Advantage Preferred Financial Review: Is It A Scam Or Legit?

If you’re having difficulty paying your bills and seeking a solution to become debt-free, you might have stumbled upon Advantage Preferred Financial. They claim to offer debt consolidation services to assist you in recovering. Are their services trustworthy or fraudulent? This article will examine their offerings and review the feedback of their clients.

Numerous customers have accused Advantage Preferred Financial of employing bait-and-switch techniques in which they make promises but fail to deliver. They may advertise a debt consolidation loan with a low-interest rate but deny you the loan when you apply. Alternatively, they may claim to assist you in becoming debt-free quickly, but instead, worsen your financial situation.

Advantage Preferred Financial isn’t a debt settlement company. They have a weird reputation for sending direct mail that offers unrealistic interest rates and repayment terms, but when you try to apply for the loan, they alter the terms. This can be a source of annoyance and result in wasting both your time and money.

Before you apply for a loan, it is crucial to comprehend the terms and conditions. Moreover, it is essential to explore and evaluate the interest rates and charges of other debt consolidation firms to make an informed choice.

What Is Debt Consolidation?

Debt consolidation is a process that involves combining multiple debts into a single, manageable loan. This can be done by taking out a new loan to pay off existing debts, or by working with a debt consolidation company that negotiates with creditors to reduce interest rates and monthly payments. The goal of debt consolidation is to simplify the repayment process and make it more affordable for individuals struggling with multiple debts.

Debt consolidation companies help individuals can potentially lower their monthly payments, reduce the total amount of interest paid, consolidate credit card debt and improve their credit score over time. However, it’s important to carefully consider the terms and fees of any consolidation loan or program before committing to it.

Advantage Preferred Financial Prices And Fees

The pricing of their services is determined by the type of service required and they do have specific charges that should be taken into account before committing to their services. The initial cost is the processing fee, which amounts to $75. This fee is imposed upon your first attempt to avail of their services and cannot be reimbursed if your application is rejected.

The second charge is the origination fee, which is calculated as a percentage of the loan amount. This fee is levied upon approval of the loan and is used to cover the costs of loan administration.

The final charge is the yearly upkeep fee of $60, which is applied on the date of your loan anniversary. This fee is meant to cover the expenses involved in maintaining your account. The price range for Debt consolidation loans is determined by the amount of your loan and can range from $500 to $5,000. The interest rate for these loans is not fixed, so you should compare rates from various sources before choosing to merge your debt with Advantage Preferred Financial.

How does this company work?

They offer personal loans, home improvement loans and debt consolidation program with monthly minimum payments. Their approach involves sending direct mail to individuals facing debt challenges, enticing them with the promise of a low-interest rate.

However, it is crucial to exercise caution, as reports suggest that when individuals respond to the offer, they are often informed that the advertised terms are only applicable to those with higher credit scores. Hence, if you are contemplating utilizing Advantage Preferred Financial for your debt consolidation requirements, it is important to be wary of their bait-and-switch tactics.

Is Advantage Preferred Financial Accredited by BBB?

Advantage Preferred Financial lacks BBB accreditation and has no online feedback as it is a recent company that has not received any complaints or reviews yet.

Prior to collaborating with a financial establishment, it is crucial to conduct personal investigation and examine any accessible evaluations to gain insights of other experiences. Despite searching for Trustpilot evaluations, we were unable to find any comments or reviews. From our perspective, it is advisable to collaborate with a company that has a positive reputation and is accredited by the BBB.

Is Advantage Preferred Financial Legit or a Scam? 

Given all the complaints, it’s hard to say whether APF is a company we will recommend. But if you’re thinking about using their services, you should be aware of the potential risks involved.

Prior to considering Advantage Preferred Financial, it is recommended that you conduct thorough research and review as many customer feedback as possible. According to some customers, they received direct mail from the company that appeared to offer a low-interest loan.

Nevertheless, when they contacted the company to take advantage of the offer, they found out that the terms had changed, and the interest rate was exceptionally high. In certain cases, customers claimed that they were pressured into taking out a loan with APF.

Costumer Service

When it comes to customer service, Advantage Preferred Financial seems to have some limitations. Upon visiting their website, it is evident that they do not provide substantial information about their customer service department. Important details such as contact information, support options, or frequently asked questions are noticeably absent.

This lack of transparency can be concerning for individuals seeking assistance or clarification regarding their services. It is essential for customers to have access to reliable and readily available customer support, and the absence of such information on their website raises questions about the quality and accessibility of Advantage Preferred Financial’s customer service.

FAQs

How can I contact Advantage Preferred Financial?

Unfortunately, the Advantage Preferred Financial website does not provide specific contact information or customer support options. It is advisable to conduct further research or reach out to them through alternative means if you require assistance.

Are there any upfront fees associated with Advantage Preferred Financial’s services?

While specific information about fees is not readily available on their website, it is essential to inquire about any potential upfront fees or charges before entering into any agreement with Advantage Preferred Financial. Transparency in terms of costs is crucial for making informed financial decisions.

How long does the loan application process take?

As the website lacks detailed information, it is unclear how long the loan application process with Advantage Preferred Financial typically takes. It is recommended to reach out to them directly or consult with a representative for more accurate and up-to-date information.

Does Advantage Preferred Financial require a minimum credit score for loan approval?

Advantage Preferred Financial does have a minimum credit score requirement of 640 for loan applicants. However, it’s important to note that credit score is just one factor considered in the approval process, and other factors such as income and employment history may also be taken into account.

Is Advantage Preferred Financial accredited by the Better Business Bureau (BBB)?

As of the latest available information, Advantage Preferred Financial is not accredited by the BBB. It’s advisable to consider this factor when evaluating their credibility and reliability.