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Updated on Friday, July 27, 2018
Heritage Finance Company, Inc.
Heritage Finance Company, Inc. is a small financial institution with four locations, in Asheville, Marion, Fletcher and Burnsville, N.C. Heritage offers small loans, starter loans, auto loans and personal loans. It’s possible to apply for a loan online.
HomeTrust Bank, founded in 1926 and headquartered in Asheville, has locations in North Carolina, Tennessee, South Carolina, and Virginia. They are able to help with a wide range of financial needs including personal loans, car loans, mortgages, business loans and more. As of Mar. 31, 2018, HomeTrust Bank was ranked among the country’s 400 top banks with $3.3 billion in cash assets.
Premier Federal Credit Union
Premier Federal Credit Union is a North Carolina credit union that was founded in 1963. They have seven branches in North Carolina and one in South Carolina. In order to become a member, a person will have to meet employer, immediate family, common household or community requirements, and fill out an application to join. You can also join if you are a member of the North Carolina Consumers Council (NCCC). Membership to the NCCC is $20 for the first year and $15 per year thereafter. Even if you decide not to renew your membership with the NCCC, you can remain a member of the Premier Federal Credit Union. Premier Federal Credit Union offers APR discounts of up to 0.75% for meeting certain conditions like being a Premier FCU member for more than five years, or having multiple loans with Premier FCU, among other conditions.
Arcade Credit Union
Arcade Credit Union is a not-for-profit institution that was founded in 1952 and serves employees and retirees of the Federal Building and the Federal Courthouse Building. Immediate family members of those who are employees of the Federal Building and the Federal Courthouse Building are also eligible to be members, as are employees and family members of those working for a number of other companies in the area. Arcade Credit Union has only one location in Asheville.
LendingTree, which is the parent company of MagnifyMoney, is an online loan-comparison marketplace. After you fill out a form, LendingTree may present you with personal loan offers from up to five different lenders based on your creditworthiness that suit the personal and financial information you provided, and you can compare the offers then and there, all in one place. Filling out LendingTree’s form to request loan offers results in a soft inquiry on your credit report, meaning it won’t hurt your credit score. If you then apply for a loan, the lender will perform a hard inquiry, which may have a small, negative affect your credit.
Why you should personal loans online
If you are looking for a loan, it can be more convenient to shop for a loan online compared with shopping around at brick-and-mortar banks.
Shopping online for a personal loan gives consumers the ability to quickly find available lenders in their community, compare rates and terms and find the best loan in the shortest amount of time.
So, where should you begin? There are a few well-established marketplaces online that are good places to start. For example, LendingTree helps match borrowers with options for a variety of different products including home mortgages, personal loans, auto loans and business loans.
Your specific needs will determine where you go to shop for an online loan, but there are a few things that you should consider when doing so. First of all, consumers need to be aware that there can be an origination fee for processing a new loan application. These fees average between 0.5%-1% of the total loan value but can potentially reach up to 8%. You can compare origination fees for personal loans through MagnifyMoney’s personal loan marketplace.
You will also need to keep in mind that interest rates often follow your FICO score. Many lenders offer soft pull quotes, where they’ll give you an estimate of your loan terms based on a few pieces of personal info. Asking for quotes is a risk-free way to compare rates among multiple lenders.
Once you’ve got your loan, you’ll have a fixed period of time to repay it. But you can pay it off more quickly by making more than your minimum required payment. Just beware prepayment penalties lenders might hit you with for paying a loan offer early. Not all loans have prepayment fees, so this is definitely something that is worth comparing before settling on a loan.
Once you have decided on the type of loan you need and have made yourself aware of the fees and rates that apply to the loan, you may submit an application along with supporting documents. When the loan is approved, you can expect to receive funds either by a cashier’s check or direct deposit into your bank account. This varies by institution, and should be outlined in your contract.
The bottom line: Using online marketplaces to compare and contrast different lenders is a convenient and easy way make the best decision for your financial needs.