Monday, January 13th
2025 Debt Relief Company Reviews
LendingTree
- Debt relief via personal loans
- Loans available up to $50,000
- Referral service connects you with up to five lending partners
- Repayment terms range from 24 to 84+ months
- Accredited with an "A+" rating by the Better Business Bureau
- Operating for nearly 30 years
For more than 25 years, LendingTree has served Americans looking to comparison shop for various financial products: credit cards, small business loans, and so forth. They've created a broad network of vetted, trustworthy lending partners, allowing the average person to connect with lesser-known institutions who often offer much better rates and terms than the big names in finance.
Borrow up to $50,000
When it comes to debt relief, LendingTree isn't exactly a specialist. You won't get one-on-one counseling for how to manage your creditors, advice for budgeting, or any similar services. Instead, this platform offers debt relief via personal loans of up to $50,000. It's up to you to take the proceeds from the loan to pay off your creditors, but the good news is that you're not usually limited to where you can apply those funds. (In other words, if your Great-Aunt Martha loaned you money and that's one of the debts you need to pay off, you can do that!)
Enter the basics to confirm your identity
You'll find the overall process of getting a debt relief loan here to be uncomplicated and informative. Enter the amount you're hoping to borrow and how quickly you'd like to have the funds deposited, along with the usual info like your date of birth, the range in which your credit score falls, how much you earn per year, and so on. LendingTree will do a soft pull on your credit, only asking for the last four digits of your Social Security number if they can't verify your identity with the other information you provided.
Lots of details about numerous lenders
From there, LendingTree will show you up to 5 matches for debt relief loans from partners in their network. We love how in-depth this service goes to tell you about each institution: even if you just use LendingTree to research lenders you connect with via other routes or referrals, you won't be wasting your time. You can see what other clients have said about each lender, get a sense of what to expect regarding rates and fees, and much more. Your credit will only be impacted if and when you choose not only a lender but also a specific loan, then move on to complete the full application with that lending institution.
Loan offers depend on your borrower profile
What can you anticipate for rates and terms? As you'd guess, that will solely depend on the lending partner whose debt relief loan you choose. All lenders on the LendingTree platform have their APRs capped at 35.99% (which is a lot higher than most of the debt you currently have, more than likely), so you'll have to submit your information to see in which ballpark your loan offers will land.
Good reputation over many years
We don't have any major concerns regarding LendingTree's reputation. The service has had an "A+” rating from the Better Business Bureau for a long time, and you'll see thousands of perfect scores on the ratings left by happy clients via Trustpilot as well.
A few drawbacks
There are really only two downsides to using LendingTree. The first one is that your debt relief here only comes in the form of a personal loan, eliminating some of the guidance and hand-holding you'll see with some of the higher-ranked options on our list. The other drawback is that you could see a big uptick in the amount of spam you get, once LendingTree has your contact info: we've seen reports from more than a few people who weren't happy with how their inboxes exploded (email, text) after filling out the initial inquiry form here.
Good way to sort through loan options for debt relief
But, if you've decided that a personal loan is all the debt relief you need, and you've got the discipline to use the funds for that purpose, LendingTree is a solid option. You'll get full transparency regarding the lenders and the loan terms they offer, which should make for smooth sailing once you make your choice. LendingTree gets a "good enough” rating among debt relief options.
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The 10 Best Debt Relief Companies
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.
Debt Relief Company FAQ
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.
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