Abovelending.com Review

Based on looking at the website, Abovelending.com appears to be a platform that connects individuals with personal loan offers.

However, for those seeking ethically sound financial solutions, especially from an Islamic perspective, the nature of conventional personal loans—which typically involve interest riba—renders this service problematic.

Interest is unequivocally prohibited in Islam due to its exploitative nature and the promotion of wealth accumulation without real economic activity or shared risk.

While the site highlights customer service and a straightforward application process, the underlying mechanism of interest-based lending makes it an unsuitable option for individuals committed to Sharia-compliant financial practices.

Overall Review Summary:

• Service Offered: Connecting users to personal loan offers.
• Key Concern: Based on conventional lending models, likely involves interest riba.
• Ethical Stance Islamic: Not permissible due to interest.
• Website Transparency: Provides a phone number and Trustpilot reviews. Lacks detailed information on loan terms or interest rates directly on the homepage.
• User Experience: Emphasizes simplicity with “Find Your Offer,” “Review Your Offers,” and “Get Your Funds” steps.

For those committed to ethical and Sharia-compliant finance, the concept of interest-bearing loans offered by Abovelending.com is a significant red flag.

Instead of engaging with such services, it’s crucial to explore alternatives that align with Islamic principles, focusing on risk-sharing, asset-backed financing, and equitable transactions.

The conventional financial system, with its pervasive reliance on interest, can lead to cycles of debt and economic instability, directly contrasting the Islamic emphasis on justice and fair dealings.

Here are some best alternatives for financial needs that align with ethical principles:

• Islamic Microfinance Institutions:
  • Key Features: Provide small loans for productive purposes without interest, often based on profit-sharing or cost-plus financing. Focus on empowering low-income individuals and small businesses.
  • Average Price: Varies based on specific programs and local regulations, typically involves administrative fees or profit-sharing instead of interest.
  • Pros: Sharia-compliant, promotes economic empowerment, community-focused.
  • Cons: Availability may be limited depending on geographic location, funding amounts can be smaller.
• Halal Investment Platforms:
  • Key Features: Platforms that allow investment in Sharia-compliant businesses and assets, avoiding interest, gambling, and prohibited industries. Can be used for wealth growth or funding specific projects.
  • Average Price: Fees vary by platform, often a percentage of assets under management or transaction fees.
  • Pros: Sharia-compliant, diversified investment opportunities, supports ethical businesses.
  • Cons: Returns are not guaranteed, requires due diligence on the platform’s Sharia compliance.
• Takaful Islamic Insurance:
  • Key Features: A cooperative system of insurance where members contribute to a fund to guarantee each other against loss or damage, based on mutual assistance and shared responsibility, avoiding interest and uncertainty.
  • Average Price: Contributions premiums are based on risk assessment and coverage.
  • Pros: Sharia-compliant, promotes community solidarity, provides financial protection.
  • Cons: Still developing in some regions, may have fewer product options compared to conventional insurance.
• Qard Hasan Benevolent Loans:
  • Key Features: Interest-free loans given for humanitarian or welfare purposes, with the expectation of repayment. Often facilitated by individuals, charities, or community funds.
  • Average Price: No interest or fees are charged.
  • Pros: Purely benevolent, highly rewarded in Islam, provides genuine help without burden.
  • Cons: Not a commercial service, availability depends on philanthropic individuals or organizations.
• Murabaha Financing Cost-Plus Sale:
  • Key Features: An Islamic financing method where a financial institution purchases an asset e.g., a car, property and then sells it to the customer at a cost-plus-profit basis, agreed upon in advance. No interest is involved.
  • Average Price: The “profit” margin is agreed upon beforehand, typically a fixed amount or percentage.
  • Pros: Sharia-compliant, transparent pricing, widely used for asset financing.
  • Cons: Can be more complex to arrange than conventional loans, requires an underlying asset.
• Ijara Leasing:
  • Key Features: An Islamic leasing contract where the financial institution owns the asset and leases it to the client for a specified period for a fixed rental payment. At the end of the term, ownership can be transferred to the client.
  • Average Price: Rental payments are agreed upon in the contract.
  • Pros: Sharia-compliant, suitable for acquiring assets without direct interest, flexible.
  • Cons: The client doesn’t own the asset during the lease period, terms can be long.
• Musharakah Partnership:
  • Key Features: A partnership where all parties contribute capital and share in the profits and losses of an enterprise. It embodies the true spirit of risk-sharing in Islamic finance.
  • Average Price: Profit and loss ratios are pre-agreed. no fixed payments like interest.
  • Pros: Highly Sharia-compliant, promotes equity and shared risk, suitable for business ventures.
  • Cons: Requires more trust and detailed agreement between partners, potential for losses.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

Abovelending.com Review: A Deeper Dive into its Operations and Ethical Implications

Abovelending.com presents itself as a straightforward solution for individuals seeking personal loans, promising a simple process from finding offers to receiving funds quickly.

The website emphasizes its user-friendly approach and highlights positive customer testimonials from Trustpilot, indicating a focus on customer service.

However, for a discerning consumer, particularly one adhering to ethical financial principles, a deeper examination reveals critical aspects that warrant caution.

The core offering of personal loans, in a conventional sense, inevitably involves interest, which has profound implications from an Islamic ethical perspective.

Abovelending.com Review & First Look: Assessing the Initial Impression

Upon visiting Abovelending.com, the immediate impression is one of simplicity and accessibility.

The homepage features a prominent call to action, “Call us now 800 201-2295,” and a brief, three-step explanation of “How it Works”: Find Your Offer, Review Your Offers, Get Your Funds.

The inclusion of a Trustpilot score of 4.8 from over 3500 reviews attempts to establish credibility and trust.

Customer testimonials, like “Alex was very helpful and patient” and “Jermaine was helpful and walked me through all aspects of the process,” aim to reassure potential borrowers about the human element of their service.

• Direct Approach: The website quickly directs users to call a phone number, suggesting a more personalized or guided application process rather than a fully automated online one. This could be seen as a positive for users who prefer direct interaction.
• Minimal Information: While the process is outlined, the website is notably sparse on specific details regarding loan types, interest rates, eligibility criteria, or the network of lenders it partners with. This lack of upfront financial transparency is a significant concern for ethical and informed decision-making.
• Focus on Process, Not Product: The site focuses heavily on how to get a loan rather than the nature of the loan itself. This subtly shifts the user’s attention from the financial terms to the ease of the transaction.
• CEO Information: Information about the CEO of Abovelending.com is not readily available on the homepage. While not uncommon for financial aggregators, it adds to the general lack of detailed corporate transparency on the site itself.

Abovelending.com Pros & Cons: An Ethical Lens

When evaluating Abovelending.com, the typical “pros and cons” framework needs to be adjusted to incorporate an ethical dimension, particularly concerning the Islamic prohibition of interest riba. From an Islamic perspective, the fundamental service offered by Abovelending.com—connecting individuals with interest-based personal loans—is inherently problematic.

Therefore, the “pros” are limited to aspects of user experience, while the “cons” heavily outweigh them due to the core financial model. 3chlorine.com Review

Cons:

• Involvement with Riba Interest: This is the primary and most significant drawback. Conventional personal loans, by definition, involve interest, which is strictly forbidden in Islamic finance. Engaging with such transactions, even indirectly through an aggregator like Abovelending.com, goes against fundamental Islamic principles. The Quran explicitly condemns riba in verses like Al-Baqarah 2:275-280, stating that Allah has permitted trade and forbidden interest.
• Lack of Transparency on Loan Terms: The website does not disclose any potential interest rates, fees, or loan terms directly. Users are encouraged to call a number, implying that these critical details are only revealed later in the process. This opacity can make it difficult for consumers to compare offers effectively or understand the full financial burden before committing.
• Potential for Debt Cycle: Interest-based loans, especially personal loans, can trap individuals in a cycle of debt, where a significant portion of repayments goes towards interest rather than the principal. This contradicts the Islamic emphasis on economic justice and sustainability, which encourages productive investments and shared risks.
• No Sharia-Compliant Options: There is no indication that Abovelending.com offers or facilitates Sharia-compliant financing alternatives, such as Murabaha, Ijara, or Qard Hasan. Their focus is squarely on conventional lending.
• Information Scarcity: Beyond the basic process and testimonials, the website provides very little background information about the company, its mission, or its partners. This lack of a comprehensive “About Us” or “Lender Network” section can be a red flag for thorough due diligence.
• Personal Loan Risks: Generally, personal loans often come with higher interest rates compared to secured loans or lines of credit, making them a more expensive form of borrowing for consumers. This is a common characteristic of unsecured loans and should be considered by any borrower.

Limited “Pros” from a conventional user perspective, not ethical:

• Apparent Simplicity: The three-step process described on the homepage “Find Your Offer,” “Review Your Offers,” “Get Your Funds” suggests a streamlined and user-friendly experience.
• Customer Service Emphasis: The testimonials highlight positive experiences with customer service representatives, indicating that users might receive personalized assistance during the application process.
• Direct Phone Contact: For users who prefer speaking to someone directly rather than navigating complex online forms, the prominent phone number is a convenient feature.

In conclusion, while Abovelending.com might offer a seemingly easy route to personal loans, its inherent reliance on interest-based financial products renders it unsuitable for individuals adhering to Islamic ethical guidelines.

The convenience of a service does not override the fundamental moral and religious obligations regarding financial transactions.

Abovelending.com Alternatives: Ethical Financial Solutions

Given that Abovelending.com deals with conventional interest-based personal loans, it is imperative to explore alternatives that align with ethical financial principles, particularly those of Islamic finance.

These alternatives emphasize fairness, risk-sharing, and avoiding exploitative practices like interest riba. The focus shifts from merely acquiring funds to acquiring them through permissible and just means.

• Halal Loans Qard Hasan: These are benevolent loans provided without any interest or fees. They are often facilitated by individuals, community organizations, or Islamic charities. The intent is purely to assist someone in need, with the expectation of repayment of the principal amount only.
  • Availability: While not a commercial product, many mosques and Islamic centers have community funds for Qard Hasan. Individuals can also seek help from family or friends.
• Islamic Banks and Financial Institutions: Many countries have dedicated Islamic banks or conventional banks with Islamic windows that offer Sharia-compliant financing. These institutions structure their products to avoid interest.
  • Murabaha Cost-Plus Sale: Instead of a loan, the bank buys the desired asset e.g., car, house, consumer goods and sells it to the customer at an agreed-upon higher price, payable in installments. The profit margin is part of the sale, not interest on a loan.
  • Ijara Leasing: The bank purchases an asset and leases it to the customer for a fixed rental payment. At the end of the lease term, the asset can be transferred to the customer. This is common for asset financing like vehicles or equipment.
  • Musharakah/Mudarabah Partnership/Profit-Sharing: For business financing, these models involve the bank and the client entering a partnership where profits and losses are shared according to a pre-agreed ratio.
  • Takaful Islamic Insurance: This is a cooperative system where participants contribute to a fund that is used to compensate members who suffer losses. It’s based on mutual assistance rather than interest-based risk transfer.
• Personal Savings and Budgeting: The most ethically sound approach to avoiding debt is often to save for purchases and manage finances prudently. Resources and tools for effective budgeting and saving include:
  • YNAB You Need A Budget: A popular budgeting software and methodology that emphasizes giving every dollar a job.
  • The Total Money Makeover by Dave Ramsey: A well-known book and program focusing on debt elimination and building wealth through disciplined saving.
  • Budget Planners: Physical or digital planners to track income and expenses.
• Government-backed or Non-Profit Assistance Programs: For specific needs, some government or non-profit organizations offer grants or low-interest though potentially still interest-bearing, requiring careful review loans for education, housing, or small business development. It is crucial to verify if these programs involve interest and if they align with ethical principles.

For anyone seeking financial assistance, prioritizing these ethical alternatives over conventional interest-based loans is crucial for upholding Islamic principles and promoting a healthier financial ecosystem.

It requires proactive research and engagement with Islamic financial institutions or community initiatives.

How to Navigate Abovelending.com and the Broader Loan Landscape Ethically

Navigating platforms like Abovelending.com requires a clear understanding of their underlying financial models and a strong commitment to ethical principles.

For those who prioritize Islamic finance, the direct approach is to avoid services that facilitate interest-based loans.

The key is to always question the nature of the financial transaction. Fragrancelord.com Review

• Always Prioritize Halal: Before considering any financial product, verify its compliance with Islamic law. This means scrutinizing whether it involves interest riba, excessive uncertainty gharar, or gambling maysir. Abovelending.com’s core offering, being personal loans, almost certainly falls under conventional interest-based lending.
• Read the Fine Print if you must engage for information: If one were to explore such a site purely for informational purposes or to understand how conventional loans work, it would be critical to read every detail, especially the terms and conditions, interest rates, and repayment schedules. This knowledge empowers individuals to reject non-compliant offers.
• Seek Knowledge on Islamic Finance: Educate yourself about the principles of Islamic finance. Understanding concepts like Murabaha, Ijara, Musharakah, and Takaful will equip you to identify and pursue permissible financial solutions. Resources from organizations like the Accounting and Auditing Organization for Islamic Financial Institutions AAOIFI provide global standards.
• Consult Islamic Scholars: For complex financial decisions or uncertainties, consulting a knowledgeable Islamic scholar or a Sharia advisory board specializing in finance is always recommended. They can provide specific guidance based on individual circumstances.
• Promote Ethical Alternatives: Actively advocate for and support the growth of Islamic financial institutions and ethical community lending initiatives. The more demand and support for these alternatives, the more accessible they become.
• Understand Economic Impact: Recognize that interest-based systems often concentrate wealth and can exacerbate economic inequality, contributing to financial crises. Islamic finance, conversely, aims to promote wealth distribution and real economic activity.

The Broader Economic Impact of Interest-Based Lending vs. Ethical Finance

The distinction between interest-based lending, as facilitated by platforms like Abovelending.com, and ethical finance particularly Islamic finance extends far beyond individual permissibility.

It touches upon fundamental economic principles and societal well-being.

The pervasive nature of interest in conventional economies has profound implications.

• Wealth Concentration: Interest inherently favors capital over labor. Those who possess capital accumulate more through interest, while those who borrow often struggle under the burden of interest payments. This leads to increased wealth disparity. For instance, the top 1% globally hold 45.8% of the world’s wealth, a figure that continues to grow, partly fueled by interest-driven financial systems Credit Suisse Global Wealth Report, 2023.
• Economic Instability: The reliance on debt and interest can create speculative bubbles and financial crises. When interest rates rise, the cost of borrowing increases, leading to defaults and economic downturns. The 2008 global financial crisis is a stark reminder of the dangers of unchecked debt and interest-based instruments.
• Lack of Productivity: Interest-based finance often encourages financial engineering and speculation rather than real economic productivity. Money can be made from money itself, without necessarily contributing to the production of goods and services.
• Ethical Finance Islamic Finance Counter-Model:
  • Risk-Sharing: Islamic finance promotes risk-sharing between financiers and entrepreneurs. In Musharakah or Mudarabah, both parties share in the profits and losses of an enterprise, aligning incentives and encouraging productive investment.
  • Asset-Backed Financing: Transactions must be linked to real assets. This prevents purely speculative financial activities and ensures that money serves a tangible economic purpose. For example, Murabaha involves the actual purchase and sale of an asset.
  • Social Justice: The prohibition of interest, along with the emphasis on Zakat charitable giving and ethical investments, aims to promote social justice, alleviate poverty, and ensure a more equitable distribution of wealth. Zakat collections globally are estimated to be in the hundreds of billions annually, with a significant portion allocated to poverty alleviation and social welfare programs.
  • Stability: By discouraging excessive debt and speculation, Islamic finance offers a model that is inherently more stable and resilient to financial shocks. The global Islamic finance industry reached an estimated $4 trillion in assets by 2022, demonstrating its growing significance and potential as a viable alternative Thomson Reuters Refinitiv, 2023.

Therefore, while Abovelending.com might offer a quick solution for personal loans, its participation in an interest-based system contributes to broader economic challenges.

Opting for ethical financial alternatives is not just a personal choice but a contribution to a more just and stable economic order.

How to Cancel Abovelending.com Engagement Hypothetical & General Advice

Since Abovelending.com primarily acts as a connector to loan offers, the concept of “canceling a subscription” or “free trial” doesn’t directly apply in the same way it would for a recurring service.

Instead, any “cancellation” would involve either discontinuing the loan application process or, if a loan has been approved, exploring options for early repayment or withdrawal, which may come with their own terms and conditions.

For a Loan Application in Progress:

• Simply Discontinue: If you have initiated an application through Abovelending.com but have not yet signed a loan agreement, the simplest way to “cancel” is to simply stop the process. Do not sign any documents or provide further information.
• Contact Abovelending.com: If you’ve submitted information and wish for it to be withdrawn or removed from their system, contact Abovelending.com directly using their provided phone number: 800 201-2295. Clearly state your intention to withdraw your application and request that your data not be shared with any third-party lenders.
• Contact Potential Lenders: If Abovelending.com has already shared your information with potential lenders, you may also need to contact those lenders directly to inform them of your withdrawal and request data deletion.

For an Approved or Disbursed Loan General Advice for Conventional Loans:

• Review Loan Agreement: If you have already signed a loan agreement facilitated by Abovelending.com’s partners, your options for “cancellation” i.e., not proceeding or repaying early will be governed by the specific terms of that agreement. Look for clauses related to:
  • Rescission Period: Some loans especially certain types like mortgage refinances have a “right of rescission” allowing cancellation within a few business days after signing. Personal loans typically do not have this.
  • Prepayment Penalties: Check if there are any penalties for repaying the loan early. Ethical conventional lenders usually do not have these, but it’s crucial to confirm.
  • Early Repayment Options: Understand the process for making an early repayment. This is the most common way to “cancel” a loan you no longer need or wish to have.
• Contact the Direct Lender: Once a loan is finalized, your relationship is primarily with the direct lender, not Abovelending.com. Contact the specific bank or financial institution that issued the loan for any questions regarding repayment or cancellation.

Ethical Consideration: From an Islamic perspective, once a valid, interest-free contract if such were available is entered into, it should be honored. However, if a conventional interest-based loan has been entered into out of necessity and sincere regret, early repayment without incurring more interest is highly encouraged. The core advice remains to avoid such contracts from the outset. Theretailcorrection.com Review

FAQ

What is Abovelending.com?

Abovelending.com is an online platform that acts as a connector, helping individuals find and apply for personal loan offers from various lenders.

The website streamlines the initial process, guiding users to apply and potentially receive funds quickly.

Is Abovelending.com a direct lender?

Based on the website’s description “Find Your Offer,” “Review Your Offers”, Abovelending.com appears to be a loan aggregator or matching service rather than a direct lender itself.

It connects users with a network of potential lenders.

How does Abovelending.com make money?

Loan aggregators typically earn money through referral fees from the lenders they connect users with.

When a user successfully obtains a loan through a referral from Abovelending.com, the lender pays Abovelending.com a commission.

What kind of loans does Abovelending.com offer?

Abovelending.com focuses on personal loans.

The website’s homepage emphasizes “Personal Loans with Your Needs in Mind,” suggesting unsecured loans for various personal financial needs.

What is the typical interest rate for loans found through Abovelending.com?

Abovelending.com’s homepage does not display specific interest rates or APR ranges. Residencesupply.com Review

Users are prompted to call a loan specialist to “review your offers,” implying that interest rates and terms would be disclosed during that consultation or by the direct lender.

Does Abovelending.com require a credit check?

While not explicitly stated on the homepage, applying for personal loans typically involves a credit check to assess a borrower’s creditworthiness.

It’s highly probable that lenders in Abovelending.com’s network would perform credit checks.

How quickly can I get funds after applying through Abovelending.com?

The website states, “E-sign your documents and get your money quickly.” This suggests that if approved, funds could be disbursed relatively fast, potentially within a few business days, depending on the lender.

What are the eligibility requirements for loans from Abovelending.com partners?

The website does not list specific eligibility requirements e.g., minimum credit score, income, debt-to-income ratio on its homepage.

These criteria would likely be determined by the individual lenders within their network.

Are there any fees associated with using Abovelending.com?

Abovelending.com does not explicitly state any fees for using its matching service on the homepage.

However, the direct lenders that provide the loans may charge origination fees or other associated costs, which would be outlined in the loan agreement.

How does Abovelending.com protect my personal information?

The homepage does not provide detailed information about their data privacy and security measures.

Reputable financial service providers typically have privacy policies explaining how they handle and protect user data, which would likely be found in a linked privacy policy page. Uniquelymorocco.com Review

What is the customer service contact for Abovelending.com?

The primary customer service contact prominently displayed on the Abovelending.com homepage is a phone number: 800 201-2295. They encourage users to “Call now to talk to a loan specialist.”

Can I apply for a loan through Abovelending.com with bad credit?

The website does not specify if it caters to borrowers with bad credit.

Many loan aggregators work with a range of lenders, some of whom specialize in loans for individuals with lower credit scores, but terms would typically be less favorable.

What information do I need to provide to find an offer?

The website states, “Confirm your basic info to look up your personalized offers.” This typically includes personal details like name, address, income, and potentially a Social Security number for a credit check.

Does Abovelending.com offer debt consolidation loans?

While the website markets “Personal Loans,” which can sometimes be used for debt consolidation, it does not explicitly mention debt consolidation as a specific type of loan offered through its partners.

What are the alternatives to Abovelending.com for ethical financing?

Ethical alternatives include Islamic banks offering Murabaha cost-plus sale or Ijara leasing, Qard Hasan benevolent interest-free loans from community organizations, or focusing on personal savings and budgeting.

How do I complain about a loan experience facilitated by Abovelending.com?

If your complaint pertains to the loan itself e.g., terms, repayment issues, you should contact the direct lender that issued the loan.

For issues specifically with Abovelending.com’s service, you can use their provided phone number.

Is Abovelending.com endorsed by the Better Business Bureau BBB?

The website does not prominently display a BBB accreditation or rating on its homepage.

For BBB information, one would need to search for Abovelending.com directly on the BBB website. Bt-miners.com Review

Can I refinance an existing loan through Abovelending.com?

The website does not explicitly state that it offers refinancing options.

Personal loans obtained through their network could potentially be used to pay off existing loans, which is a form of refinancing.

What are common scams related to online loan services to watch out for?

Common scams include upfront fees, guaranteed approval promises regardless of credit, demands for payment via gift cards or wire transfers, and lenders lacking proper licensing.

Always verify the legitimacy of any lender before providing information or funds.

Why is interest riba prohibited in Islamic finance?

Interest riba is prohibited in Islamic finance because it is seen as exploitative and unjust.

It allows wealth to be generated from money itself without productive effort or shared risk, contributing to economic inequality and instability.

Islamic finance emphasizes risk-sharing, asset-backed transactions, and social justice.