Best Rate Referral, a mortgage marketing firm, is getting into personal finance with a new online marketplace that provides consumers with free personal loan quotes from lenders.
LoanAdvisor.com is designed to allow borrowers to easily compare rates and choose the best option. The site displays offers for consumers with varying credit scores for amounts up to $35,000, and with approvals in as little as one day.
“Growth in the personal lending space continues to show positive trends, so the Best Rate Referrals team saw an opportunity to provide a different solution for consumers looking for financing beyond a mortgage loan with a platform that is also beneficial to the consumer finance community,” said Raymond Bartreau, SVP of Lending Partnerships at Best Rate Referrals. “Increasingly consumers are tapping into personal loans to tackle big ticket projects and consolidate debt.”
Like its sister site, Mortgage Advisor, Loan Advisor also provides informational resources, rate comparisons and lender information.
According to TransUnion’s Q4 2017 Industry Insights Report on the consumer credit market, there are more than 18 million personal loans in the U.S., which constitutes a 40% increase compared to 2014 levels.