What are some attributes of a reputable loan lender?


Quick Answer

Attributes of a reputable loan lender include individuals and companies who are focused more on borrowing versus pushing products or speedy deals. When searching for a reputable loan lender, buyers should take note of current interest rates and schedule interviews with lenders to find a good fit.

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Full Answer

A reputable loan lender is focused on how to improve the credit and financial status of a borrower versus the gains of processing the loan. For example, a reputable lender often asks customers questions about their financial goals and objectives and offers advice to help them obtain these goals without overextending themselves financially. Lenders should take the time to review the risks associated with loans and shop around for the best deals that fit the financial status of the borrower.

A reputable loan lender should also have a genuine, friendly demeanor that proves the financial institution is personable so the borrower feels valued as a person, not just a number or account to the lender. Reputable loan lenders establish contact with the borrower by name and ask questions about their personal objectives in addition to financial responsibilities. A lender who is willing to investigate what the borrower needs to offer the most viable solution is often considered reputable.

Buyers should shop around for lenders and ask for referrals from family, friends and co-workers. Locating a reputable lender is often a group effort and feedback from borrowers who have worked with reputable lenders may lead buyers to someone they can trust.

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