Saturday, May 28th
2022 Debt Consolidation Company Reviews
Liberty Lending
- "A+" rated and accredited by the BBB
- Fixed-rate loans
- No prepayment penalties
- Good reputation with clients
- Receive funds in as little as 24 hours
Liberty Lending, founded in 2015, is relatively new to the lending industry - but they're making a positive splash. Based in New York, this company aims to simplify the debt consolidation loan process. They offer an easy-to-complete online application, loans with fixed rates and no prepayment penalties, and the ability to access funding in as little as one business day once a loan is approved by them and accepted by the borrower.
Focus on getting out of debt
Right out of the gate, the process of getting a loan through Liberty Lending is a little different than their competitors. When you start by clicking on the "Get my offer" button, the first question you're asked is how much debt you have, ranging from $3,500 to $40,000. Most lenders ask how much you'd like to borrow first. This is one sign that shows their focus is on helping customers get out of a debt problem they already have.
Soft pull of credit history required
From there, you're asked to provide your name, email address and phone number; the following screen requires your street address, date of birth, and Social Security number. You'll also have to specify your primary source of income and net amount, as well as your monthly housing payments. Finally, you choose a password and authorize Liberty to run your credit report. When you submit your application, Liberty Lending says that your credit score will not be impacted by getting a consolidation loan quote.
Missed expectations
We were a little disappointed that Liberty Lending provides no detailed information about their loans until after you complete their quote process. For example - what are their lending limits? What are their typical interest rates and repayment terms? While they do state that all their loans are fixed-rate and don't have prepayment penalties, we wish they shared more information upfront so we would know what to expect.
More digging gets more information
Since we didn't have much information to go on from the Liberty Lending website, we rolled up our sleeves and went to work on other avenues. We were able to confirm that Liberty Lending provides loans up to $40,000, and their payback range terms anywhere from 2 years to 5 years out. On average, their interest rates may be a little higher than some other lenders - but their rates will vary according to your personal circumstance, and you're guaranteed they won't increase.
Solid reputation with customers
We were impressed with the reputation that Liberty Lending has garnered. The company maintains an "A+" grade and accreditation from the Better Business Bureau, and we found only three registered complaints within the last 3 years. There were numerous 4- and 5-star reviews on the BBB listing for Liberty Lending: customers said that their representatives were courteous and knowledgeable, that the loan process was smooth, and that they had no trouble getting help whenever they needed it.
Strong choice, with room to improve
Liberty Lending has built a very good reputation in a short period of time. In the lending industry, that's pretty impressive. We wish there was more transparency with regards to their loans and process, but still this is a solid company with a strong customer focus. If you're in search of a loan to help consolidate your debt, Liberty Lending is worth your consideration.
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The 12 Best Debt Consolidation Companies
Who is the Best Debt Consolidation Company?
Maybe you've gotten overwhelmed by credit card payments and overdue bills, and now you're wondering if there's any light at the end of the tunnel. Or, perhaps you're a financially-savvy consumer who wants to take advantage of lower interest rates, in order to pay off your mounting credit cards bills. Debt consolidation can be a smart strategy either way.
What, exactly, is debt consolidation? It's important to understand that companies offering it may mean different things. For some, debt consolidation is offered as a personal loan: you borrow funds that you use to pay off all of your outstanding debts. Your interest rate should be much lower than your credit cards, and now you've got a simplified, single payment to make each month. This can be a great way to boost your credit score by reducing the likelihood of making late payments (or none at all) and get on your feet again financially. On the other hand, you're in charge of using your loan money responsibly - and not to buy things you don't need!
Debt Consolidation Company FAQ
Continued from above...
Other providers of debt consolidation take a more hands-on approach, giving you credit counseling and even going to bat for you with your creditors. The services they provide may include negotiating a lower debt amount or getting your debt forgiven altogether! You might pay a monthly fee for this kind of debt consolidation, or it might be a flat fee based on how much money they saved you overall.
Either route you choose, there are a lot of options out there. How can you decide which one is right for you? Keep these points in mind as you weigh out the possibilities:
- Approach. Is the debt consolidation accomplished by a personal loan that you have to pass along to your creditors, or is it a more involved strategy? Which one is more likely to leave you better off financially?
- Education. What does the company offer to teach you how to make good financial decisions? Does the service make sure you understand what you're getting into with their approach?
- Eligibility Requirements. Do you qualify for debt consolidation? Some programs require you to have $5,000 or more in unsecured debts. For consolidation via personal loans, you'll pay more in interest if you don't have a decent credit history already, or you may not be approved for a loan.
- Fees. How much will you pay for your debt consolidation? If it's a loan, what's the interest rate and are there any origination fees? If it's a debt settlement strategy, what will your fees be and when will you have to pay them?
- Reputation. What do clients say about the debt consolidation company? Did they get help that was appropriate for their situation from knowledgeable, friendly representatives? Has the Better Business Bureau rated the service? Do people report a significant improvement in their finances after (or preferably while) using the debt consolidation program?
TopConsumerReviews.com has evaluated and ranked the best debt consolidation options available today. We're confident that this information will help you choose a strategy to pay down your debts and get your finances in order!
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