Monday, May 23rd
2022 Debt Relief 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 big 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 relieve your debt, Liberty Lending is worth your consideration.
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The 12 Best Debt Relief Companies
Who Provides the Best Debt Relief?
If you're facing an ever-increasing pile of "past due" notices, threatening letters from the IRS, and credit card statements where you're barely paying the interest, you're not alone. With unemployment rates reaching record highs, more people are struggling to make ends meet. The average American carries over $90,000 in debt, from student loans to mortgages, and it's easy to get in over your head.
Debt relief is the solution you need. It may sound like a gimmick or a scam, but rest assured that there are many reputable services that can help you reduce the amount of money you owe and help you get back on track financially. These programs typically work by negotiating on your behalf with credit card companies and other debtors, through strategies like debt settlement and repayment plans. Some of the best debt relief services work closely with you to create a solid plan for moving forward too, helping you to make sound financial decisions and hopefully avoid needing such measures in the future!
Debt Relief Company FAQ
Continued from above...
Are you eligible for debt relief? The criteria vary by provider, but you probably need to have at least $5,000 in total debt owed across all categories (taxes, credit cards, auto payments, and so on). Also, be aware that some "debt relief" is structured as a personal loan: you use the proceeds to pay off multiple accounts and consolidate what you owe into a single monthly payment. In that case, the ball is in your court and you won't necessarily get any financial coaching or have professionals working to renegotiate what you owe.
Which debt relief program is best for you? That depends on several factors, such as the type of debt you owe and how much, as well as your credit history and ability to qualify for a loan. Here are several features to keep in mind as you evaluate your options for debt relief:
- Approach. How does the debt relief provider help reduce or eliminate your debt? Some companies actually reach out to your creditors to get them to agree to a smaller payback amount, while others give you a loan so that you can pay off your debts on your own. It's worth considering multiple strategies to find the one that will be in your best interest.
- Fees. Will you pay anything for the debt relief plan being offered? If it's a personal loan used to clear debts, what will you pay in interest and origination fees?
- Reputation. What do other clients say about their experience with the debt relief service? Is the company trustworthy? Look for strong positive reviews from people who have actually used the program, as well as a good rating from the Better Business Bureau.
TopConsumerReviews.com has evaluated and ranked the most popular debt relief programs available today. We hope this information helps you get out from under your mountain of debt and gain the peace of mind that comes from knowing you're on the right track financially.
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