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Your credit score plays a major role in the types of loans for which you’ll qualify. Not only does that three-digit number help lenders decide whether to trust you with their money, but it also secures high loan amounts and lowers interest rates. Lower interest rates equal lower monthly payments and a lower loan cost overall. Those with a good credit score have many options when it comes to choosing a personal loan. A good credit score lets you take advantage of searching for the best APR and interest rates with less worry. Because you have options, you can spend more time comparing lenders to find one that works for you. Shopping for a personal loan lender Choosing the right lender for your personal loan is important. You’ll likely be working with this company for three or more years, so you want to choose a company that has a good reputation, excellent customer service, and fair loan terms. Before choosing a lender, identify which type of personal loan you want or need....

​ From time to time, many of us may encounter a situation where we need extra money. Perhaps you want to make improvements to your home or cover an unexpected emergency? If your savings account doesn’t have sufficient funds, you could be shopping around for a loan. Depending on your financial situation, two common options are a home equity loan or personal loan. To make the best choice, it’s a good idea to understand each one. Home Equity Loan A home equity loan is an amount you can borrow based on the equity you have in your house. It’s calculated by subtracting the balance of your existing mortgage from the value of your home. The application and approval process is similar to obtaining a mortgage, including an appraisal of your property. Home equity loans provide borrowers with a lump sum that is paid back in equal installments over time, ranging from five to 30 years. A home equity loan is sometimes called a “second mortgage” and your home serves as collateral. If you ...

The approach by mobile lending apps towards customers during debt recovery has led to client apathy, according to a survey by research firm Ajua. The study noted that digital loans comprise 50 per cent of the loans issued in Kenya and have doubled over the last two years. Mobile loans are easier to subscribe to and their quick processing attractive. However, customers face a torrid time when they are late to pay back. “In the long run, the methods of debt recovery ranging from intrusive calls to aggressively texting loanees multiple times in a day are both ineffective and unsustainable for lenders as such tactics often lead to a high churn rate and loss of revenue,” said Ajua in the study report. “To prevent this from happening, mobile money lenders need to improve their customer experience and be compliant with the Data Act of 2019.” When choosing a digital loan provider, customers consider interest rates, repayment duration and period of loan disbursement, the report ...