Symple Lending, a financial services company that offers personal loans and debt consolidation solutions, has garnered mixed reviews from customers.
- BBB A+ Rating & Accredited
- $300 Million Debt Settled
- $8,000 Minimum Debt
While some customers have praised the company for its excellent customer service, transparency, and competitive interest rates, others have expressed concerns about certain aspects of their offerings.
According to customer reviews on the Better Business Bureau website, Symple Lending has received an average rating of 4.23/5 stars based on 44 customer reviews, also they have 2 complaints on their BBB profile. Trustpilot, another popular review platform, shows that Symple Lending has received a 4.9-star rating from over 1,000 customers.
However, there are also negative reviews that express concerns about the loan options offered by Symple Lending. Some customers have mentioned that the company primarily offers loans starting at $15,000, which may not be suitable for everyone. It is important for potential borrowers to carefully consider their loan needs before applying with Symple Lending.
Here are some customer reviews that we found:
What Does Debt Settlement Mean?
Debt settlement refers to the process of negotiating with creditors to reduce the overall debt owed, often by lowering the interest rate or decreasing the principal amount. This is usually done through a third-party agency that works on behalf of the debtor to negotiate the terms.
The aim of debt settlement is to allow the debtor to pay off their debt at a reduced amount that is considered as full payment. It is often considered as an alternative to bankruptcy for individuals or businesses facing significant financial hardship. However, it’s worth noting that debt settlement can negatively impact one’s credit score.
Debt Settlement vs Debt Consolidation
Debt Settlement and Debt Consolidation are two different strategies for managing debt that are often misunderstood. Debt Settlement is a process where a third-party company negotiates with your creditors to reduce the amount you owe, often by convincing them to accept a lump sum payment that is lower than the full amount of your debt. This can negatively impact your credit score and may result in tax consequences.
On the other hand, Debt Consolidation involves taking out a new loan to pay off multiple debts. This can simplify your payments and potentially lower your interest rate. However, it does not reduce the total amount you owe and can extend the time it takes to pay off your debt. Both strategies can help manage debt, but each has its own advantages and drawbacks.
Final Thoughts
In conclusion, Symple Lending is a financial services company that aims to provide flexible solutions through personal loans and debt consolidation.
While they have received positive reviews for their customer service and competitive interest rates, there have been concerns raised about their loan options. As with any financial decision, it is important for individuals to carefully evaluate their needs and consider all available options before choosing a lender.