Expert Tips from Brandon Parsons on Finding the Best Personal Loans

Navigating personal loans can be daunting, but financial expert Brandon Parsons (MBA ‘13) offers practical advice to help borrowers make informed decisions in WalletHub. Parsons’ key recommendation: know your credit score. Stating to use free platforms like Credit Karma to check your score and correct any errors. A higher credit score can save thousands in interest.

He also emphasizes comparing rates across multiple lenders. “An effective way to do this is by using platforms that simultaneously send your information to multiple personal loan companies,” Parsons explains. When rates are similar, prioritize lenders with strong customer service.

Parsons warns against overlooking the fine print, especially on missed payments, which can trigger higher rates. He concludes that while avoiding personal loans is ideal, borrowing can be a smart choice if it prevents default and fits within a realistic budget.

WalletHub’s November picks highlight top lenders like PenFed and SoFi, helping borrowers find options tailored to their credit profiles.

Read the full article here.