfect. Many reputable lenders actually specialize in providing short-term installment loans to borrowers with financial emergencies who are actively working on restoring their credit reputation.

How do I choose a loan?

If you’re faced with multiple options, do some research on the lender to see what previous clients have said about their customer service, then take a look at the fine print. Consumer loans with lower interest rates may seem like the more attractive option, but there may be additional fees and hidden costs that make one program more expensive than another. Before choosing a loan, calculate the total amount you’ll have to pay back, including application fees and any other expenses.

 

With affordable payment options and a reputation for exceptional customer service, Master Finance is the first choice in consumer loans and financing for San Marco, TX, residents. They pride themselves on providing every client with fair payment plans designed to fit into their budget, giving people access to the money they need along with a pathway out of debt. Visit their website to apply now, or call (512) 392-6102 to speak with a loan officer today.

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