From ”Small Business Saturday” to community supported agriculture, there are far-reaching efforts to encourage consumers to think locally. While you may choose the option to purchase produce from a community farm stand, it may not have occurred to you that the same principle can be applied to choosing a financial institution for your personal loan needs. Bigger isn’t necessarily better. When you borrow from a local lender, you’re not just a number. Your local lender has the ability to get to know you personally and the unique responsibilities and challenges you may face.
Here are a few reasons to think locally when you choose a lender:
Personalized Attention
Local lenders live, work, purchase, and play in the same community as you. They have the ability to understand you because they’re probably a lot like you. They offer sincere personal customer service and can work with you to customize your loan options for your specific needs. Whether you are looking to consolidate debt, pay for a wedding, cover an unexpected expense, or get a car loan, a local lender can give you personal attention and listen to your needs to suggest the best solution for your situation.
Support the Community
Just as a local lender invests in you, you can invest in them. The fees and interest that you and other borrowers pay for loans go toward your lender’s revenues and improve their financial health. Healthy financial institutions have the ability to support their communities, whether it’s by financing area businesses or sponsoring community events and sports teams. They can be pivotal to the local economy and can help create jobs and grow businesses. They are also more likely to make donations to community charitable organizations and local nonprofits.
Nimble and Responsive
Unlike huge financial institutions, local lenders potentially have the ability to better provide swift responses to customer needs. Smaller, local lenders may also be able to utilize new financial technologies more quickly, whether that’s the adoption of emerging payments methods or tougher security standards to prevent hacking and protect your personal information.
Are you starting the process of applying for a personal loan? Consider a local lender. Mariner Finance can connect you to a lender in your community. Find a branch near you.
