17 Jun 2009

Secured loan and unsecured loan comparison sites are only supplying “typical” rates giving personal loan borrowers a worse deal and potentially harming their credit scores warns thelendingwizard.com.

Thelendingwizard.com the free, on-line consumer tool to search and apply for personal loans, including secured loans and unsecured loans, has warned consumers that current price comparison websites could be giving borrowers a raw deal and adversely affecting consumer credit ratings as a result. The creators of thelendingwizard.com warn that current secured loan and unsecured loan comparison websites only advertise “typical” rates which often vary greatly to the “true” rates offered when an actual loan application is completed.

Not only do many consumers find that the secured loan and unsecured loan offers they see online will not be available to them, but they could also be degrading their own credit profile in the process as borrowers are forced to submit multiple applications directly to lenders to ascertain a “true rate.” This process can potentially result in a worse credit score and loan rate as a result.

Olivier Beau de Lomenie, MD, thelendingwizard.com says:

“Many people are not aware that by shopping around for your personal loans via existing price comparison websites they could in fact be harming their overall chances of getting a loan. Although price comparison sites have fundamentally changed the way that we shop for financial products such as insurance or switching utility providers, within personal loans borrowers have not been getting the same level of service. The fact is that often consumers are adversely affecting their own personal finances by using traditional names in the market and are blissfully unaware that they are doing so. ”

Beau de Lomenie continues:

“It was for these reasons that The Lending Wizard has been launched. To ensure that the loan application process does not impact at all on the consumer’s credit profile and offer instant decisions at the actual rate borrowers will get. If we are able to give consumers up to date, accurate and transparent information it will help them to make the correct decision and borrow wisely, something that can only be beneficial to us all.”

If you are looking to raise finance in the form of a secured loan or personal unsecured loan, why not give us a call at Secured Loan Now on 0845 862 0524 or click APPLY NOW and apply for a loan online. It’s as easy as 1, 2, 3.

Step 1: Fill in enquiry form

Step 2: Send enquiry

Step 3: An experienced adviser will contact you

* By completing this form a credit reference search is NOT made. This will only be carried out with your express permission, after we have assessed the information provided and contacted you.

Posted 18/06/2009 04:08:20