Have you just recently received a notification that you’ve been pre-approved for a Hardship Recovery Loan? If so, you might be curious about:
Is this a legitimate offer or a scam? Can I really get out of debt so quickly?
We made the decision to thoroughly investigate Lendvia Financial’s operations. Despite the fact that Lendvia does not have a complaint on file with the Better Business Bureau (BBB) or the American Fair Credit Council (AFCC), we have come to the conclusion that it is a legitimate company and not a scam.
With its network of lending partners, the loan-matching business Lendvia Financial provides installment loans and debt consolidation services. Their services are promoted on LendviaFinancial.com.
Their primary goal is to match borrowers with lenders who can meet their financial needs. They are based in Sherman Oaks, California.
Lendvia: Key Aspects
This business draws clients with carefully chosen postal promotions. You might have gotten a letter in the mail with the following information:
FINANCIAL RELIEF FOR AFFECTED FAMILIES.
You have been exclusively selected for a Lendvia Financial Hardship Recovery Loan of up to $21,862 with interest rates as low as 4.99%.
We were fascinated by the offer, so we made the decision to find out if it lived up to its promise. The results are as follows:
- Lending Partners offers fixed rates ranging from 4.99% APR to 34.99%.
- It advertises loans ranging from $5,000 to $100,000.
- Approval: While the business can advise you on the best lender for your needs, it cannot assure you that you will be accepted.
- Terms for repayment: They will range from one year to five years.
- For your knowledge: It collaborates with third-party providers. You give them permission to share your information with their network of lenders when you apply for a loan.
Lendvia: What is It?
With the help of the loan matching tool Lendvia, clients can choose lending partners who provide debt consolidation loans. They cannot ultimately accept or reject their customers a loan or set the interest rates because they are not lenders themselves. Yet, they assist borrowers in selecting the best loan alternative through a system they call Loan Coaches. Your outcomes with a loan and financial plan to pay off credit cards with a lower monthly payment will come from working with a loan coach.
The lead generation business has been operating since 2019, and, in accordance with its website, can be reached at [email protected] or by dialing 888-699-3080. Its address is listed as 15303 Ventura Blvd. Suite 1190, Sherman Oaks, CA 91403.
In the lending industry, Lendvia presents itself as a business that focuses on helping its clients develop a plan to pay off debt more quickly and increase their savings rates.
It is significant to know that Lendvia does not currently have a BBB file or a Trustpilot website where clients can read testimonials and reviews.
How Does This Company Work?
Access to unsecured installment loans is provided via Lendvia. Here is how Lendvia functions:
1. “Loan Coach” Assists In The Application Process.
You can speak with one of their Loan Coaches for free and without any commitments to assist you complete the application. Your personal details, the amount of debt you have, your credit score, and whether you are behind on payments are all required.
Please be aware that by providing your information, you are giving Lendvia Finance and its affiliates permission to contact you at any address you indicate, whether now or in the future, by phone, text message, or email. Any dialing system, prerecorded voicemail, or automatic dialing device are included.
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.
2. Selecting A Lender
Your information will be shared with Lendvia’s lending partners after you have been directed through the application process in order to locate a loan match.
3. Verify Your Loan Terms
Before you sign any documents or start the loan application process, it’s crucial to evaluate your terms, double-check your facts, and carefully read the fine print.
Lendvia has no complaints on file with either the BBB or the American Fair Credit Council (AFCC).
This company doesn’t have any reviews on Google, Trustpilot, or Yelp either.
How Much Does This Company Charge?
The cost of Lendvia’s services is not stated openly on their website.
Nonetheless, they do suggest charging an origination fee. The origination fee is first subtracted from your loan amount and represents a very small portion of the overall loan amount. It pays for all expenses related to creating, running, and servicing your loan. There aren’t any additional unstated costs, such as annual fees, prepayment penalties, or application fees. Before you accept any offer, all conditions and any fees will be made clear.
Interest Rates And Terms You Can Expect
Fixed rates and clear conditions are available from Lendvia. They advertise rates ranging from 4.99% APR to 34.99% APR so you can select a repayment schedule with a lower monthly payment that suits your demands and budget.
Customers can choose a loan amount between $5,000 and $100,000 and a term duration between 1 and 5 years with Lendvia.
How Much Money Can You Save With Lendvia?
Depending on how much debt you have, there are different savings that can be realized by debt consolidation. With a financial plan, you might cut your monthly payment and save thousands of dollars in interest payments if you have a lot of debt. Consolidating your debts can help you save money even if you have less debt. Also, you might pay fewer loan fees.
Approval And Qualification Factors
You have a right to know all the factors considered before making a loan.
- MAKE CONTACT WITH A LOAN COACH Free and without conditions. To assist with completing the application, consult your Loan Coach.
- SELECT YOUR TERMS Choose the offer that best suits your needs. You can learn more about your alternatives from your Loan Coach.
- VERIFY YOUR INFORMATION.
The Utilization Ratio
Your credit score is heavily influenced by your credit utilization ratio. You can calculate this ratio by dividing your total amounts by your credit limits. Your credit utilization ratio would be 37.5%, for instance, if you had two credit cards with $1,000 maximums and owed $500 on one and $250 on the other.
When evaluating your financial history, credit reporting companies significantly analyze your credit utilization ratio because it shows how well you handle your money. Your ability to manage your money and keep your balance in check is shown by a low credit utilization ratio. A high ratio, on the other hand, suggests that you might struggle to make your debt payments.
The Debt-To-Income Ratio
The DTI, or debt-to-income ratio, is a key indicator of financial stability. This ratio examines how much of your monthly income is going toward debt payments. A high DTI suggests that you might be struggling to pay your bills and be living paycheck to paycheck. Maintaining control over your debts while leaving room in your budget for other costs is essential.
Verified Income History
You need a trustworthy source of income that can be verified in order to be accepted. The ideal situation is for the employer to see that you have worked with them for a minimum of one to two years.
When assessing you for a loan, lenders take your credit score into account. Your chances of getting better rates and conditions increase with your FICO score.
Other Specifications That Can Be Required During The Application
A few things might be required of you. They may consist of:
- A photo or color copy of your identification, such as your passport, state-issued ID, or driver’s license.
- Your two most recent pay stubs are required to demonstrate your income. You must submit your most recent year’s 1040 tax records if you are a self-employed person.
- Most recent bank statements you have.
Does It Affect Your Credit Score?
The three major credit reporting agencies—TransUnion, Experian, and Equifax—as well as additional databases of consumer data are used by some lenders in Lendvia’s network to conduct credit checks.
Your credit score won’t be impacted if you apply for a loan through Lendvia. Nevertheless, if you select a specific lender, they might run a hard credit check on you, which could lower your FICO rating.
How Is Your Personal Information Handled by Lendvia?
To find you a match that fulfills your unique specifications for your financial goals, Lendvia works with a network of lenders. Customers must agree to let these lenders have their contact and personal information in order to achieve this.
As a result, you can get calls, emails, or texts from other businesses that are part of their network. You always have the choice to reject the offer.
What Happens With Your Credit Cards?
Any offer from Lendvia Finance requires you to close a portion of your credit cards. You are free to choose which debts you want to settle and close, as well as which cards you might still have to make minimum payments on.
Lendvia: Is it a Scam or Legit?
We have come to the conclusion that Lendviafinancial.com is a legitimate business after carefully investigating it and examining its online presence. Unfortunately, it is challenging to acquire a thorough image of the organization due to the absence of reviews and accreditations that certify to its business procedures.
We advise doing your homework and reading customer reviews to get the best bargain available. By adopting this strategy, you can be sure that you are selecting the optimal course of action for your particular circumstance.