Friday, March 9, 2018

5 Questions to Ask Yourself When Looking for a Loan

If you are looking to buy a house, renovate a house, start a new business or buy a new car, the odds are you will need a loan. No matter what type of loan you are getting, you will be entering into a commitment, whether it be for months or years. You need to be ready for that sort of financial choice, so ask yourself the following questions before you make this decision. If you are interested in applying for a loan at a community bank at the Lake of the Ozarks, call First Bank of the Lake at 573-348-2265.

5 Questions to Ask Yourself When Looking for a Loan

Question # 1
What do I really need this loan for?
Identify what you really need this loan for and determine if it's worth going into a long financial commitment over. Is it to buy a car you desperately need to get to work every day or is to buy a fun car to enjoy on occasion, but will most likely sit in your garage most of the time? Think about these things before you apply for a loan.

Question # 2
What are the chances I will qualify for a loan?
If you already know that your credit score is very poor and that you don't have much of a credit history, then you may have more of a challenge qualifying for a loan. Just be prepared for that going in. That doesn't necessarily mean you won't qualify for a loan, it just may be more difficult.

Question # 3
How much money do I really need?
Know ahead of time how much money you will need for your purchase. Don't start looking up the cost while you are in the bank, you will be there longer than what you planned and it can make your experience stressful. Show the loan officer you are prepared and ready to apply for this loan.

Question # 4
How quickly will I need this money?
Not all loans give you the funds you need immediately, it can take some time and this is an important factor to consider before applying for a loan. Don't put yourself in a situation you don't want to be in.

Question # 5
What all will I need to bring when applying for a loan?
It's not always as simple as bringing in your credit history, depending on the type of loan you are applying for, you may need several documents, such as:

  • A form of ID
  • Employer contact information
  • Proof of your income
  • Proof of assets 
  • Tax returns
  • Car title
  • A valid bank account check
The items may vary, so if you aren't sure, call ahead and ask your loan officer at the Lake of the Ozarks first before making the drive to the bank.

Visit With Our Lending Staff at First Bank of the Lake

If you are looking for a loan at the Lake of the Ozarks, whether it be for starting your new business, a new car or a new house, First Bank of the Lake is here to listen to your needs and offer you the financial product that is best suited for your needs. We don't try to sell you a loan or service you don't need and we make all of our decisions right here at home - we use judgment and compassion when evaluating customer requests. Our goal is to find the right product or service to meet your financial needs. For a bank that has been a part of this community for over 30 years and understands its needs, call First Bank of the Lake. We are your local neighbors and we enjoy having face-to-face relationships with our customers. We understand local needs because we are locals. For information on the products and services we provide, visit our website at or call us at 573-348-2265.

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First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265

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