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Sunday, December 5th
LifeLoans is one of several referral services in our review. These platforms require you to fill in a short online form so that they can match you with partner lenders for a personal loan. For many reasons, LifeLoan earns its rock-bottom position in our rankings.
Nothing troublesome at first
At first, LifeLoans looks fairly similar to other personal loan referral providers. You start by selecting your desired loan amount in the dropdown box, as well as the reason for your loan, then entering your email, date of birth, and current amount of credit card debt. So far, so good. The next page goes into more detail: you get to enter your full name and address, how often you get paid and with what type of employment, as well as your phone number and full SSN. (Though, for reasons you'll soon understand, we recommend that you hold off on giving them accurate information there!) At the end of the form, there is a checkbox to consent to be contacted by phone/text; you can leave the box unchecked and still submit your information to be considered.
Exactly where does your personal information go?
When we did that, we were redirected to a third-party personal loan provider. Our details had carried over from the LifeLoans site, but we were still asked to confirm the last four digits of our SSN. Exactly how many lenders had been given our full Social Security Number? We had no idea. (Good thing we used a sample profile and not our actual details!) Could we trust the lender we were passed along to? Again, no idea: LifeLoans doesn't disclose any of the names of the partners in their network until you fill out the online application.
Many business names for the same poor service
LifeLoans doesn't have much in the way of a solid reputation. We couldn't find a listing with the Better Business Bureau under that name, but when we searched the BBB using the contact phone number listed on LifeLoans' website, voila: a listing for a completely separate business name (Next Day Personal Loan) at the same address. That business had an "F" rating and a handful of consumer complaints registered there. As a matter of fact, we found a surprising number of "businesses" all registered to that phone number and address: Lending For Bad Credit, 100 Lenders, Swift Funders, and Cash Corner, to name a few. None of them had anything but an "F" from the Better Business Bureau.
Looking at the fine print in the application process, we spotted the parent company name for all of these "lenders" : Search ROI LLC. Does that sound like a place to get a personal loan that's really going to work hard for you - or more like a way for someone else to make money when you provide your information? We think it definitely sounds like the latter, don't you?
Zero reason to use this site
Taking out a personal loan can be a sensitive transaction, and you want to ensure that your finances are in good hands. There's nothing about LifeLoans that gives us any indication that they're deserving of your trust. You'll be better off with a higher-rated source of personal loans.
With inflation on the rise and an endless list of possibilities for unexpected expenses - car repairs, visits to the ER, and broken appliances, to name a few - it's no wonder that an increasing number of people are applying for personal loans.
Sound familiar? If you find yourself in need of some cash, you've probably considered borrowing from a friend or relative - but there's no guarantee that your loved ones are in a position to help, and who really wants to ask? Fortunately, you've got options that don't involve an awkward conversation with people you know. There are many lenders that specialize in personal loans ranging from $500 to as much as $100,000, with simple application processes that can be completed 100% online.
What's the catch? There isn't one, as long as you choose your lender carefully. Some providers of personal loans charge excessively high interest rates and offer shorter-than-average terms, making it harder for you to pay it back on time. On the other hand, most reputable sources of personal loans are completely transparent with their interest rates, give repayment terms of up to five years, and won't charge you any fees if you're able to pay off your loan earlier than anticipated.
How can you determine which lender is the best choice for your personal loan? That largely depends on your individual circumstances, but there are several factors to keep in mind as you consider your options. They include the following:
TopConsumerReviews.com has reviewed and ranked the best providers of personal loans available today. We're confident that this information will help you get the money you need, deposited quickly and at the lowest possible rates!
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