What a Prime Customer Would Expect From a Non-Bank Lender
In the current banking environment, we asked what a prime customer would expect from a non-bank lender should they be forced to go that route:
I would expect a seamless, user-friendly online or mobile application process, with responsive customer support via phone, chat, or email. I would appreciate transparency in terms and fees, as well as clear communication about the loan approval process and timeline.
Since non-bank lenders typically have less stringent regulations and higher risk tolerance than traditional banks, I would expect the interest rates to be somewhat higher than those offered by prime credit banks. However, I would still look for competitive rates, possibly through comparing multiple non-bank lenders, to ensure I’m getting the best deal possible.
I would expect flexible loan terms, such as the ability to choose the loan duration, repayment schedule, and options for early repayment without penalties. Additionally, I would expect clear terms and conditions, including any fees associated with the loan, such as origination fees, late payment fees, or prepayment penalties.
In summary, while I would anticipate higher interest rates and potentially less stringent lending requirements, I would still expect a high level of customer service, transparency, and flexible loan terms from a non-bank lender to make the borrowing experience as positive as possible.Last modified: March 15, 2023