Banking

Your Definitive Guide to Choosing the right Bank

If you are trying to select the right bank to become a member with, there are some crucial criteria to consider before making a choice. The more time you take to make this decision, the easier it will be for you to get a good deal on an account and future loans. There are so many options to choose from that you will definitely want to spend some time reviewing them. This is a decision that will have a big impact on your finances.

Look at Each Bank’s Fees

Every bank you come across is going to charge their members different fees, so you will need to find out what they are before making a choice. Some banks charge an annual fee just for maintaining an account while others do not. If you don’t plan on keeping a lot of money in your account at once, look for a bank that doesn’t have a minimum required balance. The more fees you are charged, the less you will end up having in your checking account. Not all banks like to advertise these fees, so it is something you will likely have to ask about.

Overdraft Policy

You will find that some banks offer overdraft protection programs, which means that the bank covers purchases that you cannot because of insufficient funds. This can be incredibly helpful when you go over your account’s balance. It is important to keep in mind that this type of protection can be very expensive. You need to spend some time considering whether or not it is going to be worth it.

Make sure that you pay close attention to what kind of overdraft policies each bank has. One of the best things you can do to avoid incurring additional fees is to link your checking account with a separate account. This will reduce the chances of getting slapped with steep overdraft fees that can really add up. It is also a good idea to sign up to receive alerts on your phone and email when your account’s balance is low.

Consider Accessibility

The accessibility options that each bank offer is worth considering as well. Ideally you want to find a bank that offers both physical branches and online banking services. This way you will be able to get your needs met no matter what. It is very convenient to have actual locations that you can visit if and when you need to. These days many of the larger banks have mobile apps that you can use on your smartphone to check your balance and do other things.

Take a Look at Credit Unions

You shouldn’t completely ignore credit unions when looking for a new financial institution. They typically offer the best rates for loans, but it all depends on the place. A credit union is a great choice for many younger people who are looking to establish their credit. It is still important for you to research these places before deciding on a certain one.

Choose a Bank That Matches Your Lifestyle

Most people don’t think about their own personal lifestyle when looking for the right bank, which is a huge mistake. It is important that you think about your own life and spending habits before you select a certain place to keep your hard-earned money. If you are an entrepreneur, it is a good idea to look for a bank that will be able to help you grow your business.

Go Through the Fine Print

Before you open an account at any bank, you definitely need to make a point of reading the fine print. There may very well be something that you miss if you just skin over the documents the bank gives you to sign. If there is something you are unclear about, you need to ask for clarification immediately. You don’t want to make the mistake of signing up with a bank that you aren’t comfortable being at for one reason or another.

Find a Bank that Cares

While banks generally have a reputation for being faceless financial entities, the truth is that there are some banks that actually care about their members. It is crucial that you find a bank that you can rely on to help you out when you need something.

There are lots of banks that you can choose from, but the one you select will ultimately determine how easy it will be to manage your finances. When you need that big loan, you want to know that you belong to a bank that can provide you with the necessary funds with minimal hassle. It is a good idea to spend as much time as you need doing this research before making a decision on any of these places in particular.

Personal Loans

Signs of a Personal Loan Scam You Should be Aware of

If you want to get a personal loan but don’t want to fall victim to an insidious scam, there are some signs to watch out for. These scams are still very prevalent throughout the UK, so it is therefore a good idea to be on your guard. The more of this information you have, the better off you will be. Many of these scams are quite clever and difficult to recognize unless you arm yourself with the right information.

The Lender Doesn’t Need to Look at Your Credit

While some lenders car more about applicants’ credit than others, no legitimate lender will ever tell you they don’t even need to look at your payment history. This is one of the most common signs that you have come across a scam artist. Any legitimate lender will at least look at your credit. The reason that most lenders look at people’s credit is to assess how much of a liability they are likely to be. A good lender will want reassurance that you are going to pay back the money on time.

They Aren’t Locally Registered

Before you borrow money from a certain lender, you should make sure they are locally registered. If it turns out that they are registered in some other country, there is a good chance that they aren’t legitimate. This is actually one of the more important things that you should check for when doing your research into these individuals.

The Lender Demands Payment for Fees Upfront

There is absolutely no legitimate lender that will ever ask you for payment up front, so keep that in mind. Anyone who demands this is probably just looking to take your money and run. You should only have to pay back your loan with fees at the end of loan period. Never give advanced payment to any lender that you come across.

The Lender Calls or Writes You

If you are contacted by someone claiming to be a legitimate lender by phone or mail, do not respond. This is not a way in which trustworthy and reputable lenders advertise their services. This type of advertising is shady at best, so you will want to avoid anyone who practices it. Each year many people fall for these scammers’ tricks because of how charming and charismatic they can be.

The Website is not Secure

You should never try to borrow from any lender that does not have a secure website. You can always tell if any given site is secure by looking for the “https” before the URL at the top of your web browser. If they do not have a completely secure site, your personal information is at risk in a big way. Even if the lender is not trying to scam you, there is still a good chance that you can have your personal and financial details stolen by a hacker.

There is no Physical Address

When you research the lender and find out that they don’t have a physical address where they are based, something is seriously wrong. You always want to make a point of looking for a payday loans lender that has a physical office or at least address somewhere. Even online-based lenders usually still have physical addresses somewhere nearby. It’s never a good idea to select a certain lender to borrow from before checking this out.

You Are Pressured by the Lender

No reputable lender will ever pressure you into borrowing from them. They might present you with a sales pitch and the options you have, but they won’t ever make you feel uncomfortable. If you start to get that vibe from any lender, it is definitely a good idea to turn and run. You don’t want to do business with anyone who is going to pressure you into making any kind of decision.

The Offer is Expiring Soon

Some less-than-reputable lenders will claim that they have special loan offers that are going to expire soon if you don’t act right away. This is just another tactic of trying to pressure people into borrowing from them. While some of these lenders are legitimate, it is still a disreputable practice and something you want to avoid altogether.

How do I choose a reputable Lender?

There are numerous things to look for in a good lender, such as a sparkling reputation with their customers. Take some time to look for reviews of various lenders before you decide on one in particular. If you want to go with a private lender, you absolutely need to know what sort of reputation they have. You cannot take their word for it, because they are always trying to promote themselves as much as possible. It is a good idea to do the necessary research before making up your mind.