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If you’re struggling to keep up with your bills and are looking for a way to get out of debt, you may have come across Advantage Preferred Financial. They offer debt consolidation services that promise to help you get back on track. So is Advantage Preferred Financial legit or is it a scam? In this article, we’ll take a closer look at their services and see what customers have had to say about them.
Advantage Preferred Financial offers debt consolidation loans that can be used to pay off your existing debt. They claim to have a program that can help you get out of debt in as little as 12 months. But is this too good to be true?
Advantage Preferred Financial has been accused by many customers of using bait and switch tactics. They promise one thing and then deliver something else. For example, they may offer you a debt consolidation loan with a low-interest rate. But when you try to get the loan, they tell you that you don’t qualify. Or, they may say that they can help you get out of debt in a short period of time, but then only make your situation worse.
Advantage Preferred Financial Pros and Cons
If you’re considering using Advantage Preferred Financial to consolidate your debt, you should be aware of the pros and cons first. One of the biggest disadvantages is their bait and switch tactics accusations. They advertise a low-interest rate, but when you apply for the loan, they give you a much higher rate.
Another downside is that they’re a debt consolidation loan company. This means that they won’t work with your creditors to lower your payments, so you’ll still be in debt. You might be better off finding a debt settlement company that can help you get out of debt completely.
The only positive thing about Advantage Preferred Financial is that they have a variety of loan options. If you can find a good interest rate and are willing to pay the fees, consolidating your debt with them might be a good option for you. .
What is Advantage Preferred Financial?
Advantage Preferred Financial is a debt consolidation loan company that offers loans to help you pay off your debt. They have a variety of loan options, including fixed-rate and variable-rate loans, so you can choose the one that best suits your needs. Advantage Preferred Financial also offers personal financial counseling to help you get out of debt and improve your financial situation.
However, Advantage Preferred Financial has been known to send out direct mail with unrealistic interest rates and repayment terms, only to change the offer when you call to apply for the loan. This can be very frustrating and may cause you to waste your time and money.
Make sure you understand their terms and conditions before applying for a loan. It’s also important to shop around and compare interest rates and fees from other debt consolidation companies before making a decision.
How does Advantage Preferred Financial work?
If you’re like most people, you probably have some debt that you’re trying to pay off. Whether it’s credit card debt, medical debt, or student loans, debt can be a major burden on your finances. If you’re looking for a debt consolidation loan, you might be tempted to go with Advantage Preferred Financial.
Basically, what they do is direct mail people who are struggling with debt and offer them a low-interest rate. Once the person calls back to accept the loan, they will most likely tell you that the offer was for individuals with higher credit.
So if you’re considering using Advantage Preferred Financial for your debt consolidation needs, beware of their bait & switch tactics.
What is a debt consolidation loan?
A debt consolidation loan is a loan that allows you to consolidate all of your outstanding debt into one single payment. This can be a great way to save money on interest, reduce your monthly payments, and get out of debt faster.
If you’re considering taking out a debt consolidation loan, there are a few things you should keep in mind.
- First, make sure you understand the terms of the loan and what it will mean for your overall financial picture.
- Second, be sure to shop around for the best rates and terms before making a decision.
- And finally, make sure you can afford the monthly payments on the loan.
If you’re struggling with debt, a debt consolidation loan can be a great option to help get you back on track. Just make sure you do your research and understand the terms of the loan before you sign on the dotted line.
How to qualify for an Advantage Preferred Financial debt consolidation loan?
To qualify for an Advantage Preferred Financial debt consolidation loan, you’ll need to have good credit and a steady income. You’ll also need to provide some financial information, such as your debts and assets so that the lender can determine whether you’re a good candidate for a consolidation loan.
If you have good credit and a steady income, you may be able to qualify for an Advantage Preferred Financial debt consolidation loan.
To get started, simply fill out an online application and provide some basic financial information. Once you’re approved, you’ll receive a loan amount that can be used to pay off your existing debts. You’ll then make one monthly payment to Advantage Preferred Financial, which will be used to pay off your debt consolidation loan.
What kind of debt consolidation program does Advantage Preferred Financial offer?
Advantage Preferred Financial offers a debt consolidation loan program that claims to help you pay off your debt. This program can be used to consolidate credit card debt, medical debt, student loans, and other types of debt.
The loan is paid back over a period of time, and the interest rate is fixed. This means that you will know exactly how much you need to pay each month, and you can budget accordingly.
You may also be able to get a lower interest rate if you have good credit.
Make sure you read the fine print and understand all of the terms and conditions before you agree to anything. otherwise, you could end up paying more than you bargained for.
How much does Advantage Preferred Financial charge?
Advantage Preferred Financial is a debt consolidation loan company that offers a variety of services to help you get out of debt. The cost of their services depends on the type of service you need, but they do have some fees that you should be aware of before you sign up for their services.
The first fee is their processing fee, which is $75. This fee is charged when you first apply for their services and it is not refundable if your application is denied.
The second fee is their origination fee, which is also a percentage of your loan. This fee is charged when your loan is approved and it goes towards the administration of your loan.
The last fee is their annual maintenance fee, which is $60. This fee is charged every year on the anniversary of your loan and it covers the cost of maintaining your account.
For Debt consolidation loans the cost will depend on the size of your loan, but you can expect to pay anywhere from $500 to $5,000. The interest rate on these loans is also variable, so it’s important to shop around and compare rates before you decide to consolidate your debt with Advantage Preferred Financial.
What is the minimum credit score for an Advantage Preferred Financial debt consolidation loan?
The minimum credit score for an Advantage Preferred Financial debt consolidation loan is 640. However, your credit score is just one factor that lenders will consider when determining whether or not to approve your loan. Other factors include your income, employment history, and credit history.
If you have a high credit score and a strong financial history, you’re more likely to be approved for a loan with a lower interest rate.
To apply for a loan, you’ll need to provide some basic information about yourself and your finances, including your Social Security number, credit score, and annual income. Advantage Preferred Financial will then run a hard credit check, which may impact your credit score.
If you’re approved for a loan, you’ll receive the funds in as little as one business day. You can then use the money to pay off your outstanding debts. Once you’ve paid off your debts, you’ll just have one monthly payment to make to Advantage Preferred Financial.
How does Advantage Preferred Financial affect your credit?
If you’re considering using Advantage Preferred Financial, it’s important to understand how hard pulls and late payments can affect your credit.
When a lender checks your credit score in order to make a lending decision, this is called a hard pull. Hard pulls can slightly lower your credit score, but they typically only have a temporary effect.
If you make a late payment to Advantage Preferred Financial, this will also be reflected on your credit report. Late payments can cause your score to drop significantly, so it’s important to always make payments on time.
Overall, using Advantage Preferred Financial won’t have a major impact on your credit score. However, it’s still important to be aware of how hard pulls and late payments can affect your credit.
How to cancel Advantage Preferred Financial?
If you need to cancel your Advantage Preferred Financial loan for any reason, you’ll first need to repay the outstanding balance on the loan. Once the balance is paid off, you can contact customer service to cancel your account. Be sure to have your account information handy when you call, as they will need it to cancel your account.
Advantage Preferred Financial BBB Reviews
Advantage Preferred Financial is not accredited by the BBB, and there are no reviews for the company online. This is likely due to the fact that the company is relatively new and has not yet had any complaints or reviews filed against it. However, it is always important to do your own research before working with any financial institution and to read any reviews that are available in order to get a better idea of what others have experienced.
We also looked for Trustpilot reviews but we found nothing.
In our opinion, it’s always best to work with a company that has a good reputation and is accredited by the BBB.
Is Advantage Preferred Financial Legit or a Scam?
If you’re considering using Advantage Preferred Financial, you may want to do your research and read as many reviews as possible.
Customers have reported getting direct mail from the company that looks like an offer for a low-interest loan. However, when they call to take advantage of the offer, they’re told that the terms have changed and the interest rate is much higher. In some cases, customers say they were even pressured into taking out a loan with APF.
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.
Thank you for reading.