Americor offers debt relief services ranging from debt settlement to debt consolidation.
Our research has led us to give Americor a two-star rating. We must be critical of the companies that we do business with.
If you are looking to consolidate your loans and get a lower interest rate, you may have received an offer from Americor.
There are low-interest debt consolidation loans offered by Americor. In a recent letter, they may have offered you a $44,926 loan at 0% interest. This may seem like a great deal, but you should be careful with this offer – it may not be as great as it seems initially.
It’s possible to spot some potential problems in the loan terms if you pay closer attention to them.
- Line of credit with 0% APR for the first 12 months, thereafter rates may change based on your performance. Rates will range between 5.99% and 24%.
- There is a percentage fee based on the amount of debt you have enrolled into the program when you begin, ranging from 15%-25%.
- Before a bona fide settlement offer can be made, clients must save at least 25% of each debt.
We found more concerns as we read the small print on Americor’s website.
- After enrolling, clients typically receive their first settlement within four to seven months, and then every three to six months thereafter.
- Debt settlement companies cannot guarantee a specific amount or percentage or timeframe for resolving debt.
- Collectors or creditors may sue or collect from you.
- Using debt resolution services may adversely affect your credit score.
- It is possible that Higbee & Associates d/b/a Advantage Law offers some programs.
What is Americor?
Americor is a debt relief company based in Irvine, California. Since November 2015, the company has been accredited by the Better Business Bureau and has relieved more than $2 billion in debt. They’ve been in business for 14 years. On September 9, 2022, the company had received 1,884 customer reviews and 145 complaints against it.
Its address is 18200 Von Karman Ave FL 6, Irvine, CA 92612-1023, and its phone number is (800) 353-4576.
Credit9 and Fast Loans Funding are affiliated with them.
How does Americor work?
There are a variety of unsecured debts that Americor will accept, including personal loans, credit cards, medical and hospital bills, overdue rent, and past-due utility bills, which can take between 24 and 48 months to settle. At least $10,000 in debt must be owed before you can begin the process with Americor.
As part of their debt settlement program, clients must save at least 25% of each debt. Most clients receive their first settlement offer four to seven months after enrollment, and every three to six months thereafter after the prior debt has been settled. Clients do not always finish the program. Estimates are based on previous results and may not match your results.
Their services do not guarantee that your debts will be resolved within a specific timeframe or amount. In addition, they do not assume your debts, make monthly payments to creditors, or provide tax, bankruptcy, accounting, legal, or credit repair advice. Higbee & Associates d/b/a Advantage Law may offer some programs in some states; fees may differ by state.
What are the fees for Americor?
In order to qualify for Americor, you must have at least 15% of the amount of debt you owe when you enroll in the program. Fees vary by state and are based on the amount of debt you owe when you enroll in the program.
Is Americor Funding A Scam?
Does Americor Funding appear to be a scam? Overall, it looks like Americor is a legitimate company offering debt relief services, but you should do your research before signing up with them or any other debt relief company. To get an idea of what kind of experience you can expect if you decide to use their services, read customer reviews and understand all of the fees involved.
How much does Americor save you?
The Amerior program can help you reduce your debt in a significant way. When clients successfully complete the program and make all their monthly payments, they save 40-50% of their enrolled debt. This is before any program fees have been deducted. There could be fees of up to 25%.
See If You Qualify for Credit Card Relief
See how much you can save every month — plus get an estimate of time savings and total savings — with your very own personalized plan.
How much debt can you enroll in Americor?
You must have at least $10,000 in unsecured debt in order to consolidate your debts with Americor. This includes credit card debt, medical bills, and personal loans.
Americor offers a free consultation to help you decide whether debt consolidation or debt settlement is right for you. A certified credit counselor will discuss your finances and help you make an informed decision.
How does Americor affect your credit?
Your credit score, creditworthiness, or ability to obtain credit from other sources will not be affected by this “soft credit pull” conducted by Americor to determine which offers you may be eligible for. Since soft power is not a tradeline entry, it will not affect your score.
Taking all this into account, what does it all mean?
The BBB accreditation and A+ rating are good signs. However, most complaints against Americor involve billing and collection problems.
Consider researching Americor’s Debt Consolidation or Debt Settlement services before using them.
Comment below if you’ve used Americor’s Debt Relief services.