We were recently doing some market research on our competitors to see who was offering what. We started to notice that almost all of our competitors have thousands of public reviews. Without a shadow of a doubt, let us tell you now – they are 99.9% fake.
Let us think about this logically, you get a loan and the first thing you do is shout out publicly to your friends via Facebook, Twitter and Google that you were in such financial need that you needed a loan? Does that sound right to anyone?
If we offered our customers £100 each to leave us a review they still wouldn’t take us up on it. Which starts to beg the question, just who is leaving reviews for these loan companies? Is receiving fake reviews a form of mis-selling? After all, it’s a misleading form of communication to entice people into applying for a loan.
Now let’s just say that the FCA did look into it and found that non of these reviews could be linked to any accounts that the lenders had on their books. Just what could they do? I’m sure the lenders would say that they had no knowledge of the people leaving the reviews and the FCA couldn’t prove it.
It’s hard to say what should be done, but please believe us when we say that very few borrowers will ever leave a review. We know, we’ve been trying to get them to us leave reviews for years.