I’ve been a follower of WikiLoan.com from its beginnings as Swapadebt.com. I’ve tracked its updates, new designs, new names ect… I’ve read its FAQ, read its terms of use, browsed its borrowers, browsed its lenders, read its platform, read its marketing, you name it.. I’ve tried to convince myself to use its service. Unfortunately, I’m still not an interested user of WikiLoan.com. Here’s why:
- First and foremost – $24.95 NON-Refundable Application Fee – That’s right, even if your loan is not funded you pay the $24.95. It took a while for me to find this information but you can find it on their Terms of Use. There does appear to be a FREE version, however they do not give you a credit grade, LEGAL LOAN DOCUMENTATION (sketchy), ID & Bank Verification, and apparently you don’t “GET FUNDING!” (Defeats the purpose of requesting a loan in my opinion). See the chart for clarity.
- There still appears to be very few lenders. If you visit the borrowers listings , you’ll notice very few have received any funding. In fact, I only found one or two that had any funding at all (which amounted to less than 5% of total requested). The majority of listings have no credit grade (probably the free listings), and those that do are requesting very, very low interest rates. I enjoy seeing the borrowers with grade “F” requesting 3% interest. I wrote back in 2009 about how WikiLoan.com will be unsuccessful if they allow the borrowers to request their own interest rates (Still no lenders on WikiLoan! Can you blame them?)
- The final reason I still refuse to try Wikiloan.com is the lack of trust I have with the company. Their website lacks the security I feel when visiting LendingClub.com or Prosper.com. I find it difficult to find answers to questions I have and tend to make “circles” around their website. Not to mention their domain name (WIKILOAN.COM) is registered to a RESIDENTIAL ADDRESS. See Below:
To conclude, I am still unlikely to apply for a loan at WikiLoan.com. I don’t like the non-refundable application fee of $24.95, lack of lenders, and giving my personal information to a company who’s address is directed to a residential house! For now I’ll continue to use and refer readers to LendingClub.com. See my most recent review “New Review – Obtaining a Loan From LendingClub.com“
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