When applying for a private loan you first want to do a little research on the lenders you wish to choose. Details such as grace period, interest rate reduction benefit, and customer service vary from lender to lender.
Some lenders subsidize the fees. Some will also offer back end benefits such as a reduction of the interest rate for on time repayment, or for making auto-debit payments. Seek out lenders with zero fees and/or low origination/default fees. Also, does the lender offer any back-end benefits, such as an interest rate reduction for on time repayments or auto-debit payments? What benefits are offered? Find out if the lender has front end benefits, back end benefits, or both? What percentage of borrowers receives these benefits? Benefits can include things like:
Is it possible to lose these benefits, and if so, what circumstances can lead to the loss of benefits?
Consider such things as, how long do they take to answer the phone. Did you have to go through multiple menus before speaking to a representative? (Hint: Call their 1-800 numbers and see how long you are on hold. Ask basic questions. Do they know the answers without having to put you on hold to find out?) Some questions to consider asking:
Some lenders offer borrower education and debt management tools. Check their website: do they offer educational tools that appeal to you and that are relevant to your needs?