Best Personal Loans in Fort Wayne, IN: Top Lenders & Best Picks for You

Ask Yourself the Important Questions

Kickstart your search for the best personal loan by examining whether getting a personal loan is the right move for you given your need and financial situation. Be clear about your purpose for getting the loan and determine a ballpark figure of how much money you’ll need for it. In addition, check if you meet the lenders’ qualifications and if you’re in a position to make the monthly payments despite your current financial obligations.

Answering the following questions honestly will help you decide if you’re ready to make the long-term commitment of having a personal loan:

• How much money do you need?
• Does your credit score meet the minimum requirement?
• Is your income enough to cover the monthly payments?
• Do you have existing debt?

Do Your Research

Don’t apply for the first personal loan that you find. Make sure you get the best rates and terms by comparing the offerings of multiple lenders.

Check the factors that may affect your financial well-being, such as whether or not a lender performs a hard credit check. There are also lenders that impose restrictions on the usage of loan funds, so it’s best to inquire first if your intended purpose for the loan is allowed by the lender.

MoneyGeek has simplified the process for you in creating this comprehensive guide, but you should still do your homework, especially if you have specific needs that are beyond the scope of this guide. It’s important to do your research because a personal loan is a long-term commitment.

Wait

Although the promise of quick access to much-needed funds can be difficult to resist, we recommend that you take a breather for a day or two before deciding whether you should commit to the long-term responsibility of a personal loan. Oftentimes, we make financial blunders by making impulsive decisions. However, having this short pause will allow you to look at your situation, needs and options more rationally. It also keeps you from making spur-of-the-moment miscalculations and missteps.

If, after this period, you’re still feeling positive about your decision to secure a personal loan and from which lender, you may proceed.

Read the Fine Print

We cannot emphasize enough the importance of going over the fine print and making sure that you comprehend everything that it says. There are fees and penalties, such as origination fees, prepayment penalties and late payment fees, that you need to be aware of, especially since these can create a huge hole in your finances over time. If you’re not careful, you might find yourself needing another personal loan to pay for these seemingly small fees.

We know that people are inclined to skip reading the fine print, but we strongly encourage you to take the time to do this. Your finances will thank you for it.

Apply

Now that you’ve completed your homework and have chosen the personal loan lender that best matches your needs, it is time for you to send in your application. Make sure to prepare the required documents. Most lenders have basic requirements that include your proof of identification, address and income or employment history. You may also be asked for the exact purpose of the loan, your preferred loan amount and your preferred loan term.

Most personal loan applications nowadays can be completed entirely online. But there are still lenders who have physical offices that you can visit or call, especially if you want answers to questions.