HomePersonal Loan4 Key Features of Finance Companies Offering Personal Loans

4 Key Features of Finance Companies Offering Personal Loans

Why should you consider hiring a particular finance company? There are several reasons to hire the services of such companies as SHL Finance. For example, in 2018, 72% of Australians secured personal loans from banks.

Today, many people are choosing alternative sources like brokers since they offer various benefits over banks. This makes it easier to purchase a house, vehicle, or appliance.

Features of Finance Companies Offering Personal Loans

Here are some of the main features of finance companies offering personal loans:

1. Compliant Company and Qualified Workers

Both of these are important factors in terms of the finance company and its workers. Make sure to research these factors to ensure that a particular company meets all industry standards for offering financial services.

The workers should also be highly qualified to provide financial services like home loans. This can give consumers a better overall experience.

Picking a company with fully qualified representatives can help to prevent possible issues. For example, they must have training, knowledge, and experience about various issues like home and auto loans.

2. Reasonable Interest Rates

One of the major complaints of consumers about lenders is sky-high interest rates. For example, mortgage complaints recently spiked 20%, according to the Australian Financial Review. This includes various issues like high interest rates and monthly payments.

Lending companies are not always able to offer rock-bottom rates for various reasons. On the other hand, it is still important for financial services to offer affordable interest rates. This is based on industry standards for different types of personal loans like home and auto. For example, the average variable mortgage interest rate (October 2020) in Australia is about 4%.

The key is doing your homework to find out the industry standard for certain kinds of lending. Then you can determine whether or not a particular lender is within the normal range. If so, you should add it to your shortlist.

3. Good Customer Service

A recent study showed that about 60% of Australians valued customer service when making purchase decisions. This includes services like home loans.

A consumer is more likely to pick a company with good customer service and keep doing business with them. Meanwhile, if the service is bad, then they are less likely to do both.

Besides compliant lenders and low-interest rates, this is one of the main features consumers look for in financial services. A recent study showed that almost 4 out of 5 consumers tell people about a negative experience. Solid customer service is an important factor in different sectors, including finance and lending.

A finance company offering personal loans should offer good customer service in various ways. This includes loan options, fair interest rates, and problem-solving.

4. Personalized Service

A quality finance company offers not only good customer service but also personalized service.

Many Australians have reported complaints about banks, including the “Big Four,” according to Yahoo. Today’s consumers are often looking for personalized service, which big banks are unable to offer.

When taking out a personal loan, for example, it is important to cater to a consumer’s personal needs. This includes various factors, including their income, purpose, and goals. The finance company can tailor a lending plan that suits the customer’s needs. Every customer is different and has different lending needs.

Taking out a personal loan is a big decision. Thus, it is critical to consider companies like SHL Finance to provide the best results. When selecting a company, different factors like industry experience, interest rates, and customer service, are critical for all money matters.

Ajeet Sharma, the founder of Financegab and a well-known name in the field of financial blogging. Blogging since 2017, he has the expertise and excellent knowledge about personal finance. Financegab is all about personal finance which aims to create awareness among people about personal finance and help them to make smart, well-informed financial decisions.


Most Popular