Best Personal Loans in Spokane, WA: Top Lenders & Best Picks for You

Ask Yourself the Important Questions

To arrive at a financially sound decision, evaluate your needs and goals. Take the time to ask yourself the following questions so you can choose the terms, rate and lender that is best for your unique situation:

• How much funding do I need?
• What is my credit score?
• Can I afford the monthly payment?
• How much debt do I already have?

Only borrow what you need. Before you consider lenders, knowing how much you need to borrow can already filter ideal lenders for you. You also need to account for your credit history and financial background so you can meet certain lender requirements.

Do Your Research

Each lender has different rates, quotes and terms. Some lenders have high loan amounts, but you might not meet their debt-to-income ratio limit or gross income requirement. Consequently, it’s beneficial for you to compare each one and determine the most suitable lender for you. Remember, personal loans are huge financial commitments. The average borrower takes two to four years to pay off their loan. Additionally, lenders typically perform hard credit checks that can negatively impact your credit score.

MoneyGeek offers its recommendations, but you’re free to explore other personal loan lenders in Spokane if you wish to do so.

Wait

When you’ve shortlisted lenders, wait for a day or two. You might end up making an objective decision once you’ve taken a couple of days off. Again, you’ll have to manage your funds to make sure your personal loan payments are covered for several years. Hence, you need to be absolutely confident in your decision. As you take your time to think through your decision, you might even find an alternate funding source that is a better solution for your financial needs.

Read the Fine Print

It’s common for borrowers to skip reading the fine print in their personal loan terms. However, MoneyGeek advises that you meticulously read the fine print so that you’re aware of potential fees and know what to expect throughout your loan term. For example, some lenders charge origination, late and prepayment penalty fees, whereas others don’t. Make sure that you understand your personal loan terms to avoid surprise costs. If there are some unfamiliar words or phrases, don’t be shy to reach out to your personal loan lender or speak with a financial adviser.

Apply

Once you’ve completed the previous steps and decided on a lender, you’re ready to apply for a personal loan. By now, you should have gone through your lender’s application requirements and gathered pertinent documents. This can make your application process easier. Lenders typically require address verification, identification and proof of income. Depending on which option is most convenient for you, it might be possible to apply either online, through the phone or by visiting the lender’s office.