When you are looking for a loan it is not only about the loan amount and the interest rate and the incentives but also a lender from whom you are getting any loan for your needs. It is as equivalent to the loan you are getting. With the emergence of the competition in the market and with lenders selling of the loans that look the best in the first look but under the hood cannot be as pleasant as the appearance. To avoid such things from happening a good lender is a must. Now, lenders have a specific skill set and not to be mistaken they can be easily recognized.
- Loan Amount
The first thing that a client looks into the lender is the amount of loan he can get drafted out for him/her. It is the most important aspect the needs of the individuals who are taking up the loan are being fulfilled by monetary incentives. Here, if the lender who can lend more money at less risk for a particular customer wins the heart. Thus, the loan amount should be kept in the picture while lending money to a particular person taking the loan. What customers mainly look in a lender is a high source of monetary benefit so they the lender serves as a primary source.
An ideal lender would provide its customers with the best deals even when the market is not up for it. Incentives are another parameter the customers should look for in a lender while lending the money for any kind of loan. A good lender won’t let its customers unhappy and provides each and every customer of it’s with proper incentives and all the additional benefits while lending the money such as ease in the EMIs or the quick processing and disbursal of the loan. The incentives provided should not only be monetary in nature but also add to the value of the borrowing. Thus, if a lender provides you with a good number of additional monetary and value additions he can be considered ideal.
An ideal lender always plans the processes for its customers and follows a precise pattern of giving the amount. The lender doesn’t shift from its plans and that what makes him ideal the most. The borrower while considering a lender for a loan should consider this aspect as well for the idealness of the lender. Planning makes the lender ideal as he can plan his way out of some contingency. An ideal lender always lends in a strategic manner and lends to win. So, if the lender lends a particular amount to a borrower and if the borrower invests the amount in an insecure venture then the lending is of no use. So, an ideal lender always plans out the amount of money to be given to borrowers.
- Experience/ Reputation
The experience is one of the important parameters when it comes to the lending business. Any borrower would like the lender to be well known and reputed instead of a newcomer who hasn’t got a single portfolio. The portfolio and the conversion rate of a lender lead to its idealness. Thus, a lender can be considered ideal for the way he is experience and the reputation. On second thought, the new lenders are always target oriented rather than being customer friendly. On the other side, a reputed and experienced lender would also keep in mind the customer friendliness for the conversion of the customer. The experience of the lender can also be checked by the peers he/she is working with.
- Products and Features
An ideal lender would be honest enough to showcase each and every product to the customer which is beneficial for him. At the same time, all the details regarding each and every product will be described to the borrower. This gives a clear image of the lender in the mind of the borrower while borrowing the loan. Also, the idealness of the lender is shown as he portrays no sign of self-interest while signing the deal of a particular product with the borrower. So, if a lender provides particular information to the borrower of the product he/she is ideal.
The lender should be considered ideal by the borrower when the lender provides convenience to the borrower at the time of the deal. The convenience is seen in the matters of the quickness of the deal or the number of times the borrower is been called by the lender. Also, if the deal is closed in the first meeting it is convenient. So, the borrower should also keep in mind the parameter of convenience while considering an ideal lender for any loan. If the lender also provides the lending services online or any other facility is provided to the borrower then the lender is considered ideal rather than being inconvenient for the borrower.
Safety is one of the other principles a lender usually follows for its clients. A client can easily recognize the idealness of the lender by the safety of the deal the lender is providing to the borrower. Suppose the borrower invests the money in an insecure venture then the money and the safety is jeopardized. So, any ideal lender would, first of all, consider the safety of the money in the deal with the borrower when the deal is being executed. One of the other things that make a lender ideal is the aspect of safety.
Lending is a business where there is an opportunity as well as risks. So, an ideal lender while lending a particular amount to the borrower would consider the profit motive first as he is there to incur profit no loss. He will lend money to those people from where he can see the money is coming back and there is no loss in giving money to an XYZ borrower. An ideal lender never lets down the profit motive when it comes to lending money. So, when you are looking for ideal lenders check their previous client list as well.