Simple Path Financial is a corporation that offers a debt consolidation service, claiming to assist you in getting out of debt swiftly and effortlessly. In this Simple Path Financial review we will find out if is a legitimate service or a fraudulent scheme. In this article, we will analyze the pros and cons of this company and determine their trustworthiness about their debt relief services.
- BBB A+ Rating & Accredited
- $300 Million Debt Settled
- $8,000 Minimum Debt
There are various negative comments from customers online, who have expressed dissatisfaction with their services. In essence, Simple Path Financial appears to be a credible business, but it is important to note a few limitations before utilizing their offerings. Therefore, the question remains whether it is a scam or not.
What is Simple Path Financial?
This is a company that offers personal loans for debt consolidation purposes, but they use deceptive tactics to attract customers. Once the customer is hooked, they end up with exorbitant rates and charges.
They utilize direct mail as a marketing strategy to promote an attractive deal with remarkably low-interest rates and conditions, aiming to encourage you to opt for debt consolidation with them. However, the predicament lies in the fact that the rates and conditions they publicize are not congruent with the ones you will ultimately receive. Once you become aware of this discrepancy, it may be too late, and you may find yourself ensnared in their scheme.
Do not fall for bait and switch tactics. The high-interest rates and fees associated with loans are not worthwhile. Look for another company that will not ensnare you in their dishonest tactics.
How does Simple Path Financial work?
The company promotes loans with monthly payments and the option to settle the debt in a short period of time. Nonetheless, they fail to mention that their steep interest charges and additional charges may worsen your financial standing. Frequently, individuals who merge their debt with this lender end up spending extra money on interest and fees compared to if they had remained with their initial lenders.
How To Qualify
To check which offers are available to you simply provide them a few pieces of information like your name, address, U.S. tax identification number (SSN or EIN), and valid email address.
Self-employed applicants may need to provide additional documentation. Following approval, you have the freedom to decide the amount of debt you wish to combine and select a repayment schedule that suits your preferences.
Company Services
They provide a range of loans for individuals, including personal, student, mortgage and business loans with the option of fixed or variable interest rates. The loan term can be selected based on your requirements, from two to seven years. Origination fees ranging from 1% to 5% of the total loan amount may apply, and there are prepayment penalties.
Their interest rates are not very competitive, with a starting rate of just over 11%.However, if your credit score is good, you may be eligible for a reduced interest rate. You can examine your interest rate on the internet without impacting your credit score.
How much do they charge?
It’s important to note that all loans come with origination fees that can vary between one and five percent of the total amount borrowed. Along with these fees, there could also be other expenses related to your loan that are not immediately apparent.
The APR Ranges may impose a fluctuating interest rate based on your creditworthiness, which can range from 5.99% to 36%. Before agreeing to the loan, it is important to carefully review the details and comprehend any charges that are connected to it.
What is the minimum credit score?
To be eligible for a loan, a credit score of at least 640 is needed. However, if your score is lower than that, you could still qualify for a debt consolidation loan provided that you have a cosigner. Going for a debt consolidation loan can help you save on interest costs and clear your debt more quickly.
In case you’re uncertain if a personal loan would suit you, it’s recommended to seek advice from a financial expert. They can provide guidance on available choices and assist you in making the most suitable decision according to your financial status.
How to cancel your loan
In case you have lost interest in using this lender for debt consolidation, you have the option to cancel it at your convenience. To do this, you must pay off the remaining amount on your loan and inform Simple Path Financial of your decision to cancel. They will then act on your request and close your account.
If you have any inquiries regarding the termination of your loan, do not hesitate to reach out to their customer service team for assistance.
Is It Legit or a Scam?
We opted to conduct a thorough investigation of Simple Path Financial in order to determine whether they are a fraudulent or a legitimate enterprise. Here’s what we found:
This particular lender employs methods of deception known as bait-and-switch tactics. They entice borrowers with the prospect of low-interest rates, only to subsequently switch them to a higher rate on their personal loan after they have already committed to it. This practice is not only deceptive, but it also violates the law.
Additionally, it was discovered that numerous individuals experienced the closure of their accounts without any notice or clarification. This is an additional warning sign that implies this lender may not be a reputable business.
Simple Path Financial BBB Reviews
Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB’s standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. Here are a few reviews of BBB’s website:
According to the BBB website, this lender has been accredited since 2017 and has received an A+ rating. They have resolved 9 complaints in the past three years and 4 in the last twelve months. Reading these reviews can aid in determining if this lender is the appropriate choice for your requirements.
Other Reviews
Costumer Service
Whether you have questions about our services or need guidance regarding your financial situation, you can reach them at their located office at 16842 Von Karman Ave Ste 200, Irvine, CA 92606-4989. Alternatively, you can contact them directly calling at (888) 574-6753.
Simple Path Financial: Pros and Cons
It’s crucial to exercise caution, as you may end up with more debt than before if you’re not careful. Therefore, before applying for a loan from Simple Path Financial, it’s essential to be aware of the following information.
Pros:
- Affordable Fees – Simple Path Financial’s fees are transparent and affordable, making it accessible to more people.
- Comprehensive Financial Planning – The company offers comprehensive financial planning services that cover all aspects of your financial life.
- Low-Cost Investment Strategy – Simple Path Financial’s investment strategy aims to minimize fees and maximize returns.
- Financial Education Resources – The company provides educational resources to help you improve your financial literacy.
Cons:
- No Robo-Advisor Option – Simple Path Financial does not offer a robo-advisor option, which may be a disadvantage for some investors who prefer a more automated approach.
- Limited Investment Options – Simple Path Financial’s investment options are limited to low-cost index funds and ETFs.
- No Private Banking Services – Simple Path Financial does not offer private banking services, which may be a disadvantage for high-net-worth clients who require more personalized services.
When contemplating taking out a loan, it’s important to thoughtfully evaluate the advantages and disadvantages. While it may enable you to become debt-free more expeditiously, it could also lead to increased debt, which is an undesirable situation to find yourself in.
Frequently Asked Questions
What is Simple Path Financial?
Simple Path Financial is a financial services company that offers debt relief solutions to people who are struggling with debt.
How does Simple Path Financial work?
Simple Path Financial works by negotiating with creditors on behalf of their clients to reduce the amount of debt owed and create a manageable payment plan.
How long does it take for Simple Path Financial to resolve my debt?
The time it takes for Simple Path Financial to resolve a client’s debt varies depending on the amount of debt owed and the client’s financial situation. However, most clients see significant progress within the first few months of working with Simple Path Financial.
Is Simple Path Financial a legitimate company?
Yes, Simple Path Financial is a legitimate company that has helped thousands of people successfully resolve their debt.
What types of debt does Simple Path Financial work with?
Simple Path Financial works with a variety of unsecured debts, including credit card debt, medical debt, personal loans, and more.
How much does Simple Path Financial charge for their services?
Simple Path Financial’s fees vary depending on the client’s individual situation, but they typically charge a percentage of the total amount of debt that is being resolved.
Will working with Simple Path Financial hurt my credit score?
It is possible that working with Simple Path Financial could initially have a negative impact on a client’s credit score, but the long-term benefits of resolving debt and improving financial health outweigh the temporary negative impact.
Can Simple Path Financial help me avoid bankruptcy?
Yes, Simple Path Financial can help clients avoid bankruptcy by negotiating with creditors to create a manageable payment plan.
Will Simple Path Financial stop creditor harassment?
Yes, Simple Path Financial works to stop creditor harassment by communicating with creditors on behalf of their clients and negotiating a debt resolution plan.
How do I get started with Simple Path Financial?
To get started with Simple Path Financial, simply fill out their online form or call their customer service team to set up a consultation. A debt specialist will then review your financial situation and develop a customized debt relief plan.
Glossary
- Simple Path Financial Review: A thorough examination of one’s financial situation, including income, expenses, assets, and liabilities, with the goal of creating a clear roadmap for achieving financial goals.
- Budget: A plan for how to allocate income to cover expenses and save for future goals.
- Net worth: The difference between the value of an individual’s assets and liabilities.
- Income: Money earned from work, investments, or other sources.
- Expenses: Money spent on bills, groceries, housing, transportation, and other necessities.
- Emergency fund: A savings account set aside for unexpected expenses, such as medical bills or car repairs.
- Debt: Money owed to creditors or lenders, such as credit card balances or student loans.
- Credit score: A numerical representation of an individual’s creditworthiness, based on their credit history.
- Retirement planning: The process of saving and investing for retirement, including the use of retirement accounts such as 401(k)s or IRAs.
- Investing: The act of purchasing assets, such as stocks or real estate, with the goal of generating a return.
- Asset allocation: The process of diversifying investments across different asset classes, such as stocks, bonds, and real estate.
- Insurance: A financial product that protects against risks, such as illness or damage to property.
- Estate planning: The process of creating a plan for how assets will be distributed after one’s death.
- Tax planning: The process of minimizing tax liabilities through deductions and other strategies.
- Financial advisor: A professional who provides advice on financial planning and investment management.
- Compound interest: The interest earned on both the principal amount and any accumulated interest.
- Inflation: The rate at which the general level of prices for goods and services is rising.
- Cash flow: The amount of money coming in and going out of an individual’s accounts over a certain period of time.
- Financial goals: Specific objectives, such as saving for a down payment on a house or paying off debt, that an individual hopes to achieve through financial planning.
- Risk tolerance: The level of risk an individual is comfortable taking on when making investment decisions.
- Personal loan: Is a type of loan that is granted to an individual for personal use, such as paying off debt, financing a major purchase, or covering unexpected expenses.
- Debt consolidation: Is the process of combining multiple debts into one larger loan or payment, often with the goal of simplifying payments and lowering interest rates.
- Debt consolidation program: Is a financial strategy that combines multiple outstanding debts into a single, manageable payment plan.
- Freedom Debt Relief: Is a financial service that assists individuals in reducing and managing their debt.
- Debt consolidation company: Is a business that helps individuals or organizations combine multiple debts into a single loan or payment plan, often with the goal of lowering overall interest rates and simplifying the repayment process.
- Debt settlement: It refers to the process of negotiating with creditors to lower the amount of debt owed by a borrower, often resulting in a lump sum payment to settle the debt.
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Simple Path Financial Review
Simple Path Financial does have an accredited status and an A+ rating with the BBB, with a relatively small number of resolved complaints. However, the closure of accounts without notice or clarification raises further doubts about their credibility. Ultimately, while Simple Path Financial may provide a potential solution for debt consolidation, it is important to weigh the pros and cons carefully. Ensuring that the benefits outweigh the risks is essential, as falling into further debt can be a detrimental outcome.