A person who needs to borrow money generally does some research before taking a loan. He would approach various lenders and get information regarding their loan terms. He would also probably search online for loan information by visiting various lending websites, comparing loan terms and then decide which lender he should borrow from. He can also choose a lender based on loan reviews he comes across.
The prospective borrower can find loan rates reviews in
Newspapers or magazines may publish reviews regarding loans. People who have taken a particular loan may write about their experiences or experts may express their opinions regarding which loan is best. In this way, he may even come to know about a particular loan which seems perfect to him but which he had not been aware of until reading the review.
Lending websites generally have feedback from the borrowers who have taken loans through them. But these feedbacks are more like testimonials and mostly contain only the positive aspects of the loan. Obviously, one cannot expect these sites to publish negative reviews.
There are various website forums where members discuss a particular matter. So in forums which are dedicated to topics related to finance or loans, the positive and negative features of different kinds of loans would be discussed by members. A person planning to borrow money would benefit from reading these reviews. He may have liked a particular loan but on reading the review may realize that the loan cannot be prepaid, in which case, he would have to look for another loan.
Lenders may make their loan offers seem rosy and some may even deliberately mislead the borrower regarding the loan terms. He should find the best loan rates reviews which would help him decide on which loan is the best and also know about any hitherto unknown aspect like hidden charges.