Loyal Lending Review: We Did The Research: Know Your Facts
A recent review conducted by Slimger states that Loyal Lending is a debt consolidation company. Foxchronicle says that the company has a user-friendly website and offers competitive interest rates and flexible repayment plans. The Loyal Lending website, loyallending.com, claims they will free clients from creditor calls and multiple bills with their easy low interest rate debt consolidation loan. The company’s address is 11601 1/2 Paramount Blvd, Downey, CA 90241 and they can be reached at 1-562-450-6011.
Loyal Lending Pros and Cons
On the plus side, Loyal Lending offers borrowers the opportunity to consolidate all their debts into a single loan. This makes it easier to manage payments and reduces overall interest rates. A consolidation loan can be used to pay off credit cards, personal loans, medical bills, and other debts. On the other hand it’s important to know the facts before making the decision to consolidate debts.
Debt consolidation loans are not always accessible to everyone. To qualify for a consolidation loan with favorable terms, such as a lower interest rate, you typically need a good credit score. If your credit score is low, you may not qualify for a consolidation loan or may be offered a higher interest rate, which can make the loan less cost-effective. Some lenders may charge origination fees, application fees, or prepayment penalties associated with debt consolidation loans. These fees can add to the overall cost of the loan and should be taken into account when evaluating the benefits of consolidation. Consolidating multiple debts into a single loan often results in extending the repayment period. While this can reduce your monthly payments, it means you’ll be in debt for a longer period. It’s important to consider the total interest paid over the extended term, as it may end up costing you more in the long run. Consolidating debts into one loan may provide temporary relief, but it’s crucial to address the underlying causes of the debt. Without addressing spending habits or budgeting issues, there’s a risk of falling back into debt while still paying off the consolidation loan. If your existing debts have certain benefits or protections, such as lower interest rates, flexible repayment options, or forgiveness programs, consolidating them into a new loan may result in the loss of these benefits. It’s essential to evaluate whether the benefits of consolidation outweigh the potential loss of any existing perks. If you opt for a secured debt consolidation loan, such as a home equity loan or a loan secured by collateral, you run the risk of losing your assets if you default on the loan. This can be especially concerning if you’re consolidating unsecured debts into a secured loan. Debt consolidation is a tool for managing debt, but it doesn’t address the root causes of your financial issues. If overspending, lack of budgeting, or other financial habits contribute to your debt, it’s important to address and change these behaviors alongside the consolidation process to achieve long-term financial stability. It is always in your best interest to explore other debt relief options, such as debt settlement.
Loyal Lending Cost
Not much is known about Loyal Lendings fees. The interest rates on their loans seem to be on the lower side, but a recent youtube video by Scamadvisor, states that Loyal Lending is not a lender. Therefore they will be using a third party, unknown lender. This youtube video advises potential clients to be aware of lenders that offer lower interest rates and make sure to do your research.
BBB: Loyal Lending Review
The Better Business Bureau is a nonprofit organization that collects and provides free business reviews to consumers, promoting ethical business practices and resolving disputes between consumers and businesses in the US and Canada. You can visit the Better Business Bureau website to view the full Loyal Lending review. On the BBB website Loyal Lending received a 1 of 5 stars from 1 customer review.
In Need Of Debt Relief?
CuraDebt has been helping individuals and small businesses for over 21 years nationwide making the company and team one of the oldest and most experienced in the debt relief industry. As of May 2023 CuraDebt received a score of 5 out of 5 on CustomerLobby for a total of 1179 customer views. CuraDebt is an Accredited Member of the American Fair Credit Council. Contact us toll free today for a free consultation. 1-877-850-3328. Take advantage of exploring another option for free and learning how we may be able to assist you. Not only do we handle personal debt relief, we also offer business debt relief and tax debt relief. Is debt relief a good option for you? Explore the Pros and Cons of Debt Settlement before making a decision.
Do your research and explore: How To Choose The Best And Most Reputable Debt Relief Company