August 3, 2022
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. .
†We offer personal loans from $1,000 to $25,000, with loans terms from 12 to 60 months. Minimum and maximum amounts dependent on an applicant’s state of residence and the underwriting of the loan. Loans between $1,500 and $15,000 may be funded online. Loans greater than $15,000 or less than $1,500 are funded through our branch network. Specific interest rates and fees are determined as permitted under applicable state law and depend upon loan amount, term, and the applicant’s ability to meet our credit criteria, including, but not limited to, credit history, income, debt payment obligations, and other factors such as availability of collateral. Not all rates and loan amounts are available in all states. Additional fees may apply to some loan offers; some state required and/or permitted fees may be treated as prepaid finance charges. Any such charges shall be in addition to the loan amount requested and/or approved and shall be fully disclosed to the applicant on his/her loan agreement. Not all applicants will qualify for the lowest rates or larger loan amounts, which may require a first lien on a motor vehicle not more than ten years old titled in the applicant’s name with valid insurance. Our loan by phone and online closing process requires a compatible mobile or computer device on which you can access your email and electronic documents. Not all loan types are eligible for loan by phone or online loan closing.
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. As a result, under our customer identification program, we must ask for your name, street address, mailing address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
For any stated annual percentage rate (“APR”), the APR represents the cost of credit as a yearly rate and will be determined based upon an applicant’s credit at the time of application, subject to state law limits. A range of APR’s may be applicable, subject to state law limits and individual underwriting. Not all applicants will qualify for a lower rate. APR’s are generally higher on loans not secured by a vehicle, and the lowest rates typically apply to the most creditworthy borrowers. All terms and conditions of a loan offer, including the APR, will be disclosed during the application process. As an example, with an amount financed of $5,000.00 the borrower receives $5,000.00 at an APR of 29.99% and an interest rate of 28.77% which includes a finance charge of $3,640.96. Under these terms, the borrower would make 48 monthly payments of $180.02, for a total of payments of $8,640.96. The amount financed may not be the net proceeds paid if charges other than interest are included in the loan.
*The process uses a “soft” credit inquiry to determine whether a loan offer is available, which does not impact your credit score. If you continue with the application process online and accept a loan offer, or are referred to a branch and continue your application there, we will pull your credit report and credit score again using a “hard” credit inquiry. This “hard” credit inquiry may impact your credit score.