How to Select the Right Loan Company in Monroe, Louisiana

When seeking a personal loan lender, residents of Monroe, Louisiana have many loan companies to choose from. However, not all loan companies offer the same quality and range of services, so it’s important to make sure you choose the loan company that’s right for you.

Selecting the wrong loan company can have serious financial implications, which is why it’s important that you research the company and learn more about how they operate. If you’re considering taking out a personal loan, there are a number of things you should pay attention to before financing with a loan company.

Does the loan company:

1. Offer the Loan You Need

Loan companies in Monroe Louisiana offer personal loans for a range of needs. When comparing loan providers, ask about the types of loans they offer and be sure they provide the loan meets your needs. Many loan companies provide loans for specific uses, so take the time to look for the one that matches what you’re looking for.


2. Maintain a Positive Reputation

Finally, take into account the reputation of the loan company. Are they committed to keeping clients happy? Do they have real, positive online reviews and a strong standing in the community? If a loan company has a reputation for being dishonest, rude, or difficult to work with, it’s best to avoid borrowing money from them.


3. Answer All of Your Questions

Quality lenders never hesitate to answer any questions you may have. Trustworthy loan companies value your business and want to help you make the financial decision that’s best for you. If a loan officer ever seems hesitant to provide information about the loan you’re reviewing, consider looking elsewhere.


4. Give You Relatively Flexible Terms

Most personal loans require monthly payments to ensure they’re paid off by the end of their term. However, you should look for a little flexibility. See if you can you choose the monthly payment date, if you have the right to delay a payment during the lifetime of the loan, and ask about any other adjustments you may be able to make to your pay schedule.

5. Have Fixed Interest Rates

Try to find a loan with a fixed interest rate, as some loans have variable rates that change during the course of the loan. It’s important to ensure your monthly payments are fixed so you can budget accordingly.  Also, compare their rates with those of other loan companies in Monroe to make sure you’re getting a competitive rate.


6. No Teaser Rates

Some loan companies will tempt you with an introductory rate or ‘teaser’ rate.  This is typically 0% interest for the first three months as long as the loan is paid off within those 90 days. If you pay the personal loan off in 90 days, great, but if not, the rate jumps up and all the interest you would have owed for the 90 days comes back and is added to the loan.  This can work to your benefit if it can be paid off during the introductory period, but if not, it can be costly.

Choose the Best Personal Loan Company in Monroe

If you’re looking to take out a personal loan in Monroe Louisiana, Citizens Financial Services can help. As one of the top personal loan companies in Monroe, we take pride in offering some of the best personal loan services available. Apply for a loan now, or contact us now to learn more about how we can assist you.