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At Americor, they offer a range of debt relief services. From debt settlement and consolidation to lines of credit. They advertise their services on Americor.com.
As consumers, we must be critical of the companies we do business with. We did our research, and we have given Americor a three-star rating.
Are you looking for a way to consolidate your loans and get a lower interest rate? If so, you may have received an offer from Americor.
Americor offers debt consolidation loans with low-interest rates. You may have received a pre-approval letter from them in the mail, offering you a loan of $44,926 at 0% interest. This may seem like a great deal, but be careful with this offer – it might not be as great as it initially seems.
If you take a closer look at the loan terms, you might spot some potential problems.
- 0% APR Line of Credit for the first 12 months; after 12 months, the rate may change depending on your performance during the 12 months. Rates will vary between 5.99% – 24%.
- Fees are based on a percentage of your enrolled debt at the time of starting the program and range from 15%-25% of your enrolled debt.
- Clients must save at least 25% of each debt due to an enrolled creditor before a bona fide settlement offer will be made.
As we continued reading the small print on Americor’s website, we found more issues that concerned us.
- On average, clients receive their first settlement within 4-7 months of enrollment and approximately every 3-6 months thereafter from when the prior debt was settled.
- They cannot guarantee that your debts will be resolved for a specific amount or percentage or within a particular timeframe.
- You may be subject to collections or lawsuits by creditors or collectors.
- The use of debt resolution services will likely adversely affect your credit.
- The Law Firm of Higbee & Associates d/b/a Advantage Law may offer some programs.
What is Americor?
Americor is a debt relief company based in Irvine, California. The company has relieved more than $2 billion of debt. The company has an A+ rating from the Better Business Bureau and has been accredited since November 2015. They’ve been in business for over 14 years. And as of September 9, 2022, the company had 145 complaints filed against it and 1,884 customer reviews.
The company is located at 18200 Von Karman Ave FL 6, Irvine, CA 92612-1023, and you can contact them at (800) 353-4576.
They are affiliated with Credit9 and Fast Loans Funding.
How does Americor work?
The debt settlement process often takes 24 to 48 months. However, Americor is willing to accept a variety of unsecured debt, including personal loans, credit cards, medical and hospital bills, overdue rent, and past-due utility bills. To begin the process with Americor, you must have at least $10,000 in debt.
Their debt settlement program requires that clients commit to saving at least 25% of each debt due. On average, their clients receive their first settlement offer 4-7 months after enrollment and every 3-6 months thereafter from when the prior debt was settled. Not all clients complete the program. Estimates are based on prior results and may not match your results.
They cannot guarantee that your debts will be resolved for a specific amount or percentage or within a specific timeframe. They do not assume your obligations, make monthly payments to creditors, or provide tax, bankruptcy, accounting, legal advice, or credit repair services. Their program is not available in all states; fees may vary by state. The Law Firm of Higbee & Associates d/b/a Advantage Law may offer some programs.
What are the fees for Americor?
The fees for Americor vary depending on the amount of debt you have when you enroll in the program. Fees are usually a percentage of your enrolled debt, ranging from 15% to 25%. Fees may vary by state.
Is Americor Funding A Scam?
Is Americor Funding a scam? Overall, it appears that Americor is a legitimate company offering debt relief services but it is important to do your research before signing up with them or any other debt relief company. Make sure you understand all of the fees involved and read customer reviews to get an idea of what kind of experience you can expect if you decide to use their services.
How much does Americor save you?
Americor may be able to help you save a significant amount of money on your debt. On average, their clients who make all their monthly program payments save 40-50% of their enrolled debt upon successful completion of the program, This is before any program fees are taken into account. Fees could be as high as 15% to 25%.
How much debt can you enroll in Americor?
To consolidate your debts with Americor, you’ll need at least $10,000 in unsecured debt. This includes credit card debt, medical bills, and personal loans. If you have less than $10,000 in debt, you can still enroll in Americor’s debt consolidation program.
If you’re unsure whether debt consolidation or debt settlement is right for you, Americor offers a free consultation to help you decide. During the consultation, a certified credit counselor will review your finances and help you choose the best option.
How does Americor affect your credit?
To ascertain which offers you may be qualified for, Americor will carry out a “soft credit pull.” This credit pull will not impact your credit score, creditworthiness, or ability to obtain credit from other sources. The soft power is not a tradeline entry and, thus, will not be reported against your score.
How to use Americor website?
Americor is a website that helps you with your finances. You can use it to consolidate your debt, get a lower interest rate, or even eliminate it. It’s an excellent resource for anyone who wants to get their finances in order.
Here’s how to use Americor:
- First, submit basic information on the website, and you will be prompted to schedule a call with a representative.
- Next, Americor will give you a list of options based on your specific needs on your proprietary platform.
- Once you’ve chosen the right option, you must follow the instructions and make your payments.
How to cancel Americor?
Step 1: Notify your Creditor and Debt Settlement Company of your Intent to Cancel
Unless your debt settlement agreement has come to the end of its term, you will need to notify both parties. If you cancel prematurely, you may incur penalty fees. In some cases, debt settlement companies may waive this fee.
Step 2: Request the Company’s cancellation steps.
You must follow the company’s specified cancellation process if you want to cancel your debt settlement contract. Most companies will send you the steps you need to take. Unless stated otherwise, you will need to continue making your original monthly debt payment.
Step 3: Make a final payment.
The debt settlement company may require that you make a final payment as the last step to exiting the debt. You may be legally bound if you exit the contract without making this payment.
Step 4: Get in touch with your creditors.
Now that you’re no longer working with a debt settlement company, your next step is to get in touch with your creditors. You’ll need to inform them about your plans to repay the debt. You have two options: renegotiate a new debt payment plan, or stick to the original agreement. Make sure to catch up on any missed or owed payments.
Who is Americor affiliated with?
Americor BBB Reviews
Americor, a debt relief company, has been the subject of 145 complaints filed with the Better Business Bureau (BBB) in the last three years, 46 of which were closed in the previous 12 months.
Here are some Americor Funding BBB Reviews:
Paul A 04/04/20221.0 out of 5.0 stars1.0
I guess I will start this out by saying, buyer, beware. This company is in the habit of not telling you everything upfront. I was never told that the reduction in amounts owed would result in me paying taxes on all of those amounts. They convent leave things out of the conversation and then tell you to ask a tax preparer.
They tell you that your credit score will take a little bit of a hit, well, mine went down over 150 points, and now there is a chance that I will have to come up with thousands of dollars to pay for the taxes on what they negotiated. Make sure you have them explain everything in the contract. Every letter. This company will not explain everything to you. They will miss leading you. Beware. I would leave zero starts, but you have to indicate at leave 1
Alison D 03/28/20221.0 out of 5.0 stars1.0
My husband has had to deal with lawyers alone because the company did not do what they said they would do.
Jillian F 03/21/20221.0 out of 5.0 stars1.0
Signed up, followed instructions, sent out do not contact letters, stopped direct payments, etc. The professional debt arbitrators notified me that they couldn’t work with one of my creditors, so I no longer qualify. Why was that not determined before I messed up my relationship with my creditors? I was not behind on ANYTHING!!!!!
Mark G 08/18/20224.0 out of 5.0 stars4.0
The customer service is outstanding, and the people are eager and excited to help. Anu is my representative, and she is fantastic to work with. It’s a little tough at first to trust someone with your future, but they came thru with flying colors. Thank you very much.
Sylvia S 08/15/20224.0 out of 5.0 stars4.0
This appears to be a great program to help solve my debt problem. I am looking forward to being out of debt. The agent who assisted me was both courteous and professional.5.0 out of 5.0 stars5.0
Sahar X 08/14/2022
I like the specialist ***** that Americor has worked with me through the year as I get out of debt. I felt relieved to hear about the program and how much stress the service lifted from me. I have barely started the service, and it seems very good.
Is Americor Funding Legit?
Is Americor Funding legit? If you’re considering using Americor to consolidate your credit card debt, you may wonder if the company is legitimate. After all, many Debt Relief companies out there are nothing more than scams.
So, what about Americor? Is it a legit Debt Relief company or a scam?
Here’s what we know:
- It is a Debt Relief company that has been in business since 2008.
- The company offers Debt Consolidation and Debt Settlement Services.
- Americor is accredited by the Better Business Bureau (BBB) and has an A+ rating with the organization. It’s also affiliated with the American Fair Credit Council.
- There have been over 100 complaints filed against Americor with the BBB in the last three years.
- The vast majority of complaints against Americor relate to billing and collection issues.
So, what does all this mean?
The fact that they are accredited by the BBB and have an A+ rating with the organization is a good sign. However, most complaints against Americor appear to be related to billing and collection issues and issues with their services.
If you’re considering using Americor for Debt Consolidation or Debt Settlement services, we recommend researching to ensure the company is a good fit for you.
Have you used Americor’s Debt Relief services? We’d love to hear about your experience in the comments below!