Choosing the right debt consolidation company is essential for the process, whether you need a personal loan or to settle your debts. To help you make an informed choice, we have compared Pacific Debt Relief vs Monevo in this review.
- BBB A+ Rating
- Minimum Debt $10,000
- No Minimum Credit Score
- $3 billion+ debt resolved
- BBB A+ Rating
- Minimum Debt $7,500
- No Minimum Credit Score
- $500 million debt resolved
Pacific Debt Relief Review: There Is A Reason They Are Ranked #1
The Pacific Debt Relief company has been helping people reduce their unsecured debts since 2002. Having received an A+ rating from the Better Business Bureau, they have assisted thousands of people in resolving their debt problems. Is Pacific Debt Relief a scam? Or is this company legitimate? We will examine the company’s history, services, and fees to help you decide if Pacific Debt Relief is the right option.
Among the debt consolidation services offered by the debt settlement company are the consolidation of credit cards, medical bills, personal loans, and more. They have a team of debt counselors who will work with you to develop a debt consolidation plan that meets your financial needs. They will contact your creditors to negotiate lower interest rates and monthly payments if you enroll in their program. They will work with you to find a solution if you have difficulty making payments.
A significant difference between Pacificdebt.com and other debt consolidation companies is its experience. Thousands of people have been helped by them over the past 20 years, and they have been in business for over 20 years. Pacific Debt specializes in assisting clients to pay off unsecured debts.
Many companies are offering, but not all of them are legitimate. Pacific Debt Relief is a company with many years of experience helping people reduce their unsecured debts. They are a legitimate debt consolidation company and can help you get out of debt.
Highlights
- No upfront costs and free consultation
- The savings after fees could be as high as 35%
- You can monitor your account online easily
Trade-Offs
- Fees can reduce savings by as much as 15% for some consumers
- Pacific Debt’s relief program is only available in the states where it operates.
What Is Pacific Debt Relief?
Debt relief is something that many people struggle with. It can be hard to know where to turn or how to get out from under the mountain of bills and payments. But there are options available that can provide some relief. The firm has helped more than 30,000 clients settle and resolve over $1 billion in outstanding debts through negotiation, settlement, or bankruptcy. They are a leading provider of such services and have helped thousands of people get out of credit card and medical debts.
Debt settlement may be a good option for consumers struggling to make minimum payments and are worried about reducing the amount they owe. A debt settlement company can negotiate with creditors on your behalf to try to lower your balance and monthly payments.
People may need debt relief for a variety of reasons. Your employment may have been lost, and you cannot meet your financial obligations. Perhaps you are suffering from a medical emergency and are unable to work.
Depending on your needs and budget, they’ll tailor a solution for you. They have an 85% success rate, so you can be sure they’ll do everything they can to help you.
How Does Pacific Debt Relief Work?
Pacific Debt Relief is a debt settlement company that works with consumers who are struggling with unsecured debt, such as credit card debt, medical bills, and personal loans. Here’s how Pacific Debt Relief generally works:
- Consultation: Consumers start by scheduling a free consultation with Pacific Debt Relief, during which a debt specialist will review their financial situation and provide an assessment of whether debt settlement is a good option for them.
- Enrollment: If the consumer decides to proceed with Pacific Debt Relief, they will enroll in the program and begin making monthly deposits into a designated account. These deposits are intended to accumulate funds that will be used to settle the consumer’s debts with creditors.
- Negotiation: Pacific Debt Relief will negotiate with creditors on behalf of the consumer to try to reduce the amount owed. The goal is to reach a settlement agreement where the consumer pays a portion of the debt owed, and the creditor agrees to forgive the remaining balance.
- Settlements: Once a settlement agreement is reached, Pacific Debt Relief will use the funds accumulated in the designated account to make payment to the creditor.
- Completion: After all enrolled debts have been settled, the consumer completes the program and is debt-free.
It’s important to note that debt settlement can have negative consequences on a consumer’s credit score and may not be the best option for everyone. It’s important to research all options and speak with a financial professional before enrolling in a debt settlement program.
Pacific Debt Summary
- Associated Organizations: American Fair Credit Council, Better Business Bureau, Consumer Affairs, International Association of Professional Debt Arbitrators
- Free consultation: Contact a customer service representative for a free phone call or online consultation
- Cost: The amount ranges from 15% to 25% of the total debt enrolled. States charge different fees.
- Support: Phone or email
- Accepted Debt: All unsecured debt except consumer finance loans, payday loans, legal judgments, and medical debts not already in collections will be accepted. Debts must be at least $10,000 to be considered.
- Resources offered: An informative blog on debt management
- Limitations: Pacific Debt is only available in 25 states
- Provided service: Direct negotiation for the settlement of debts
- Trust ratings: A+ rating from the Better Business Bureau and 9.3 rating from Trustpilot
- Typical turnaround time: between 24 and 48 months
How To Qualify For Pacific Debt Relief
If you have debt problems and need help getting back on track, you may be looking for debt relief companies. What are the requirements for such a loan? Pacific Debt Relief’s eligibility requirements are listed below.
You must have a minimum of $10,000 in debt and a maximum of $100,000 in debt to qualify for a debt consolidation plan through Pacific Debt Relief. Pacific Debt Relief offers debt relief loans to those who meet these qualifications. In contrast to other debt relief companies, the process is simple and can help you reduce your debt more quickly.
How To Sign Up With Pacific Debt
During enrollment, a certified debt specialist will ask you more about your financial situation and determine if the debt settlement program is right for you.
The following steps can be taken to arrange a free consultation with a Pacific Debt representative:
- Visit Pacific Debt Inc.’s website
- Get a free debt consultation by clicking Free Consultation
- Click See Savings after selecting your debt amount
- You can choose how far behind you are with your payments
- Select your state of residence
- Submit your contact details by entering all the relevant information
How Much Does It Cost To Use Pacific Debt?
That depends on your debt and the type of repayment plan you’re looking at. For example, if you have $10,000 in debt, you can expect to pay $1,500-$2,500 over the life of the loan.
The terms will determine the monthly payment for a debt settlement plan. They do not charge any upfront fees for their services. Pacific Debt may be the right choice if you are interested in debt settlement services free of hidden costs or surprises.
How Much Could You Save With Pacific Debt Relief?
It may be a good idea to consider Pacific Debt Relief if you’re looking for ways to save on your debt. You could save a lot of money with an average savings of 50%. This is, however, before fees are considered.
The average savings are between 15% and 35% once fees are considered. It is, therefore, possible that Pacific Debt Relief is not the best option if you are trying to save as much money as possible. Nevertheless, suppose you are willing to sacrifice some potential savings in exchange for the convenience of working with a reputable company. In that case, Pacific Debt Relief might be a good option for you.
See If You Qualify for Credit Card Relief
See how much you can save every month — plus get an estimate of time savings and total savings — with your very own personalized plan.
How Long Does It Take For The Pacific Debt Relief Program To Begin Resolving Your Debt?
Pacific Debt Relief promises to help you get out of debt quickly and easily. They work with your creditors to negotiate a debt settlement plan, so you can pay off your debt in full. With their program, you can get back on track financially and start fresh.
Typically, they can resolve our clients’ debts within 12 to 36 months. As part of this process, they will work with you to develop a budget and payment plan that suits your unique financial situation. Your creditor may be able to negotiate a lower interest rate or monthly payment if you are having difficulty making payments on your credit card debt.
How Does Pacific Debt Relief Affect Your Credit?
Your credit score can be negatively affected by debt relief. However, you might not be aware of Pacific Debt Relief’s direct impact on your credit score.
The Pacific Debt Relief team will negotiate with your creditors to lower your monthly payments and interest rates when you enroll in a debt relief program. We call this process debt settlement.
You will make monthly payments to your creditors instead of directly to them if your creditors accept their debt settlement offers. They will hold onto these payments to pay your debt until they have accumulated sufficient funds.
Your debt will be reported as “settled” to the credit bureaus once they have paid it off. Your credit score will suffer as a result. Despite this, settling your debts is still a better option than declaring bankruptcy for your credit.
How To Use Pacific Debt Relief’s Website
The Pacific Debt Relief website is an excellent resource for debt relief. Here’s how to make the most of it.
To begin, you’ll want to use the “Calculate Your Savings” This will give you a better idea of how much money you can save.
The next step is to review the “Success Stories” section. Viewing real-life examples of Pacific Debt Relief’s work is a valuable learning experience.
Lastly, read through the “Frequently Asked Questions” section. If you have questions about debt settlement or Pacific Debt Relief, this is the perfect place to ask them.
With these simple steps, you’ll be well on your way to debt relief.
Pacific Debt Relief BBB review
If you’re considering Pacific Debt Relief to help you with your debt, you may wonder about their BBB rating. Here is the lowdown on Pacific Debt Relief’s BBB rating and information regarding their complaints history.
Since 2010, the Better Business Bureau has accredited Pacific Debt Relief and rates them as A+. They have closed three complaints in the last three years and only one in the previous 12 months. Although not a perfect record, it does show that they are generally responsive to complaints filed against them.
Considering using Pacific Debt Relief to help improve your financial situation. Their BBB rating can give you some insight into the company. Take some time to read through their complaints history to understand what they’re like.
Here are some reviews:
Keith F 02/02/2023
Joshua S 02/02/2023
Bailey O 02/02/2023
Is Pacific Debt Relief Legit?
You’re not the only one questioning the legitimacy of this company. Many wonder whether this company can settle millions of dollars in consumer debt each month.
We can tell you that Pacific Debt Relief is a legitimate company that has helped thousands of people overcome debt. Their Better Business Bureau rating is A+, and they have been in business for over 20 years. Their major drawback is that they only serve half of the states nationwide.
Still, Pacific Debt Relief is a legitimate company that can assist you in getting out of debt. As such, Pacific Debt Relief is an excellent choice if you’re looking for a legit debt relief company.
Monevo Review – An Award-Winning Personal Loan Marketplace
Monevo is a personal loan marketplace that helps you find the best rates from various lenders. Based in San Diego, California, Monevo is the largest personal loan marketplace in Europe, offering low rates and quick approval times.
Monevo Loan Fast Facts
The loan amount ranges from $500 to $100,000
The APR ranges from 3.49% to 35.99%
There is no minimum credit score
- Type of loan: Unsecured personal loans with fixed rates
- Repayment terms: 3 months to 7 years
- Direct lender or marketplace: Marketplace
- Turnaround Time: Varies by Lender
- Best For: Those looking for a good deal on a loan
Monevo Pros & Cons
Pros
- Various loan amounts are available
- Online form for quick submission
- Consumers’ credit scores are not negatively affected by Monevo’s online form.
- Their partners are transparent and upfront.
- It was awarded The Sunday Times Tech Track 100 in 2013 for the fastest-growing financial technology business in the UK and The Queen’s Awards for Enterprise in Innovation in 2017.
Cons
- Their network of lending partners is limited.
- You can expect to receive a lot of calls and emails from lenders.
- Underwriting by hand and automatically
Monevo Cost Of Loan
Monevo works with many lenders, so loan costs, interest rates, penalties, and fees can vary. It’s best to communicate directly with your chosen lender to get an accurate estimate of what your loan will cost. Monevo’s lenders generally offer rates between 3.49% and 35.99%, depending on each borrower’s credit history.
Monevo Qualification
Here are the criteria you need to meet to get started:
- You must be at least 18 years old
- A bank account is required
- Citizen or resident of the United States
- A minimum credit score of 450
To apply for Monevo, you must also have access to the following information:
- The amount of your annual income before taxes
- Social security numbers
- The credit score you have
Following these few steps will get you started with Monevo after you have met all the requirements:
- You will need to enter your credit score, loan amount, and loan purpose.
- Enter your social security number, annual income, etc.
- Accept Monevo’s terms and conditions.
- You can submit your form by clicking “Get Your Results.”.
After filling out the form, they will find a suitable partner within their network. You can be approved in one day and receive your funds within seven days if you proceed with the service.
Monevo Reviews And Ratings
The BBB rating of Monevo is A+
Monevo is a Gold Trusted Service Award Winner on Feefo, based on 249 verified reviews. It was awarded a very respectable 4.5 out of 5 stars. The company’s customer reviews are generally positive, with the majority of complaints due to people being unable to contact a lender or being matched with lenders but not finding anything that fits their needs.
Is Monevo Legit? Remember This…
- They will not affect your credit. However, you should expect your lender to eventually perform a credit check, temporarily lowering your credit score. Your credit score will not be affected when you use Monevo to connect with lenders.
- Their partnered lender receives your submitted personal information, which is not a problem. In this case, you should consider applying directly to a lender of your choice if you are concerned.
- They are an online marketplace for personal loans and do not fund loans. You can use it to find and compare lenders and search for a suitable lender.
- You will receive your funds within a short period. Depending on the lender, it could take as little as one business day, but sometimes it can take longer. Within seven days of approval, you will see money in your account.
- A repayment schedule will be provided to you by your lender, along with any additional fees you may have to pay.
- In addition, be sure to keep in touch with your lender whenever you have questions.
- With significant tech partners worldwide, they are based in the UK.
