12 Things you should know about banks

Banks are in the business of making money, so it’s no surprise that they don’t want you to know the details of how things work when it comes to getting a loan. Here are some important facts about funding that banks don't want you to know:

1. Banks Don’t Always Have the Lowest Interest Rates: Banks may advertise low rates, but they won’t always be the lowest. It pays to shop around and compare offers from other lenders.

2. Banks Don’t Always Offer the Best Terms: When you apply for a loan, it's important to consider all aspects of the offer—not just the interest rate. Look at things like repayment terms, fees, and closing costs to make sure you're getting the right deal for your needs.

3. Banks Don’t Always Offer the Best Customer Service: When you need help or have a question, banks don't always have the fastest response times or the most helpful customer service representatives. Consider working with a lender who offers more personalized service and is willing to answer all of your questions.

4 . Banks Don’t Always Have the Most Flexible Options: Different lenders have different loan options and some may not be a good fit for your situation. Be sure to look at all of the available options and pick one that works best for you.

5. Banks Don’t Always Have the Best Reputation: Before you enter into a loan agreement with any lender, make sure you read reviews and check their rating on the Better Business Bureau. This will help you make an informed decision about who you're working with.

6. Banks Don’t Consider Your Personal Financial Situation: When it comes to getting a loan, banks don't always take into account your unique financial situation. If you have a poor credit score or limited income, you may be stuck with high interest rates or unfavorable terms. Look into lenders that specialize in helping people in your situation get the funding they need.

7. Banks Can Be Unforgiving: If you miss a payment or don't make it on time, banks can be quick to raise interest rates and show little care for your financial hardships. It's important to read the fine print of the loan agreement and understand how late payments will be handled before agreeing to anything.

8. Banks Don’t Always Have the Best Solutions: It pays to be an informed consumer when it comes to getting a loan. Banks may offer a cookie-cutter solution that doesn't fit your needs, so shop around until you find something that works for you.

9. Banks Don’t Always Offer the Most Transparency: When dealing with banks, it can be hard to get a clear and straight answer. Don't be afraid to ask questions and make sure you understand the terms of the loan before signing anything.

10. Banks Don’t Always Provide Access to the Best Resources: When you're trying to secure a loan, it pays to have access to all the resources that can help you make an informed decision. Banks may not always provide you with the best resources—from educational materials about different types of loans, to credit counseling services and budgeting tools.

11. Banks Don ’t Always Have Your Best Interests at Heart: Banks are in the business of making money, so it's important to remember that they don't always have your best interests at heart. Do your research and look for lenders who are willing to work with you and offer flexible terms that fit your needs.

12. Banks Don’t Offer Tailored Solutions: When it comes to getting a loan, banks may not always have the most tailored solution for every individual. They may offer a more generic solution that doesn't quite fit your specific needs and could end up costing you more in the long run. Consider working with a lender who is willing to create a loan package that fits your budget.