Cloud-Based Personal Loans Reviews: Scam or Legit | [year] Guide


Cloud-based Personal Loans Reviews: Scam or Legit

With so many online lending platforms, how do you know which one to trust? Here we review Cloud Based Personal Loan, an online platform that offers lending services and debt consolidation. They serve as a third-party connection between lenders and borrowers.

General Review of Cloud-Based Personal Loans

The platform offers three loan amount ranges:

  • under a thousand dollars
  • one thousand to five thousand dollars
  • above five thousand dollars

Applications can be as fast as one business day if you qualify and provide all requirements immediately. In order to qualify for a personal loan, they require a checking account where they can deposit the proceeds of your loan directly.

Their APR is within the average range like most financial products in the market based this year [year].

Account information is protected by advanced encryption. Your details are kept private unless you apply for a loan from specific lenders. Your information may also be forwarded to credit bureaus.

Is a scam?

Many have criticized the platform as a scam due to failed expectations. They have a good track record among clients and partners. While there are some that do not get what they expect, it does not mean the platform is unreliable.

To make sure you do not become a victim, always transact with the official channels of the site. DO NOT entertain third-party persons who approach you and represent themselves as affiliates. Use the original communication established between you and the website.

cloud based loan

Cloud-based Personal Loans – A Legit Lender

What are personal loans?

This type of loan comes with an installment plan for a prescribed period. It does not require any type of collateral or a specific item to purchase unlike car loans or gadget loans. You will get cash as proceeds.

The platform does not charge application fees for submitting a loan request. They do charge an origination fee since they connect you to several lenders. Depending on the situation, you may be able to loan from two lenders simultaneously if you qualify.

Your monthly repayment primarily depends on the principal loan amount and the rate of the loan. However, your credit score, history, and usage are also taken into consideration to determine the rate and other fees.

Once the assessment is done, you will get a loan offer containing all the loan details you qualify for.

As an example, assume you took a $4,000 loan for two years. This amount plus interest would equal $4385.74. Divide this amount by 24 months and you get $182.74 as an installment amount per agreement.

Get a Personal Loan Offer from a Legit Loan Lender

The platform is not a financial institution. It only acts as an intermediary between borrowers and financiers.

You are known as the borrower and the financial institutions that provide the financing are the lenders.

When you need emergency cash or funds for consolidating debt, you can apply for a loan at their website.

As the site only acts as a bridge, your personal information will be forwarded to specific companies that offer the amount you applied for. Once any of them acknowledges your eligibility, they will send you an offer in the form of a loan contract. Take note of the Annual Percentage Rate.

The APR is the effective interest rate for your principal loan. The platform cannot provide you with a specific rate because this depends on the specific lender that has accepted your application.

The site only provides assistance with your application. DO NOTE that your rate will be based on the initial information you provided for the site upon submitting the loan request. Thus, make sure to make it accurate.

Companies can sometimes offer different rates depending on their evaluation of your credit rating. This is a normal occurrence. Your offer will contain the following details.

  • the annual effective percentage rate
  • cash financing charges
  • principal loan amount
  • term and schedule of payment
  • installment amount
  • other charges, as applicable
  • further information you may need to provide

The platform boasts a wide range of professional financing institutions and private lenders. They have been carefully selected based on their credibility and client history.

Nonetheless, make sure that you review your loan offer once you receive them. Make the best choice depending on your capability to pay, even if the other offers have higher loan amounts.

Advantages of a Cloud-based Lending Platform

There are many advantages of a cloud platform. These are just some of them.

  • convenient and can be accessed anywhere and anytime
  • easy to follow up whenever there are issues
  • can be viewed even with mobile phones
  • more options online even if companies are from other states
  • data is backed up in the cloud and does not get lost
  • no need to fill out forms over and over again
  • you can apply to multiple companies simultaneously without doing a ton of commute
  • get notified of updates in real-time
  • get a faster response
  • easily organize your application and loan offers in one platform

Lend or Borrow Money with Low Loan Origination Fees

Origination charges are made by intermediary companies for lending transactions. This is how they sustain business and continue to provide good services. The rate is usually very minimal and is charged against the proceeds of the loan.

Some platforms also give assistance for consolidating debt. If you’ve had several loans that are about to affect your rating badly, you can consolidate all such loans into one big contract.

This way the term is renewed and you only need to worry about one installment schedule. This will be good for your rating too.

Secure Signs of a Personal Loan

The very first thing you need to look for is the loan agreement or the contract. If you check reviews, you will see that most complain about receiving multiple contracts.

This should be viewed as a good thing because it means you are very eligible for loans or have a good credit score.

All information in the contract is laid out properly. The next thing you need to watch out for is the loan term. Short-period loans are okay if your amount is just a few bucks. However, this is not a good sign if your loan is in the hundreds and the term is just several days.

Most authentic financiers also do a proper check of your credit history. This is to protect both the consumer and the fund provider.

Since these loans can also affect your credit history, it is a good way to mend a bad score. However, confirm if this is actually the case with your loan through the site’s customer service channel.

cloud based personal loan

How to Avoid a Personal Loan Scam

The most fool-proof way to make sure you don’t get fooled by a scam is by reviewing everything before accepting the loan agreement. When you qualify for a loan, you’ll receive a contract offer provided by the lender.

Review the offer provided and see if it’s legitimate. Check the upfront fees too. High costs are an upfront sign of fraud.

Once you register on the platform, your information is secure and only given out to the companies that provide the loan you want. You will get the chance to review the offer.

Once you make a selection, the agreement that will be made will be binding. Check your lender before you accept the contract.

Companies that provide financial assistance always have a website or physical office. The platform only has affiliated with a good track record. You do not have to worry. Their reputable lenders have all their company information searchable online.

If they don’t, there is a cause for concern. You can always contact the website or the contact information of the company stated in the agreement.

Financial services always have a paper trail or online document to prove the existence of the transaction. This is necessary as evidence for claims and complaints.

Keep your copy secure always. This way when you need to prove something, you have a copy of your agreement and supporting documents.

Why Marketplace Flexibility Matters When Lenders Compete

Just like in 2021 and the years before it, it is important for companies that offer financial services to have marketplace flexibility. This means they have to be accessible both online and offline.

There are many individuals that have the capacity to pay and want to make a loan. The problem is accessibility to such services. If a lending company offers a diverse option for potential clients, it can be a selling point for them.

This is also the main factor you need to look for when it comes to a platform to loan money from. Apart from customer reviews, you also should look at existing loan options.

For third-party platforms, check for their legitimacy guarantee. Good ones also provide extension services like credit repair assistance and debt consolidation. Whichever the case, the best feature you can get from a platform to borrow money is marketplace flexibility.


In conclusion, cloud-based loan reviews can be a useful tool for borrowers who want to find the best rates and terms possible. However, it is important to do your own research, read the fine print, and compare offers from multiple lenders in order to make a fully informed decision.

Ultimately, it is up to you as a borrower to determine if cloud-based loan reviews are a legitimate source of information or not.

Hope this guide helps you to make good loan decisions. Make sure to review the agreement and ensure your capacity to pay. Good luck applying!

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