On the surface, there are many reasons to do business with a loan shark. You can secure funding in a hurry. You don’t have to complete a lot of paperwork. The “lender” will tell you everything you want to hear.
Of course, if you continue down this path, you could soon find yourself in a bind.
Rather than opt to do business with a loan shark, you’re better off considering one of many other options. With a variety of benefits and flexible features, a personal loan is something to consider.
Here are four reasons why this is one of the best alternatives to a loan shark:
- Zero fees. This may not hold true with every lender, but many don’t charge origination fees. Furthermore, they charge no other fees as long as you continue to pay on time.
- Fixed rate. Forget about your payment changing from month to month. With a fixed rate loan, you’ll always know how much you owe.
- Flexible repayment term. Are you interested in a 36 month loan? How about 84? What about something in between? You have many options.
- The amount of money that you need. Depending on the lender, you may be able to borrow up to $35,000 (or more).
Along with the above, there’s one last thing to note: some lenders are able to provide an instant approval (or denial). This allows you to get a better idea of where you stand, all without the wait.
In many ways, a personal loan is similar to one from a loan shark. The one main difference, however, is that you’re completing the transaction with a reputable lender who has your best interests in mind.
What are your thoughts on securing a personal loan? Is this something that could improve your finances?