Our reviewers evaluate products and services based on unbiased research. Top Consumer Reviews may earn money when you click on a link. Learn more about our process.

Upstart vs SuperMoney

Wednesday, July 17th

2024 Debt Relief Company Reviews

Upstart Review 4.5 Star Rating


4.5 Star Rating
  • Debt relief through loans
  • Borrow between $1,000 and $50,000
  • Factors in more than just your credit score to determine eligibility
  • Connects you to a vast network of over 100 banks and credit unions
  • Most loans funded within 24 hours
  • Available in 48 states (excluding Iowa and West Virginia)
  • "A+" rated and accredited by the BBB
  • Over 40,000 five-star reviews from clients

Are you trying to get a loan for debt relief but struggling due to your credit score? Upstart offers a solution. Their unique approach considers your educational background and future earning potential to connect you with trustworthy lenders offering loans for paying off high-interest debt. With over 40,000 glowing five-star reviews, Upstart delivers on its promises, making it our top choice for debt relief in the form of personal loans.

SuperMoney Review 3.5 Star Rating


3.5 Star Rating
  • Debt relief through personal loans
  • Loan referral platform
  • Transparent about their partners
  • Excellent resource for evaluating loan providers
  • Plenty of reviews from other borrowers
  • Loans available from $500 to $100,000
  • Operating since 2013

SuperMoney is a contender when it comes to options for debt relief, connecting borrowers with trusted lenders and facilitating over $10 billion in financing requests. Offering to match you with personal loans ranging from $500 to $100,000, with competitive interest rates, SuperMoney can get you the money you need to pay off your creditors and consolidate what you owe into a single monthly payment. With praise from hundreds of clients on Trustpilot, SuperMoney's intuitive interface and seamless loan comparison process earn a solid rating, getting you the loan funding you need for debt relief.

Who Provides the Best Debt Relief?

It's safe to say that, in today's economy, Americans are drowning in debt. From credit cards (a $6,000 balance per household, on average) to mortgages, from student loans to car payments, even unpaid income taxes and beyond, we're all feeling the pinch of inflation, the ongoing after-effects of the pandemic, and a myriad of other stresses on our wallets.

Fortunately, there's a solution. Debt relief programs can be a valuable resource for individuals struggling with overwhelming debt, providing a structured pathway to regain financial stability. Whether you're dealing with job loss, unexpected medical expenses, or simply overspending (we've all been there!), debt relief is out there.

The Best Debt Relief Companies Compare Debt Relief Companies Compare Debt Relief Company Reviews What are the best Debt Relief Companies Best Debt Relief Company Reviews

Debt Relief Company FAQ

Debt relief is a process that helps people get out from under their ever-mounting financial obligations. This can be accomplished through Debt Negotiation, Debt Settlement, Debt Consolidation or Repayment Plans, among other strategies.
You'll need to have a certain amount of debt to be eligible for debt relief, which varies according to which relief service you choose. Some require a minimum unsecured debt of $7500, while others specify that you need to owe at least $10,000. Also, some debt relief providers aren't licensed in all 50 states - so you may be eligible for debt relief but the service you're considering isn't available in your state.
Believe it or not, many debt relief services are free! Most providers give you a no-cost consultation, analyzing your financial situation and making recommendations tailored to your needs. But, there are some fee-based services, especially if you want someone to negotiate with creditors on your behalf.
Many of the strategies used by debt relief providers can be done on your own, yes. But, in the amount of time it would take you to get up to speed and learn what those strategies are, you could be paying hundreds (or thousands!) of dollars in interest. It's almost always a smarter financial move to have the experts do the work for you.
The first step is usually the complimentary consultation, where a representative will go over your debt situation and find out your goals, needs and timeframe. From there, it will depend on which approach you decide to take - but, for the most part, the debt relief service will be in charge of contacting your creditors and working out the details for reducing what you owe.
No two consumers are alike - and debt relief strategies vary as well. Some services offer relief through a personal loan, allowing you to pay off high-interest debt with a lower-interest arrangement, so naturally your situation will change as soon as your loan is funded and used to reduce your monthly payments. On the other hand, if your service is negotiating with your creditors to reduce or eliminate what you owe, that can take several weeks to months.
Most of the time, there isn't. A few debt relief services offer a 100% customer satisfaction guarantee, allowing you to cancel your plan without fees or penalties. Read the fine print of any contract before you sign up, so you'll know exactly what's promised - and what isn't.
Debt relief may sound too good to be true, but it's a legal, well-known method for reducing the debt burden faced by many consumers. Although some fly-by-night services pop up from time to time, most companies offering debt relief have been in business for a decade or longer. You can always check for a company's listing with the Better Business Bureau for further confirmation that it's a trustworthy option for debt relief.
Compare the Best Reviews

Continued from above...

Let's consider some of the ways that debt relief programs can be structured, so that you'll have an idea of which one might be best suited for your particular situation. First up is debt consolidation. This involves combining multiple debts into a single, more manageable loan with lower interest rates. It simplifies payments and may reduce the overall interest paid. Consolidation is usually accomplished through a personal loan: interest rates may be on the higher side compared with other types of borrowing, but still lower than what you're likely paying on a typical credit card balance. This type of debt relief doesn't necessarily come with any hands-on help: you apply for the loan and use it to pay down your high-interest debt, but that's about it. It might not be the best fit if you need help restructuring your finances or want advice on how to not get in over your head again in the future.

Next, you may have the opportunity to enroll in a debt management plan, or DMP. Offered by credit counseling agencies, DMPs involve negotiating with creditors to lower interest rates or waive fees. Participants make consolidated payments to the agency, which then distributes them to creditors.

A similar debt relief strategy is debt settlement, which involves negotiating with creditors to settle debts for less than the full amount owed. While this can significantly reduce debt, it may negatively impact credit scores and involve tax implications. You can attempt to do this on your own, or you can work with a service that works on your behalf.

But, there are a few things to be aware of with debt relief. Unfortunately, the industry has its share of scams targeting vulnerable individuals. Be wary of companies promising quick fixes or asking for hefty upfront fees. Always research companies thoroughly and verify their credentials. Also, enrolling in certain debt relief programs may negatively affect your credit score initially, and debt settlement in particular can have both legal implications and tax consequences. You may need to get the input of a financial advisor or attorney to make sure you understand all of the possible ramifications before you commit.

But, don't let that scare you away from debt relief as a whole. The right program can get you on the road to financial recovery, and there are plenty of trustworthy ones out there too. Here are some tips to help you make an informed decision:

  • Consultation. Many debt relief companies offer free consultations to assess your financial situation and recommend suitable solutions. Take advantage of these consultations to ask questions and clarify any doubts.
  • Services offered. Which approach does the provider take to debt relief? Are you taking out a personal loan, getting step-by-step guidance and counseling, or having your outstanding debts negotiated on your behalf?
  • Fees. Some companies may hide fees in the fine print or charge exorbitant rates for their services. Before signing any agreements, ensure you understand all fees involved and compare them across different providers.
  • Reputation. Take the time to research various debt relief options, comparing their pros and cons, and look at the overall sentiment from previous and current clients. Look for reputable companies with positive reviews and accreditations from organizations like the Better Business Bureau.

Debt relief programs can provide a lifeline if you're drowning in debt, offering strategies to regain control of your finances. However, it's crucial to approach them with caution, thoroughly researching options, watching out for red flags, and selecting reputable providers. The experts at Top Consumer Reviews have evaluated and ranked some of the most well-known options out there today, to help you embark on the journey towards a debt-free future.

Compare Debt Relief Companies

Select any 2 Debt Relief Companies to compare them head to head

See the Best Debt Relief Company
The Best Reviews of Debt Relief Companies