So, what are the odds that the best place for a debt consolidation loan in 2020 or places for loans, for that matter, have changed much from 2019 to 2020??? The reality is that the places for debt consolidation loans, or personal loans as they are known in funding terms, are essentially the same but a variety of lenders, and more pointedly, lending aggregators/conduits have honed in on niche focuses as part of their lending business plans. Niche lending based on a customer-centric approach is dawning.
It’s become more interesting to follow the lending industry and 2020 should see the continued evolvement of these customer-centric lenders and lending conduits who have a socially conscious element in their operating mechanisms. No, tree huggers and 60’s radicals haven’t taken over the lending industry with threats of sit-downs at the online lending alter, and the ghost of Jerry Garcia isn’t gift-wrapping loans in tie dye, but in approach, the lending industry is starting to mimic the spirit of the green and local living movements we see in communities across the country today. As a lending conduit, Loan Camel is proud to be a part of this “do the right thing for the right reasons” movement, and supports this direction of the lending industry through our own conduit practices, as it often provides customers with better rates on loans while furthering local and group prosperity.
In the same vein as the rise of recycling, shopping local and supporting local farm to table food and product purveyors, it’s only logical that better loans geared towards helping communities and customer groups with common interests, as well as online lenders who match potential borrowers with lenders that they are most likely to get approvals from at the best rates regardless of profit to the lending conduit, would similarly rise. There are lending firms doing the right things for the right reasons – to best help their customers. Not only is it a code that I live my life by personally, but Loan Camel is dedicated to working through these conscientious firms whenever possible, as helping people over the hump is our mission.
For real, if they don’t give a sheeet about doing right by their customers then I don’t give a shizo about doing business with them. I’m not sending my precious readers out to fools like that. I don’t even want them advertising on Loan Camel so that’s why this website is free of the schlock ads that some of the other lending-focused websites are overrun with. The Camel cares. We roll in favor of customer-centric entities who do better for us.
Now all this being said (here comes the lawyer caveat), if you are in the poor/bad credit score range, at this time, I have what I have to offer. Regrettably, there aren’t many options for better loan rates with poor credit scores because of risk. I provide links for convenience to check what is out there, and if something works, then great, but for the 75-80% of borrowers who are in the fair to excellent credit score category, we’ve got you covered. So, let me just go over the basics in coming up with the best place for a debt consolidation loan in 2020. And what we’re gonna do now is go back… way back… back into time to bring it forward.
The old adage will probably always stand true to an extent, but the lending industry still limits the favoritism based on numbers. If you are doing a lot of business with a banking entity, to the point where you are considered a VIP customer, you will probably get VIP treatment in applying for a personal loan so it may be worth it for you to check your buddy bank rates if you are in this exclusive class of people. And really other peoples in the crowd, don’t be hatin’… it’s completely fair. These folks likely have excellent credit and provide the lender with a lot of business, so of course they should reap the VIP benefits of the best rates that lender has to offer which at your disposal.
To me, this is merit-based and not a reflection of the type of abhorrent nepotism we see in other aspects of life. If you are in this position then you, or your loan advocate, have essentially earned the right to be coveted. You’ve got oranges so why not try to juice them if you’re thirsty? But that said, lenders still have Boards and standards that they must meet, and lenders still have minimum rates they must charge. So, while you may have the ability to secure a loan at your “buddy bank’s” top rate that does not necessarily equate to the best rate that you could potentially secure on an open market.
So after you get your buddy bank’s top rate and terms, you should absolutely test the market by checking your online rates to see if what the open market will bare for your level of credit-worthiness, is better than what your buddy bank can do. It’s not personal, it’s business… and it’s smart business. You can check Loan Camel-affiliated personal loan rates at any time without impacting credit here.
Credit unions are lending institutions that are similar to banks, but they are not-for-profit and they are made up of members who formed the “union” to promote better services and rates for their members than traditional banks. They are truly customer-driven at their core and offer some of, if not the best rates on the market.
Credit union members have a common bond such as working in a common industry, a geographical area and /or other similar attributes which qualify who can join. If you can join a credit union, you should consider it. I think I only needed a $5.00 deposit when I opened a credit union account. For a list of credit unions please refer to the National Association of Credit Unions (NACU) website. And like the buddy bank situation, after checking your potential credit union rate, can check Loan Camel-affiliated personal loan rates without impacting credit at any time here as well.
If you have been searching for a private student loan or student loan refinancing, like credit unions, you would know that I am a big proponent of community banks, as put forth in my article entitled Best Student Loan Lenders – Low Interest Rate Credit Unions & Community Banks at Your Fingertips. While community banks are for-profit institutions, their business models are community-driven as opposed to the big “monster banks” that tend to be driven by securing major corporate business as a first priority.
Community banks are pillars in their communities, not only in sponsoring local causes, but in funding local businesses and residents in their areas with some of the best rates on the market. Their business models are a feed and be fed system where profits are returned to them from local borrowers, enabling the community banks to continue to help support and further their constituent communities with highly competitive borrowing resources. Lending decisions are usually made locally, and a bank officer is commonly located on-site.
As with my credit union, when I needed a personal loan, I checked rates with a local community bank that I had an account with too. And similar to both, the buddy bank and credit union situations, if you bank locally, then after checking your potential community bank rate, you can check Loan Camel-affiliated personal loan rates without impacting credit at any time here as well.
… Do what’s best for the customer. That’s right, doing the right things for the right reasons should be most important to lending conduits but I can tell you that a very good industry source has made it known to Daddy Poorbucks and the Camel here at Loan Camel that there are major lending conduit companies who match potential borrowers to available lenders prioritizing which lenders pay them the most fees as a factor. So much for being customer-centric, huh?
This is not my idea of helping people over the hump… our stated and re-stated mission at Loan Camel. This is my idea of what some people can do to enrich themselves at the expense of the best interests of others. I have no interest in operating on that basis. As a result, Loan Camel’s personal loans match-making system works through a source that matches borrowers based on who will likely provide the lowest rates for that specific borrower and their particular circumstances. While we do earn fees from our lending source, that source does not factor how much they earn from specific lenders in providing lender recommendations to borrowers. It’s all about who is most likely to approve you at the best rates.
This is a socially and morally conscientious effort to do the right things for the right reasons – to simply help others. If you’ve read the Loan Camel “About Us” page you would know that I too was once in need of this type of assistance and I did not get the best direction, in my opinion, that I could’ve been given. I’m a lawyer, dammit, I should know better. But I didn’t know better. It wasn’t my area of expertise. I was just another person who was caught in an unnecessarily protracted and expensive divorce who needed a guardian angel to help me navigate unfamiliar, treacherous financially debilitating waters. I was holding out my hand for help but the best type of help… didn’t help me truly understand what’s out there. It’s just not what these bankruptcy lawyer folks do on a level I believe that we need.
No kidding “peoples in the back” too – listen up as I put this in a way wrestling icon Ric Flair – Woooooo! – would put it: I was a mid-700’s credit scoring, 100% on-time payment making, multiple degree holding, 6 figure salary earning, divorce and medical debt-laden, overspending borrower who chose a Chapter 13 bankruptcy over other less damaging options because I was scared and uneducated as to the unfamiliar – on a level which could have made a big difference in my decisions with the right guidance.
And yes, while I have since used personal loans to build credit and move debt as an incremental step towards paying it off more manageably, along with learning to love my debit card and change my more frivolous spending habits, and now see credit scores in the 800’s, my previous choices still eat at me. While I cannot change those choices now, I have changed choices since then and it is my goal to assist every person, as best I can, in avoiding the mistakes I made. For really realz, I suffered so you don’t have to. That’s my redemption now.
…Wherever you can get the best rate and terms personally, if you have personal and/or community lender connections, followed by a double check of rates through a lending conduit who matches you with lenders that are most likely to provide you the best personal loan rates and terms for your individual circumstances. That’s how we act as a lending conduit here at Loan Camel. So…
If you have a unique, high level relationship with a buddy bank – check the rate… and then check our online customer-centric rates.
If you belong to a credit union – check the rate… and then check our online customer-centric rates.
If you bank with a local community bank – check the rate… and then check our online customer-centric rates.
If you do not have any of the above relationships and/or situations like I didn’t and I still don’t, no worries… we’ve got you covered here at Loan Camel. Anyone can check personal loan rates at any time without impact to credit by going to our Personal Loans page here.
And as always, if you have any questions, please feel free to ask and either Daddy Poorbucks or the Camel and we will be happy to assist you as best we can.