Lendvia Review: Is It Legitimate or A Scam? Read This First

Have you recently received an offer informing you that you have been pre-selected for a Hardship Recovery Loan? If so, you may be wondering:

Is this a legitimate offer, or is it a scam? Can I get out of debt this easily?

We decided to do extensive research into Lendvia Financial and its business practices. We have concluded that Lendvia is a legitimate company, not a scam, even though they do not have a file with the Better Business Bureau (BBB) or the American Fair Credit Council (AFCC).

Lendvia Summary

Lendvia Financial is a loan-matching company that offers debt consolidation services and installment loans through its network of lending partners. They advertise their services on LendviaFinancial.com.

Based in Sherman Oaks, California, their main focus is to match borrowers with a lender that suits their financial needs.

Key aspects of Lendvia

This company attracts customers through pre-selected mail offers. You may have received a letter in the mail that said something like this:

FINANCIAL RELIEF FOR AFFECTED FAMILIES.
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%.

We were intrigued by the offer, so we decided to see if it was as good as it seemed. Here is what we found:

• Interest rate: Lending Partners offer fixed rates between 4.99% APR and 34.99%.
• Loan amount: It advertises loans from $5,000 to $100,000.
• Approval: The company can help you decide which lender to choose for your situation but does not guarantee you will get approved.
• Repayment terms: Terms will range from 1 year to 5 years.
• Your information: It works with partners and third-party providers. When you apply for a loan, you consent to share your information with their network of lenders.

What is Lendvia?

Lendvia is a loan matching service that connects consumers with lending partners that originate debt consolidation loans. They are not lenders themselves and cannot ultimately approve or deny their customers a loan or decide on the interest rates. However, through what they call Loan Coaches, they help borrowers choose between loan options. Working with a Loan Coach will get you results with a loan and financial plan to pay off credit cards with a lower monthly payment.

The lead generator company has been in business since 2019; according to its website, it is located at 15303 Ventura Blvd. Suite 1190, Sherman Oaks, CA 91403, and it can be contacted through [email protected] or by calling 888-699-3080.

Lendvia advertises itself in the lending world as a financial wellness company focusing on mapping out a strategy for its customers to get out of debt sooner and build their savings faster.

It is important to note that Lendvia does not currently have a BBB file or a Trustpilot page where customers can read reviews and testimonies.

How does Lendvia work?

Lendvia offers access to unsecured installment loans. Here’s how Lendvia works:

1. Application process with a “Loan Coach.”

For free and without obligations, you can consult with their Loan Coaches to help fill out the application process. It includes putting in your personal information, how much debt you have, your credit score, and if you’re behind on your payments.

Please note that by submitting your information, you consent and allow Lendvia Financial and its affiliates to contact you by telephone, text message, or email using any address you provide now or in the future. It includes any dialing system, prerecorded voice messages, or automatic dialing device.

2. Choosing a lender

After you have been guided through the application process, your information will be shared with Lendvia’s lending partners to find a loan match.

3. Reviewing your loan terms

It’s important to review your terms, verify your information, and carefully read the fine print before you sign documents and begin the loan process.

Lendvia Consumer Reviews

Lendvia does not have a file with the Better Business Bureau (BBB) or the American Fair Credit Council (AFCC).

Additionally, Lendvia does not have Google, Trustpilot, or Yelp reviews.

How much does Lendvia charge?

Lendvia does not explicitly disclose how much they charge for their services.

But, they do advise they charge an origination fee. The origination fee is a tiny percentage of the total loan amount and is deducted from your loan amount in the beginning. It covers all the costs to create, manage, and service your loan. There are no other hidden fees like application fees, prepayment penalties, or annual fees. All terms and any fees will be disclosed before you accept any offer.

What interest rates and terms can I expect?

Lendvia offers fixed rates and simplified terms. They advertise rates ranging from 4.99% APR to 34.99% APR, so you can find a repayment plan that fits your needs and budget with a lower monthly payment.

Lendvia allows customers to select a loan between $5,000 and $100,000 and a term length between 1 and 5 years.

How much money can I save?

The amount of money you can save by consolidating your debts varies depending on how much debt you have. If you have a lot of debt, you could save thousands of dollars in interest payments and lower your monthly payment with a financial plan. Even if you have less debt, you can still save money by consolidating. You may also pay less in finance charges.

Qualification and approval factors

You deserve to know exactly what goes into a lending decision.

1 SPEAK TO A LOAN COACH No cost or obligation. Work with your Loan Coach to help complete the application.

2 CHOOSE YOUR TERMS Select the offer that works best for you. Your Loan Coach will help you understand your options.

3 VERIFY YOUR INFO.

Utilization ratio

Your credit utilization ratio is an essential factor in determining your credit score. This ratio is determined by dividing your total outstanding balances by credit limits. For example, if you have two credit cards with $1,000 limits and you owe $500 on one and $250 on the other, your credit utilization ratio would be 37.5%.

Credit reporting agencies weigh your credit utilization ratio heavily when considering your financial history because it indicates how well you manage your money. A low credit utilization ratio suggests that you are good at handling your finances and keeping your balance under control. In contrast, a high ratio indicates that you may have difficulty paying your debts.

Debt-to-income ratio

Debt-to-income ratio (DTI) is a critical factor in financial stability. This ratio compares your monthly debt payments to your monthly income. A high DTI indicates that you may be living paycheck to paycheck and have difficulty meeting your financial obligations. It is vital to stay on top of your debts and have room in your budget for other expenses.

Income history

To get approved, you need a reliable source of income that can be verified. Ideally, the company would like to see that you have been steadily employed for at least one to two years.

Credit score

Your credit score is one factor that lenders look at when considering you for a loan. The higher your FICO score, the better your chance of receiving more favorable rates and terms.

Other requirements that may be needed during the application

There are a few things you may need to provide. These may include:

• A photo or color copy of your identification, such as your passport, driver’s license, or state-issued ID.
• You must provide your two most recent pay stubs to prove your income. If you are self-employed, you must provide your most recent year’s 1040 tax documents.
• Your most recent bank statements.

Does Lendvia affect my credit score?

Some lenders in Lendvia’s network carry out credit checks with the three main reporting agencies – TransUnion, Experian, and Equifax – as well as other sources of consumer information.

If you apply for a loan through Lendvia, your credit score will not be affected. However, if you choose a particular lender, they may do a hard pull on your credit, which could affect your FICO score.

How does Lendvia handle my personal information?

Lendvia works with a network of lenders to find you a match that meets your specific requirements for your financial goals. To do this, customers must consent to share their personal and contact information with these lenders.

As a result, you may receive calls, emails, or text messages from different companies in their network. You have the option to opt out at any time.

What happens with my credit cards?

With any of Lendvia Financial’s offers, you must close some of your credit cards. You get to decide which debts you want to pay off and close and which cards you may still need to make everyday payments.

So, is Lendvia legit?

After carefully researching Lendviafinancial.com and analyzing its online presence, we have concluded that they are a legitimate company. However, the lack of reviews and accreditations that attest to their business practices makes it difficult to get a complete picture of the company.

To get the best deal possible, we recommend reading customers’ reviews and doing your research. By taking this approach, you can be confident you are making the best choice for your unique situation.

Thank you for reading!

 

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