Business Loans

Lender Secrets - They Don’t Want You To Know

I found an interesting write up called “10 things your lender won’t tell you.”

“But your friendly loan officer also nurses some deep, dark secrets. And he certainly isn’t going to let you in on them. For some secrets, particularly the ones that translate into pots of money, are well worth keeping…”

The post has details, but here are some of the secrets ( go to the post to check out the rest!)

1. Upfront fees and costs increase the cost of your loan

2. A longer tenure doesn’t always mean you’re better off

3. Your fixed interest rate is not so fixed

4. When you prepay, always reduce the loan tenure

5. How your installment is calculated

6. It is rarely necessary to pledge extra collateral

7. Approval can be swift, but only after the paperwork is over

8. Lenders will be concerned about pushing the loan type that benefits them most.

9. Loan agreements nearly always favor the lender

10. Don’t overborrow