30 Jun
2010

If you need an emergency loan or personal loan, you have lots of options. There are credit unions, large lenders, private lenders, investors, banks, and even online lenders are willing to lend money. However, there are many reasons why you might want to try your bank first if you need a loan:

1) You have a relationship with your bank. If you have had a checking account or multiple bank products with a bank over a period of years, you have a relationship with your bank. Your bank may be willing to offer you loan solutions in order to keep your business.  If you have a shaky relationship with your bank, your relationship may not work in your favor, however.

2) Your bank can usually offer you a better rate. Since banks are very large companies with huge financing, they can generally offer very competitive rates and terms.

3) You may have an easier time keeping your finances under one roof. If you have all your loans, insurance, and accounts with one bank, you may get multi-product discounts. As well, it might be easier to keep track of your finances if everything is with one institution.