5 Tips For Finding Competitive Employee Loan Programs

Are you buying a new car? Consolidating your debt? Or paying for a medical bill? Whatever your reason for getting a loan, it is no secret that you should look for a loan with competitive interest and Annual Percentage Rate (APR). Don't take out a loan without reading the tips below on "Finding a competitive employee loan program" with information on loans with competitive interest rates and APR. 

Tips For Finding Competitive Loans:

1. Shop Around For Lenders

Treat your loan like any major expense and research the various options available before settling on the  most suitable one. Research various lenders, their loan types, repayment terms, interest rates, APR, and so on. It is in your best interest to compare the different employee loan programs available to you.

2. Make Lenders Fight For You

In some cases, letting lenders know that you are shopping around or working with  other lenders gives them great incentive to offer you a competitive rate. 

 3. Compare Total Costs

Interest rate is not the only factor  or the best way to determine if your loan is a good deal. You need to consider the overall cost of the loan, which is better expressed in the annual percentage rate (APR). The APR covers the interest rate, finance charges, document fee, processing fee, and any other additional fees required by the loan provider. Do not be fooled into thinking that you are getting a good deal with a low interest rate loan, make sure you also check the APR. Likewise, check the terms of the loan, such as how long you will be paying back the loan (duration of the loan), and if you are allowed to make extra payments. These often-ignored details contribute to the total cost of your loan. If you do not take them into account, you may be led to believe that you are getting a good deal when you’re not.

4. Find Hidden And Additional Fees

A lot of people do not read the fine print before taking on a loan. This is a big mistake because you may miss important details  about the loan. Make sure that you read the fine print and take note of any fees or terms that were not discussed upfront. 

5. Opt For Shorter Loan Terms

The loan terms will determine how much you pay each month as well as the total cost of your loan. While a longer loan term often promises affordable monthly payments, it entails higher total costs because your loan racks up more interest. In contrast, a shorter loan term may mean higher monthly payments but also affordable overall costs. If you can afford it, a shorter loan term could be a better option and can potentially save you money in the long run. 

If you are in the market for employee loans, you should consider applying for an Access Loans employee loan product offered through Safra National Bank of New York, which makes lending more accessible, convenient, and transparent.

Did you enjoy this blog? Please review us to help us improve and spread the word. We appreciate your feedback – CLICK HERE ⭐⭐⭐⭐⭐

 

NOTICE: This communication and its content are for educational and informative purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness and it is not a replacement for the guidance or professional advice of an accountant, certified financial advisor, or otherwise qualified professional. No information available through this communication is intended or should be construed as any advice, recommendation, or endorsement from us as to any legal, tax, investment, or other matters. Nothing in this communication shall be considered a solicitation or offer to buy or sell any security, future, option, or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient.  We recommend that you never provide a third party with names, account numbers, or other sensitive information unless you are certain that it has a legitimate business purpose.

Links to third-party websites are provided for your convenience only and you access them solely at your own risk.  We do not endorse or assume any responsibility for any such third-party sites, information, materials, products, or services.  Your access and use of the third-party sites are governed by the terms of use and privacy policies of these third-party sites.  You acknowledge and agree that we shall not be liable or responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or related to the use of or reliance on any content, goods, or services available through any third-party website or resource. 

* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).