Those Stupid Loan Aggregators are stealing my Money!

aggregator

/aɡrəˌɡādər/

noun

1. a website or program that collects related items of content and displays them or links to them.
2. a wholesale buyer or broker of a utility service, who packages it and sells it to consumers.

So, are you dealing with Loan Aggregators, or Loan Aggravators?

If you’re considering applying for an online personal, payday, student, or debt consolidation loan, you will deal with a direct lender, or with a loan aggregator. A direct lender lends you the money; an aggregator is a “middleman” – a company that collects your financial information for a loan application, and then shops around on behalf of you to find lenders that are willing to offer you a loan. Aggregators are everywhere, in travel, insurance, finance, and supply chains, to name but a few.

It’s easy to spot the value that loan aggregators provide. You simply go to their website and key in what you’re looking for, and you’re welcomed by a host of providers. Sounds great doesn’t it?

- But wait, there are some important things you need to be aware of.  

It’s important to remember that loan aggregators can see and store all your information. That’s why you should use caution in providing your information to just any online lender or aggregator as there are fraudsters out there solely interested in capturing and selling your personal information. That’s right, selling personal and financial information is big business, and not everyone that engages in loaning facilities is an honest broker. Just entering your information without hitting submit can come back to haunt you in the future via unwanted texts and calls. They can capture your information by keystroke trackers, which log your keystrokes as you enter your details or fill out the application forms. Most can then sell this info for dishonest purposes.

Consequently, a few guidelines on dealing with loan Aggregators and steering clear of the Aggravators:

1. Ensure you know who’s getting your personal and financial information.

By looking for the necessary registrations, you can feel at ease when applying for a loan. You can look for accreditation at the South African NCR webpage.  

2. Never assume that a lender is trustworthy.

Read their privacy policies and look for real world presence. Yes, they can be lengthy and complex – But they tell you how the site maintains accuracy, collects and secures control of your personal information. You’re welcome to read Fincheck’s privacy policy here.

3. Check for any unannounced fees.

Some loan aggregators can add unnecessary costs to your loan application by not providing you with clear fees and cost structures. At Fincheck, we’re proud to say that we take the greatest care in providing you with total clarity.

Always take care in assuring that you’re working with a reputable loan provider or aggregator by looking for transparency on all levels. Here at Fincheck, we only deal with trustworthy partners!