From ”Small Business Saturday” to community supported agriculture, there are far-reaching efforts to encourage consumers to think locally. While you may choose the option to purchase produce from a community farm stand, it may not have occurred to you that the same principle can be applied to choosing a financial institution for your personal loan needs. Bigger isn’t necessarily better. When you borrow from a local lender, you’re not just a number. Your local lender has the ability to get to know you personally and the unique responsibilities and challenges you may face.
Here are a few reasons to think locally when you choose a lender:
Local lenders live, work, purchase, and play in the same community as you. They have the ability to understand you because they’re probably a lot like you. They offer sincere personal customer service and can work with you to customize your loan options for your specific needs. Whether you are looking to consolidate debt, pay for a wedding, cover an unexpected expense, or get a car loan, a local lender can give you personal attention and listen to your needs to suggest the best solution for your situation.
Local Lenders Know the Local Market
Local lenders understand the value of assets and real estate in your area because they are part of your community. They still need to rely on appraisals and comparatives, but they also may have business relationships with the people preparing those reports, making the process more seamless and efficient. For example, if you’re looking to take out a mortgage to buy a home, your local lender may know the town, the neighborhood, and maybe the actual home on the street. While the lender can help you secure financing, they can also teach you about the town, local schools, and services within the community.
Support the Community
Just as a local lender invests in you, you can invest in them. The fees and interest that you and other borrowers pay for loans go toward your lender’s revenues and improve their financial health. Healthy financial institutions have the ability to support their communities, whether it’s by financing area businesses or sponsoring community events and sports teams. They can be pivotal to the local economy and can help create jobs and grow businesses. They are also more likely to make donations to community charitable organizations and local nonprofits.
Nimble and Responsive
Unlike huge financial institutions, local lenders potentially have the ability to better provide swift responses to customer needs. Smaller, local lenders may also be able to utilize new financial technologies more quickly, whether that’s the adoption of emerging payments methods or tougher security standards to prevent hacking and protect your personal information.
Are you starting the process of applying for a personal loan? Consider a local lender. Mariner Finance can connect you to a lender in your community. Find a branch near you.
The information provided in this article does not constitute financial advice and is provided for educational purposes only without any express or implied warranty of any kind. This article is not intended as legal, tax, investment, or any other advice, and Mariner Finance does not offer credit repair services. Consider talking with an appropriate qualified professional for specific advice.
Blog posts are for informational purposes only.