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The majority of us have to take out at least one loan in our lifetime. Whether it’s student loans, a mortgage or a small business loan, some purchases are sometimes too large for our wallets. Getting a loan with a low interest rate and reasonable term length can help us achieve our goals. Read our guide to avoid falling prey to loan sharks, scams, and high interest rates.
Be Clever When You Take Out A Loan
Jeff Butler is our financial guru, holding an undergraduate degree in Finance from Malone University. He has a diverse background in small business ownership, accounting and property management. With his expertise in personal finance, Jeff consults on and reviews our investing and financial content, including this article.
Peer to peer lending sites (or P2P) could be a better route than a traditional lender. Instead of borrowing money from a bank or traditional financial institution, you get funds from everyday people (think crowdsourcing for lenders). P2P sites are also more likely to lend to those who might not otherwise qualify due to credit scores, and they have a quick approval process compared to banks. Learn more in our peer to peer lending sites review.
Buying a home is not only an exciting way to have a permanent place to call your own it’s also a worthwhile investment. Mortgage debt is a positive thing for your credit score, and if you get locked in at a low interest rate, more than likely your home’s value will appreciate at a higher percentage giving you a profit when you’re ready to sell. So, instead of paying rent to someone else, get your own home and start building both equity and your financial freedom.
Thanks to technology, you can get pre-qualified using online mortgage lenders. Read our review of the best online mortgage lenders so you end up with a legitimate company.
If you want to use one site for your mortgage, personal and small business loans, you may be interested in LendingTree. LendingTree can help you with debt consolidation, medical bills, home improvement projects and more. It connects you with more than 300 lenders to help you get the loan you’re looking for. Learn more about LendingTree in our review and see if it’s a good fit for your loan needs.
Do you have any tips for getting an online loan?
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