Money Ladder offers debt resolution services. They advertise their services at moneyladder.com.
Money Ladder Summary
Money Ladder has received much attention lately. So we decided to look closely at the company and see what they are all about.
This company offers debt settlement programs through its network of trusted partners. Their site states the following:
“Our partners will resolve your debt as quickly as possible allowing you to break free from sky-high interest rates.”
After investigating their website and reading the fine print, we found some interesting facts.
- People can save around 46% on their total debt before fees. Including fees, the average savings is closer to 20%.
- Interest Rates range from 4.95% to 35.99%
- Loans vary from $5000 to $50000 and terms from 12 to 60 months
- Not all debts can be enrolled. Some restrictions may apply.
- They do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a particular time.
- Not available in all states.
Creditors are under no obligation to negotiate debt resolution with third parties. Some creditors may only be willing to do so under specific circumstances, such as a charge-off.
What is Money Ladder?
Money Ladder will connect you with one of their trusted partner companies that offer debt settlement services. With 16 years in business, they might be good at matching you with the right company to get you out of debt.
They also advertise personal loans on their mailers; however, for these loans, Money Ladder will submit the information you provided to a third-party lender or lenders for an unsecured personal loan.
This business is accredited by the BBB and has an A+ rating. It has been accredited since 5/19/2022 and has 0 reviews or complaints. They’re located at 5716 Folsom Blvd #407, and you can reach them at (888) 585-8492.
How does Money Ladder work?
Money Ladder works by matching you with debt relief companies that work by negotiating with creditors to reduce what you owe. This is mostly done for unsecured debts, such as credit cards. However, not all debts can be enrolled in the program. Additionally, not all clients can complete the program for various reasons, including their ability to save sufficient funds.
The company cannot guarantee that your debts will be lowered by a particular amount or percentage, or that you will be debt-free within an exact time frame
There is no need to pay any upfront fees when you sign up for their debt resolution program. You only owe them money once they have successfully negotiated with your creditors and lowered your overall debt. Clients who stay with the program and get all their debt settled typically save 20% including fees or 46% before fees.
How to qualify for Money Ladder?
You may be eligible for a debt relief program if you’re struggling to make ends meet due to credit card debt. With this program, you’ll make monthly payments into a settlement fund, which will then be used to pay off your creditors. For many people, the monthly payment required for a debt relief program will be lower than the total they previously paid each month on their credit cards.
Money Ladder BBB Reviews
Money Ladder has an A+ rating and is accredited by the BBB. There are no reviews or complaints on their BBB account. However, we did find some Trustpilot reviews.
Overall, reviewers have had a mixed experience with Money Ladder.
Here are some of their Trustpilot reviews:
Gloria Ferreira Jun 21, 2022
We were drowning in credit card debt along with inflation and my husband’s illness could barely pay for daily expenses. It sounded too good to be true that there was help out there with this company! I’m so glad we took a leap of faith! Our payments are lower and we can finally sleep at night!
Thank you so much for bringing relief to our family!
Stan Watson Jr Jul 14, 2022
I contacted Money Ladder and they seemed very professional. I looked up online and found out they are legitimate. I always worry. I am happy with the money I saved and would recommend them to my family. Thank you, Jennifer and Anna.
Apply to lenders directly. Money ladder is a company that will ask you questions over the phone, then submit your application to lenders. But, be aware, they will charge you 9.9% of the total of your loan. That’s the percentage that goes to the money ladder once you use them. So it’s better to just apply for loans directly to lenders like SoFi, Best Eggs, etc. Stay away from companies like this.
Ivan Bunker Sep 30, 2020
The employees of this company use their own personal phones to harass people, threatening them and their families. It’s very disturbing!
Money Ladder FAQs
What services does Money Ladder offer?
The Money Ladder offers a Financial Literacy Program and Life Success Program to provide you with the education and resources needed to thrive financially. The programs cover budgeting, saving, investing, credit and debt management, and more.
How do you pay back Money Ladder?
Their site states, “We will never make you pay for debt management services until you get the results you deserve from your program.”
If you can stay in the program and settle all of your debt, you can expect to pay an average of 26% on fees.
Keep in mind Money Ladder can only settle unsecured debt like credit cards or personal loans. It can’t do a thing about your mortgage or auto loan.
It’s also important to remember that debt negotiation is a tool to help you get out of debt, not a magic wand. You will still need to be disciplined with your spending and make sure you don’t rack up new debt. But if you’re struggling to manage multiple credit card debts with high-interest rates, settling your debt could help you save money and become debt-free sooner.
What is the minimum credit score for a Money Ladder loan?
Money Ladder reviews your credit history to make sure you’re eligible. But, there is no minimum credit score requirement.
How does Money Ladder affect your credit?
They may carry out a soft credit check to assess which offers you may be eligible for. It is similar to what other financial companies do before making their first offer.
Soft inquiries don’t have any impact on your credit scores.
There are a few things to know about how settling debts can affect your credit score. It’s important to remember that simply settling an account will not immediately remove it from your credit report. If you have been late on payments, the account will remain on your credit report for seven years from the original delinquency date.
On the other hand, if the account was positive with no late payments, it will be removed seven years from the date it was settled. Keep in mind that this information is just a general overview. For specific questions about your situation, it’s always best to speak with a professional.
How to cancel Money Ladder?
If you’re struggling with debt, you might be considering signing up for a debt settlement contract. But it’s important to know that these contracts can be difficult to get out of once you’ve signed them. If you haven’t made any payments yet, it may be easier to cancel the contract. However, if you have already sent funds to the company, it’s unlikely that you’ll be able to get your money back.
In addition, you should contact your bank and inform them that you are terminating any agreement that allows a debt settlement company to draft fees directly from your account. It is important to do as soon as possible to avoid unwanted or unauthorized charges.
- You’ll need to notify your creditor and debt settlement company if you want to cancel unless your debt settlement agreement has reached the end of its term. If you cancel before the expected date, you may have to pay penalty fees. In some cases, the debt settlement company may waive these fees.
- You’ll need to follow the company’s specified cancellation process. This usually involves sending a notice of intent to exit the contract and continuing to make your original monthly debt payments. Keep in mind that simply providing your debt settlement company or financial institution with notice of your intention to cancel doesn’t automatically trigger the process.
- The third step to getting out of debt is to pay any outstanding fines. If you don’t make the required payments, you could find yourself in a legal bind. To avoid this, be sure to exit your contract with the debt settlement company.
- Now that you are no longer bound by a contract with a debt settlement company, you will need to meet with your creditors. You will need to let them know of your plans to repay the outstanding debt. You have two options here: renegotiate for new terms on the original debt agreement, or make payments according to the original agreement. Any missed or owed payments will need to be paid at this time.
Is Money Ladder Legit or a Scam?
If you’re considering using Money Ladder to help with your debt, you may be wondering if the company is legitimate.
Money Ladder is a legitimate company. However, there are mixed reviews about moneyladder.com online. Some people reported positive experiences with the company, while others have found it difficult to work with Money Ladder.
If you’re considering using Money Ladder to help resolve your debt, it’s important to do your research and understand all of your options before making a decision. Be sure to read reviews from multiple sources.
Have you used Money Ladder? Tell us about your experience in the comments below!
Thank you for reading!
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