If you have recently received an offer informing you that you have been pre-selected for a Hardship Recovery Loan, you may be wondering: Is this a legitimate offer, or is it a scam? Can I get out of debt this quickly?
Having conducted extensive research on Lendvia Financial and its business practices, we have come to the conclusion that it is a legitimate company and not a scam.
Lendvia Financial offers debt consolidation services and installment loans through a network of lending partners. You can contact them through Lendviafinancial.com.
Their main focus is to match borrowers with lenders that meet their financial needs. They are headquartered in Sherman Oaks, California.
You may have received a letter in the mail from this company stating something like this:
AFFECTED FAMILIES WILL RECEIVE FINANCIAL RELIEF.
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%.
As we were intrigued by the offer, we decided to find out if it was as good as it seemed. Here is what we discovered:
- Their Lending Partners offer fixed interest rates ranging from 4.99% APR to 34.99 percent.
- The loan amounts advertised range from $5,000 to $100,000.
- Approval is not guaranteed by the company, but they can assist you in selecting a lender that is most appropriate for your situation.
- The repayment terms range from one year to five years.
- By applying for a loan, you consent to the sharing of your personal information with its network of lenders. It works with partners and third-party providers.
What Is Lendvia?
Essentially, Lendvia is a loan-matching service that connects consumers with lending partners that provide in debt consolidation loans. As they are not lenders themselves, they are unable to approve or deny loans or determine interest rates on behalf of customers. Through what they refer to as Loan Coaches, they assist borrowers in choosing between loan options. You will receive results with a loan and financial plan from a Loan Coach to pay off your credit cards and lower your monthly payments.
According to its website, the lead generator company operates at 15303 Ventura Blvd. Suite 1190, Sherman Oaks, CA 91403, and can be contacted at [email protected] or by calling 888-699-3080.
In the lending world, Lendvia advertises itself as a financial wellness company that assists its customers in becoming debt-free and building their savings faster.
There is no BBB file or Trustpilot page for Lendvia that customers can visit to read reviews and testimonials from previous customers.
How Does Lendvia Work?
Using Lendvia, you will be able to access unsecured installment loans. Here is how it works:
1. A “Loan Coach” Can Assist You With The Application
The Loan Coaches can assist you with the application process for free. You will be asked to enter your personal information, how much debt you have, your credit score, and whether you are behind on your payments.
As a result of submitting your information, you consent to Lendvia Financial and its affiliates calling, texting, or emailing you at the address you provide now or in the future to obtain information about you. Dialing systems, prerecorded voice messages, and automatic dialing devices are included in this category.
2. Selecting A Lender
Your information will be shared with Lendvia’s lending partners after you have been guided through the application process. You will then be able to choose the lender that you feel fits your needs the most.
3. Reviewing Your Loan Terms And Conditions
Before you sign documents and begin the loan process, you should review the loan terms, verify your information, and read the fine print carefully. This is one of the most important steps of the process since you will be agreeing on an interest rate.
Lendvia Customer Reviews
Neither the Better Business Bureau (BBB) nor the American Fair Credit Council (AFCC) have a file on Lendvia.
Lendvia does not have any reviews on Google, Trustpilot, or Yelp. This makes it difficult to determine what their customers have said about their experiences working with the company.
How Much Does Lendvia Charge?
The website does not explicitly disclose how much Lendvia charges for its services.
However, they do advise that an origination fee may be charged. The origination fee is a percentage of the total loan amount that is deducted from your loan amount at the beginning. There are no other hidden fees such as application fees, prepayment penalties, or annual fees. The origination fee covers all costs associated with creating, managing, and servicing your loan. Before you accept any offer, all terms and fees will be disclosed to you.
The Interest Rates And Terms You Can Expect
In addition to fixed rates and simplified terms, Lendvia offers rates ranging from 4.99% APR to 34.99% APR, so you can find a repayment plan that meets your needs and budget.
Customers can choose between loans ranging from $5,000 to $100,000 and loan terms of one to five years with Lendvia.
How Much Money Can You Save?
The amount of money you can save by consolidating your debts varies based on how much debt you have. You may be able to save thousands of dollars in interest payments by consolidating your debts and lowering your monthly payments with a financial plan if you have a great deal of debt. You may also be able to save money by consolidating even if you have less debt.
Factors That Affect Qualification And Approval
It is your right to know exactly how a lending decision is made.
Get in touch with a Loan Coach. There is no cost or obligation. Work with your Loan Coach to complete the application.
The next step is to select your terms. Your Loan Coach will assist you in understanding your options.
The third step is to verify your information.
Credit Utilization Ratio
It is crucial to determine your credit utilization ratio, which is calculated by dividing your outstanding balances by your credit limits. You would have a credit utilization ratio of 37.5% if you had two credit cards with $1,000 limits and owed $500 on one and $250 on the other.
Your credit utilization ratio is one of the major factors considered by credit reporting agencies when evaluating your financial history because it demonstrates your ability to manage your money effectively. In contrast, a high credit utilization ratio indicates that you may have difficulty paying your debts. It indicates that you are good at managing your finances and maintaining your balance.
Debt-To-Income Ratios Are Crucial
To maintain financial stability, debt-to-income ratios (DTI) are crucial. The ratio compares monthly debt payments with monthly income. A high debt-to-income ratio indicates that you may be living paycheck to paycheck and have difficulty meeting your financial obligations. It is important that you stay on top of your debts and leave room for other expenses in your budget.
Reliable Income History
For an application to be approved, you must provide a reliable source of income that can be verified. Ideally, the company would like to see that you have been employed for at least one to two years.
The higher your FICO score, the better your chances of receiving more favorable rates and terms when applying for a loan.
Other Requirements That May Be Needed
You may need to provide the following information:
- Your passport, driver’s license, or state-issued identification in color or with a photo.
- As proof of income, you must provide your two most recent pay stubs. If you are self-employed, you must provide your most recent 1040 tax return.
- The most recent bank statement you have received.
Does Working With Lendvia Affect Your Credit Score?
Lendvia’s network of lenders conducts credit checks with the three major credit reporting agencies, TransUnion, Experian, and Equifax, as well as other sources of consumer information.
Lendvia does not affect your credit score when you apply for a loan. However, if you choose a particular lender, they may pull your credit, which could adversely affect your FICO score.
How Does Lendvia Handle Your Personal Data?
To find the right match for your financial goals, Lendvia works with a network of lenders. To accomplish this, Lendvia requires that customers consent to share their personal information with these lenders.
You may receive calls, emails, or text messages from different companies in their network.
What Happens With Your Credit Cards?
To qualify for Lendvia Financial’s offer, you must close some of your credit cards. You decide which debts you wish to repay and close, and which cards you wish to keep open.
Is Lendvia Legit?
Lendvia has been carefully researched and analyzed, and we have concluded that it is a legitimate company based on its online presence. It is, however, difficult to obtain an accurate picture of the company because of a lack of reviews and accreditations which attest to its business practices.
Reading customer reviews and conducting your own research is recommended if you wish to get the best deal possible.
If you have worked with lendviafinancial.com in the past, feel free to share your experience in the comments below for potential customers.
Thanks for reading!
Having carefully researched Lendvia and analyzed its online presence, we concluded that it is a legitimate company. It is difficult to obtain a complete picture of the company due to a lack of reviews and accreditations. Read customer reviews and do your research to get the best deal. By doing this, you can be confident you are making the right decision.