Peerless Lending Review

Peerless Lending ReviewPeerless Lending says they connect you to your loan, and we’re here to see if they’re really peerless or if they do in fact have some peers among them.

In terms of flashiness of their website, they do have one of the better looking sites we’ve seen in the loan industry. You can tell they spent some money to make sure that they have the best looking site possible. Let’s see if there’s some substance behind all of that flash.

What we find is that Peerless is a matching service, not direct lender, and their main selling feature is that they’ve already assembled the lenders and are waiting for you to tell them how much you need. This should be a fairly easy process, fill out the application, get an approval and move forward with your loan. What we find is that it’s not that fast or easy.

Peerless Lending Review – An Overview

Peerless Lending says they will do the research for you on your loan, and that they’ve researched thousands of potential lenders so you don’t have to. They say that they’ll provide you with the information on the top lenders as well as the current rates.

Another benefit they tout is that you won’t get inundated with spam because you’re only filling out one application and their partner lenders won’t be plastering your inbox. They say you eliminate the frustration of having to fill out several loan applications and can just fill theirs out and be done in most cases. They say your credit score won’t be impacted by using their service, and they provide their service free of charge to you the borrower.

Security Matters
They say that your personal information is safe and secure, which is easy to say but harder to follow through on. The first and primary concern is whether or not they are having you fill in any part of the application on an insecure server. They do not have a secure server, nor do they have an application page where they ask you for your information. They have a Getting Started page which merely asks for your name and email address, and then tells you to wait 1-2 business days for someone to get back with you.

Why So Slow?
If all Peerless is doing is lining you up with a lender it makes no sense that it takes them 1-2 business days to get back with you over email. This is simply just not acceptable when you consider that people need their money sooner rather than later. If you are asking for a large sum, that’s one thing, but if you are not then there is no way you can wait around while they decide your fate.

It is unknown why they don’t offer some type of online application so that you can get the process started immediately. If they are running so far behind then they should hire more help so they can get things moving a bit faster. They say the max loan they’ll do is $35,000 but they have the same wait time if you only want a few thousand. Also they don’t provide you with enough information to convince us of the fact that they really do have lenders that can pony up the dough should you qualify.

You’re basically trusting them that they have done the research and are pairing you up with the right lender. But getting your name, email address, and the amount you’d like to borrow as well as what you’d like to borrow it for is not enough to match you with the right lender. They’d need to know how much you make, how often you make it, and whether you seem to have the means to pay back the loan.

Our Recommendation
Peerless Lending does not get our recommendation because they just are not keeping up with industry standards being set by their competitors. There are competing sites out there that you can apply to and get an answer from the same day. Many times these lenders will have money in your account the next business day. With Peerless you’re hoping that someone will get back to you in that same amount of time, which is unacceptable.

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