Advertiser Disclosure: Many of the companies featured here provide compensation to us. This is how we maintain our free service for consumers. Compensation, along with hours of in-depth editorial research, determines where & how companies appear below.
The Lendvious website offers a platform for users to compare and apply for personal loans and debt consolidation loans from top lenders with one simple application. Users can receive multiple offers and competitive rates for loans, and checking loan offers won’t affect their credit score.
Overview of the Company
Lendvious provides access to lenders that compete against each other to provide users with competitive offers, and the lending partners have the ability to fund loans in as little as one day. The website provides a service wherein the information users provide is submitted to one or more lending providers to search for a lending partner to meet their needs.
The website disclaimer states that Lendvious is not affiliated with the loan providers offering the loans and is not a lender. Lendvious is a service that submits the information users provide to one or more lending providers and attempts to search for a lending partner to meet their needs.
The lending partners that users are connected with are independent companies that offer loan products, and Lendvious does not make any credit decisions or charge any fees to users. FinMkt, Inc., a separate company from the lending partners who are offering the loans, runs the website.
What Does Debt Relief Mean?
Debt relief refers to the process of reducing or eliminating the amount of debt that a person or organization owes. It usually involves negotiating with creditors to agree on a lower amount of debt or a more favorable payment plan. A debt relief program can help individuals or businesses that are struggling financially get back on their feet and regain control of their finances.
This can involve debt consolidation, debt settlement, or even bankruptcy. Debt relief can provide a fresh start and ease the burden of overwhelming debt. However, it’s important to understand that debt relief may come with consequences such as damage to credit scores or tax implications, and it’s important to carefully consider all options before pursuing debt relief.
Debt Consolidation Loans vs Debt Settlement
- Debt consolidation loans involve taking out a new loan to pay off multiple debts, consolidating them into one monthly payment with a lower interest rate. This can make it easier to manage debt and potentially save money on interest charges.
- Debt settlement, on the other hand, involves negotiating with creditors to settle debts for less than what is owed. While this can result in significant savings, it can also negatively impact credit scores and may not be a viable option for all types of debt.
Ultimately, the best option for managing debt will depend on individual circumstances and financial goals.
Loan Marketplaces: Pros & Cons
Loan marketplaces are online platforms that connect borrowers with multiple lending partners.
One of the biggest advantages of loan marketplaces is that they provide borrowers with access to multiple lenders, which can increase their chances of getting approved for a loan and finding the best interest rates.
Additionally, loan marketplaces usually provide borrowers with a streamlined application process, making it easier to compare loan offers and choose the best one for their needs. However, one of the biggest disadvantages of loan marketplaces is that borrowers may be subject to predatory lending practices, as some lenders may charge high fees and interest rates.
Some personal loan marketplaces may not provide borrowers with enough information about the lenders they are connecting them with, which can lead to confusion and frustration. Overall, while loan marketplaces can be a useful tool for borrowers, it’s important for them to carefully research their options and choose a reputable platform that prioritizes transparency and fairness.
The BBB rating system is a tool that helps consumers identify trustworthy businesses. The rating system is based on a range of factors, such as the company’s complaint history, time in business, licensing and government actions, and advertising practices. Lendvious doesn’t have a Better Business Bureau profile yet.
Lendvious: Final Thoughts
On Lendvious website people can easily compare and apply for personal loans and debt consolidation loans from leading lenders using a single application. Users can receive multiple loan offers at competitive rates without worrying about their credit score being impacted when reviewing the offers.
Does Lendvious function as a lender?
Lendvious is only a platform where individuals can submit their loan applications to get pre-qualified or pre-approved for a loan from our lending partners.
Will applying for loans through Lendvious affect my credit score?
No, checking loan offers on Lendvious will not affect your credit score.
Does debt consolidation hurt my credit?
Debt consolidation can have a negative impact on your credit score in the short term, but in the long term, it can actually improve your credit score. When you consolidate your debts, it typically involves taking out a new loan to pay off all your existing debts.
What is the duration of the repayment period for the loan?
At present, the loans provided by their lending associates vary from a duration of 12 months to 5 years.
Can I apply for a loan through Lendvious if I have bad credit?
Yes, Lendvious works with lenders that offer loans to borrowers with a range of credit scores, including those with bad credit.
What happens if I am unable to make loan payments on time?
If you are unable to make loan payments on time, you should contact your lender as soon as possible to discuss options such as deferment or forbearance. Failure to make payments on time can result in late fees, damage to your credit score, and even default.