Best Personal Loans in Modesto, CA: Top Lenders & Best Picks for You

Ask Yourself the Important Questions

The rise of fintech companies and online lenders has paved for the increased adoption and widespread acceptance of personal loans. But their popularity doesn’t mean these options will be a perfect match for each borrower’s needs.

Answer these simple questions before applying to make sure that a personal loan will work for you:

• What is your intended purpose for the loan? How much funding do you think you’ll need for this?
• What is your credit score, and does it meet the lender’s minimum requirement?
• Do you have sufficient income to afford the monthly payment?
• Are you paying off any outstanding debt, such as credit card debts and mortgages, that can make monthly payments seem like a struggle?

Do Your Research

Securing a personal loan is the easiest part of the process. Repaying the loan is a whole other matter that requires committing to regular monthly payments, which may take between two and four years on average.

MoneyGeek has developed this guide to help you decide if you’re ready for this kind of long-term commitment. Keep in mind that our recommendations might not be the best options for your unique needs and circumstances.

It is best for you to conduct your own research, shop around and compare rates and loan offerings and develop a deep understanding of the available options in the market. Only you can best determine the right loan and lender that will work for your situation.

Wait

After you’ve done your due diligence and have picked out your preferred lender from the host of options, it’s time to relax. Take a day or two to make sure you won’t change your decision. We know this is a big ask, especially if you have that exciting or urgent purchase waiting on the sidelines. However, spending a little time to reflect on your willingness and readiness to commit to two to four years of monthly payments might just actually change your mind about getting that loan.

You might also use this time to weigh all the available options to be sure that you’re getting the best possible deal for your situation.

Read the Fine Print

Once you’ve narrowed down your choices and have selected a particular lender, you must carefully study the details in the loan agreement and take note of important information, such as rates, fees and penalties. This will help you avoid paying unnecessary charges, which can eat on your finances over time.

Make sure to always double-check the fine print and ask your lender about any penalties and charges that may not be mentioned upfront. Although these extra fees might seem innocently small at first glance, they can easily snowball into a hefty sum over the term of your loan.

Apply

At this point, we expect that you have your bases covered and are fully informed about the details of the loan you want to apply for. You’ve also likely found the terms and conditions acceptable on your end. As a result, it is time to complete your loan application.

Make sure that you have the required documents on hand and submit your personal loan application either online or by visiting your lender’s physical office. Lenders will typically ask for your identification, proof of income and address verification during the application process. But if you need more assistance or wish to clarify something about your loan application, we highly recommend either calling or visiting your lender to speak directly with a representative.