Credit Loan Review

Credit Loan ReviewCredit Loan says it can get you a personal loan up to $5000. It’s important to point out that this is not necessarily going to be a payday loan, since most people do not make $5000 each payday, and a payday loan by its definition means you should be able to pay the entire loan back with your next paycheck, and have enough to live off of until the following payday.

Being able to take out a large sum of money like $5000 may seem like the answer to your prayers, but in most instances this is more than the average person will need. Remember that you’re going to have to pay that money back, plus a boatload more in interest and fees, so you have to size up whether this will really solve your problem, or just cause more problems in the future.

Credit Loan Review

When trying to figure out if this is a company you want to do business with, the first thing to determine is what kind of company they actually are. While at first glance they seem to be doing a good job of providing helping information about money, finances, saving, and borrowing, but then you start to notice that they have a lot of sign up forms to get you to try for a personal loan. A personal loan may have several advantages over a payday loan, once you run the numbers and can tell for yourself, but still, it might not be the solution you need in a time of financial trouble.

Whatever you do, don’t look at them as any sort of adviser as to what you should do in a financial jam, because they are going to recommend that you borrow some money. If you want to keep your debt low you may have other options that are better than this and can help in the same way. Ask a trusted financial adviser what you should do when things get tight.

Not a Lender
Credit Loan may provide a lot of information, to the point where you think that they might be a lender, but they are not a lender. They are basically acting as an educational site on investing and loans, and then referring you to lenders in case you want to take out a loan. The ironic thing is that a lot of the information they provide is on loans you get from a bank, but the loans they advertise are not the kind of loans you’d get from a bank, so it’s not an apples to apples comparison.

Pros and Cons Provided
They go into considerable details showing you the pros and cons of taking out personal loans, but in the end you know you’re dealing with a site that ultimately wants you to take out a loan so they can get paid their referral commission. Or they at least want you to fill out the application, because perhaps they get a small fee just for sending over leads. Whatever the case, how can you know that the information you’re getting is accurate and not slanted towards loans being a good idea. They obviously have an ulterior motive behind giving you this information.

Check Your Sources
You wouldn’t want to take financial advice from someone that has a vested interest in getting you to apply for a loan. Even though they’re not a lender, they don’t want to turn you away from taking out a loan from one of their affiliated companies. So if you are trying to decide if you need the money, and if a personal loan is the right choice for you, you don’t want to listen to someone that is acting on behalf of a lender.

Our Recommendation
Take the information Credit Loan provides with a grain of salt knowing that you’re being sold to. There’s no harm in filling out the application if you think that it will really help you. Their site is encrypted and they seem to be following best practices as far as keeping your information secure. There are worse companies to go with as far as a matching service goes. And that’s essentially what this is, they’re going to pass on your application to lenders that will do the actual lending.

Add Your Own Experience to Our Credit Loan Review Below

VN:F [1.9.20_1166]
Rating: 0.0/5 (0 votes cast)
VN:F [1.9.20_1166]
Rating: 0 (from 0 votes)
You May Also Like:

Leave a Comment