Encoreloan Review – Legit Matchmaking Service For Borrowers And Lenders?

No Comments

Encoreloan is an online lending matchmaking service that places prospective borrowers in contact with lenders that are willing to extend loans to them.

What Is Encoreloan?

There’s no information regarding the company behind Encoreloan. There’s no address or phone number provided, just an email address for online support.

Additionally, the website’s registration is also locked down. While the site was first registered in 2015, the identity of the registrant is hidden by a private domain registration service, making it impossible to know who’s really behind the company.

Encoreloan Product

Encoreloan isn’t a lender in and of itself; instead, it is a free service that matches borrowers with possible lenders.

Users submit personal information such as their name, their address, their Social Security number, and how much money they are looking to borrow.

Encoreloan then uses this information to find a financial institution willing to provide users a loan. As a result the terms and conditions of these loans vary from one lender to another.

There’s no list of lenders that Encoreloan works with available on the site.

Encoreloan Opportunity

Encoreloan represents opportunities for individuals looking for a quick way to take out a personal loan over the internet. Filing for a loan and receiving the funds is all done electronically, resulting in high levels of convenience.

Encoreloan Verdict

There’s a couple of things that troubles us about Encoreloan.

First, the fact that there’s no information as to the company’s structure itself. There’s no physical address listed, no phone number provided, and the site registration is private. That makes it nearly impossible to know who’s actually running the company and where they’re located.

We have a problem entrusting our personal details like our name, address, and SSN – the things any identity thief needs to run wild – to a company that doesn’t make any efforts to provide even a basic level of transparency.

We’re not saying that Encoreloan is engaging in these activities, but there’s no way to know, is there?

This lack of transparency and the possibility of identity theft is our main issue. However, even if Encoreloan is a legitimate company that safeguards the personal details of its customers, the fact remains that they still have access to them.

A close reading of the site’s privacy policy specifies that Encoreloan is more than happy to share your personal details to third parties in order to market products and services to you in the future. This includes not just receiving emails but also physical mailings and even phone calls.

There doesn’t seem to be any possibility of opting out of such an arrangement.

Finally, even if you trust Encoreloan to keep your personally identifiable information safe and you don’t mind being aggressively marketed to by third parties, there’s the issue of the loans themselves.

Encoreloan doesn’t say which lenders it partners with, so there’s no way of knowing if the financial services provider you’re matched with is a reputable one or not.

The results could be disastrous – if you’re offered a loan that has an exorbitant interest rate or has other repayment terms and conditions that put you at a severe disadvantage, this could result in some long-term financial distress.

Considering that you’re already looking for a loan in order to counter a current financial difficulty, this could lead to your financial problems getting worse instead of better.

There are plenty of loan matchmaking services out there.

While they all can suffer the same pitfalls of Encoreloan in the form of holes in privacy policies, many of these companies go to great pains to showcase their transparency in their own management and in the list of lenders they partner with.

Unfortunately, that’s just not the case with Encoreloan. The fact that the company doesn’t engage in this sort of transparency makes us feel it would be a poor idea to use the company’s services. You might want to think twice before using this service.

 

Want To See What Players Money Is About?

See why after a decade of digital dollar domination, we have only ONE online
opportunity you need for optimal results! Enter your best business email now.

I will never give away, trade or sell your email address. We are here to help, not hurt.

Leave a Reply

Your email address will not be published. Required fields are marked *