3 Reasons Why I Don’t Use Loan Comparison Websites


Loan comparisons have a lot of good, no doubt. However, there are trade-off when using these websites. Remember, to make your own calculated analysis and then decide if it’s worth using them.

Today, technology has made us smarter consumers by providing us with resources to make wiser decisions. Using Artificial Intelligence (A.I), consumers are able to identify the best loan deal according to their needs and wants. Sounds perfect? However, I’ve learnt nothing is too good to be true and there’s always a catch. Companies will never give out something for free unless they receive something in return. After all, they have a business to sustain and money doesn’t grow on trees.

To be more objective and paint a clearer picture, I’ll start by listing down the pros of loan comparison websites. There will not be much elaboration as I presume most have a basic understanding of the benefits. It’s the flipside of which consumers need to be aware.

Why use loan comparison websites

  1. Compare and review multiple loan quotes in real-time
  2. Save time and money with loan and interest rate information
  3. Identify the most notable lenders that are highly rated and reviewed

Loan comparisons have a lot of good, no doubt. But today, I’m here to help you be aware of the trade-off when using these websites. Remember, there’s no free lunch in this world. Make your own calculated analysis and then decide for yourself whether it’s worth using these websites.

Why you shouldn’t use comparison websites

  1. Data privacy
  2. Doesn’t save as much time as you think
  3. Your applications might still not be approved by banks

Data privacy

stranger prying on your data.

Honestly, this reason alone is enough to stop using comparison websites. This fellow user even wishes there is a way to opt-out of these. Many people can vouch for the unpleasant experience of telemarketers hounding them with phonecall after phonecall after passing information to these websites. After all, that is the incentive for comparison websites as the more contact information they get, the more they earn.

We’ve also widely seen the manipulation from social media platforms in taking users data and exploiting that. One can argue that it’s just a common occurrence in this digital age but just because it’s common, doesn’t make it right. Consumers should still be able to control who can access and use their data and not fall victims to user data exploitation anymore.

Doesn’t save as much time as you think

Yes, those websites help save 1 step of your time by consolidating information for you. But, after that 1 step, you’re still left with filling up the required forms, attaching the required documents and preparing for the application process. Depending on the bank, there might also be additional documents to submit. That’s still a lot of manual work.

Your applications might still not be approved by banks.

Imagine going through all those steps in point 2 and even after all that hard work, you might still get rejected by banks. It can be a very frustrating and exhausting process that could also take weeks. That means wasted effort and time that could’ve been spent elsewhere.

Here’s where Suerly comes in…


Surely was made purely to fill in all those gaps that comparison websites lack. This coming from the founder personally experiencing the excruciating pain of going through that arduous loan process and he didn’t want anyone else to go through that.

Surely aims to be a social search-and-match platform for financial institutions to connect directly with consumers. You could say it’s like social media for your financial needs. From Suerly, you can get product promotions, offers and updates securely, faster and easier by accepting connection requests from your preferred financial institutions.

Hmmm, still sounds like a comparison website?

Nope! Here, your security is Suerly’s utmost priority. Say goodbye to annoying telemarketers. You decide who’s connection requests to accept just like social media. Financial institutions can communicate with you only if you approve their connection request. You also have the autonomy to withdraw your requests anytime.

Surely cuts out the middleman and connects you directly to banks. So that means when banks reach out to you, they’ve already reviewed your profile (only if you allow them to) and are interested to give you an offer. This saves so much time because there is a match instead of potential interest from only one side.

Suerly takes the bad of loan comparison websites and turns it into good to still bring forth the benefit it was intended for. With Suerly, you’ll have a worry-free experience as it helps you make one of the biggest purchases you’ll ever have to make in your life.

Read more on the Founder’s journey and vision for Suerly: Part 1 and Part 2.


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