TeLoan Review

TeLoan ReviewTeLoan says it’s as easy as filling out the form, getting approved, and receiving your money. If it could be that easy, wouldn’t everyone do it? Lets see what sort of qualifications they have for making this sort of claim.

In order to boil this down to a 3 step process they would need to be the one that is making the loan decision, so let’s check if they’re a direct lender or not. No they’re not, they’re just what’s known as a matching service, and they’ll send your application to undisclosed lenders and they’ll make the final decision. Strike one.

Next let’s see if they have any way to control how you receive your money. Again, they are not involved in that transaction, so they cannot speak to what it’s like to get your money, and how quickly this happens. All they do know is what goes on with the application, and how easy it is to fill it out. But wait, shouldn’t an online application that asks for your personal information come with some sort of security? It should, but in this case it’s unclear whether this is a secure site because they do not have it hosted on a secure server, so you can see the http in the URL window instead of https found on a secure site. Strike two, and possible strike three.

TeLoan Review – What Do They Do?

TeLoan doesn’t provide an ounce of information as to what exactly their role is, and it’s up to us as a payday review site that has literally reviewed hundreds of payday sites to tell you that this company cares about one thing and one thing only: getting you to fill out that application. While making a profit is a good thing for a company to do, we believe that they should also provide value for the consumer, in this case the borrower. We see none of that going on here, and instead it is basically just a home page and an application page with some peripheral pages with limited information on them.

What a Matching Service Should Do
A real matching service should provide you with plenty of information about how the process works, and what you can expect. They should have a customer service phone number for you to call, and a frequently asked questions page for you to consult. TeLoans has none of these features. A real matching service should strive to excel at what it does, and should act like it’s a lender, even though it isn’t. It should provide an encrypted page for you the way that Facebook and Gmail use encrypted pages with an https so that you know that they are secure. You wouldn’t want people reading your email, and you wouldn’t want them getting your loan info either.

You have tons of choices when it comes to which site to give your information to, so be picky about who you go with.

Mistake Made
TeLoan makes several mistakes when it comes to offering this website up to the end user. There is no sign that this company has your best interests in mind, and they haven’t even paid the small but added expense of getting a secure server to send your personal data. This means that you are left wondering what actually happens to your information when you hit the submit button. In a perfect world it would be relayed untouched by a third party, but hackers will target sites like these because they know people are sending sensitive information, the kind that can easily be used to assume an identity.

Our Recommendation
TeLoan is not getting our recommendation because there are dozens more matching services that actually provide a better service, more information, customer service, and more lenders that actually want to lend. This is an example of the sort of site you wouldn’t want to fill out an application at, and there’s just no telling what will happen if you fill out that application, you’ll likely get spammed with offers for everything under the sun, and that’s just a best case. With no encryption you could be sending your banking and employment information to a third party identify thief.

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