My Loan Paradise Review

My Loan Paradise ReviewMy Loan Paradise says that they can did you up to $2,500 dollars today, and they also say that their form is the last loan form you’ll have to fill out. They claim to be the number one online loan broker, and they say that you can get your money in minutes.

These are some interesting claims because there are literally hundreds of loan brokers, many of which have more attractive sites than this one that are secure and function better, which would make it seem like they would do more business, and process more loans than this site.

Let’s take a deeper look at what they offer, who they are, and whether they are worth doing business with or not.

My Loan Paradise Review – Who Are They?

The first thing we always like to find out is who is actually behind a loan website. It is not always the easiest thing to determine, and in this case it appears that My Loan Paradise is based out of Pennsylvania and they are not a lender, but rather simply a matching service that will send your information to lenders in return for a commission.

One Minute Loan Application
They say they have a one-minute loan application and this asks for your first name, your last name, your email address and phone number, your mailing address including the city, state, zip code, what type of loan you want, whether that be a personal loan, a payday loan, a mortgage loan, or business, and how much you want the loan to be for.

The Misleading Loan Process
After you fill out the brief form, you are taken to a page that says you’ve been pre-approved for the next 60 minutes. Then they say you should check your credit score, and they provide an affiliate link to a credit score checking website where they are surely earning a commission on whoever checks their score. There is a very small nondescript link at the bottom that says you can click there if you’ve already got your credit score.

When you go to the next page you are given even more application forms to fill out, so it takes much longer than a minute, and is on an unencrypted page so your information is available to hackers and spammers.

The reason this process is misleading is because you don’t need to get your credit score in order to take out a loan, it’s their job to check your credit score if they want it, not yours. They are only wanting you to check it so that they can collect affiliates payments from the credit score company after you sign up for whatever package they are offering. Rather than saying it is an optional service, or making it seem like its something you should do, but don’t have to, they present it in a way that makes it seem like it is the next step in the application process.

High Loan Rates
The other thing we couldn’t help but notice is that you’ll be paying a hefty fee for all of the money you are loaning out with the service. For example if you take out $250 you end up having a payment of $54.94 made every two weeks which totals $439.52, which is equivalent to paying $189.52 in interest and fees. If you take out a payday loan for $250 at a local payday lender you won’t pay nearly this much in most states thanks to state regulations.

Our Recommendation
There is no pressing reason why you should go with My Loan Paradise for your loan, because the interest rates are very high and the amount of fees you’ll be paying are greater than you would pay if you got a payday loan at a local lender. There isn’t any security at their website in regards to providing information to them, and it seems like they are pretty misleading by saying you need to check your credit score, when really you don’t, its just an affiliate link.

With so many lenders available to take out a loan from, it makes sense to scrutinize each one and only go with the lender that is giving you the best deal, and protects your information through a secure, encrypted web page.

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