What Traits Make a Strong Loan Provider?

25-11-2015 | Anne Seymour |

All across the UK, people are trying to get control of their debt, with many looking to do this through a personal loan. There are numerous different aspects to getting a loan.

However, due to the popularity of loans, a number of different loan providers now exist. If you’re looking for a loan, then it’s vital that you get one from the correct provider.

To help you make that choice, we’ve put together a list of the top traits to look for in a loan provider.

Customer Service

If you’re looking to secure a loan, then finding somewhere that’s got great customer service is an essential. Loans often come complete with a lot of legal and financial jargon.

So, if you don’t know the difference between APR and an IVA, you’ll need someone to talk to.

With companies like Trusttwo using ‘the human touch’, there are plenty of companies around who will be able to talk you through your options.

By going through humans, rather than just completing a form online, you can be 100% certain that you know exactly what you’re signing.

Strong Knowledge Base

Much like the above, you need a loan provider who knows what they’re doing. There are a number of different types of loan available to people, and it’s important that you know all the information available.

A knowledgeable, friendly loan provider with customer advisors should be able to help you here, understanding your unique circumstances and guiding you through the process.

In addition to this, it’s still worth researching the different types of loan yourself.

This way, you can go in with some idea of the products on offer. Much like if you were buying a dress or a car, it’s worth having at least a vague idea of what you’d like.


Finally, you’ll need your loan provider to be efficient.

If you’re looking for a loan, it’s more than likely that you’ll want the money soon and won’t want to be held up by paperwork and delays. If this is the case, do your research and take a look at how long it takes the provider to pay you the money once approved.

Getting the money you need quickly is vital to you and it should be vital to your provider, too.

If you’re looking for a loan provider, then there are a number of things you should consider. These are just our top three, so make sure you know what’s vital to you.

About Anne Seymour

Anne is a young webpreneur, interested in all things related to money: earning, investing, saving. She's paid off her student loans and now is looking forward to doing a lot of writing and traveling.

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Recent Comments

  • Raj

    November 26, 2015 at 9:03 am

    For those who have good salaries, we also have a chance to negotiate on interest rates in India along with terms & conditions, not sure how it works in UK.

    • rz3300

      August 28, 2016 at 5:33 pm

      Well I have gotten to the point where I just assume those with high salaries can really get whatever whey want, but perhaps that is just me being cynical. That said, though, I am not sure if negotiation really plays a large role here, but I do know that there are so many options and you can shop around and find private donors that have low rates, and they are selective of course so if you have the money they will likely loan it to you. It all depends, but I just wish I was in that position of “high salary”…maybe one day though. Thanks for sharing.

  • Alessya

    November 26, 2015 at 10:23 am

    Are you absolutely, 100% positive that, by talking to people who work for a lending company, you’ll understand exactly what you’re signing?

    Excuse my sarcasm, I really don’t want to offend anyone, but loan providers are all sharks! There is no way the person you talk to, asking for details about the loan you’re about to take, will tell you “ah, we offer this and that, but the other company, our competitor, will probably better suit your needs”.

    Customer service is important, I do agree with you here! But we should be extra careful nonetheless!

    • Ramona

      November 30, 2015 at 7:06 am

      He he, I agree with the ‘sharks’ idea, that’s why you need to be prepared and know as much as you can about the process. Even shop around for more options. I do think that, after the huge banking bubble burst years ago, many banks are not loaning money just to have some people in their debt. At least that’s what’s happening now in Romania. In 2008 most banks would give you a loan if you were alive and breathing, after many clients defaulted, they are more careful than before.

  • timba

    December 7, 2015 at 10:02 am

    I’ve applied for a payday loan, a while ago, using an online form. Big mistake! It’s always better to shop around (even if you need money ASAP), than end up paying more than 100% in interest!

  • Kat #alwaysbroke

    December 23, 2015 at 4:02 pm

    I have never taken out a loan before making some extensive research! A loan is a serious commitment, choosing the wrong lender can result in some serious financial consequences!

  • rz3300

    August 12, 2016 at 6:01 pm

    Well I agree that efficiency is important, especially if you are in the case that you state where you want to money soon. That said, though, you might want to make sure that it is not too soon. I suppose, just like anything, there is a delicate balance there and you really need to do some research before you make a decision. The good news is is that there are a lot of options out there these days. Thanks for sharing.

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