If you’re in need of a loan, it’s important to do your due diligence before signing on with any lender. In particular, you should take a close look at a lender’s Better Business Bureau (BBB) rating and reviews to get a sense of how trustworthy and reliable they are. In this blog post, we’ll be focusing on Lendvia Financial and their BBB ratings and reviews.
- BBB A+ Rating & Accredited
- $1 Billion Million Debt Resolved
- $10,000 Minimum Debt
Lendvia Financial is a lender that offers personal loans, business loans, and lines of credit. They claim to offer fast and easy approval, application process and funding, with no collateral required. However, as with any lender, it’s important to look beyond their marketing claims and see what their BBB profile and customer reviews have to say.
Overview of Lendvia Financial
Lendvia Financial offers personal loans ranging from $1,000 to $35,000, business loans ranging from $10,000 to $500,000. According to their website, they offer competitive rates, no prepayment penalties, and flexible repayment terms.
To apply for a loan with Lendvia Financial, you must be at least 18 years old, have a valid checking account, and provide proof of income. They do not require collateral for their installment loans either.
What is BBB?
The Better Business Bureau, or BBB, is a non-profit organization that serves as a mediator between consumers and businesses. They provide ratings and reviews of businesses based on factors such as customer complaints, industry standards, and transparency.
Businesses can choose whether or not to be accredited by the BBB, which involves paying a fee and meeting certain standards for ethical business practices. Accredited businesses are given a rating of A+ to F based on their BBB profile and financial history.
Lendvia Financial BBB Ratings and Reviews
Lendvia Financial is accredited by the BBB and has a rating of A+. However, their customer reviews on the BBB website are less than stellar. They currently have 11 customer reviews, with an average rating of 1.9 out of 5 stars.
Common complaints against Lendvia Financial include high interest rates, hidden fees, poor customer service, and difficulty getting in touch with the company. Some customers have also reported that Lendvia Financial made unauthorized withdrawals from their bank accounts.
It’s worth noting that Lendvia Financial has resolved most of the complaints filed against them on the BBB website. However, the fact that they have received so many complaints in the first place is cause for concern.
Factors to Consider Before Applying for a Loan with Lendvia Financial
Before applying for a loan with Lendvia Financial, it’s important to carefully consider the following factors:
Interest rates and fees: Lendvia Financial’s interest rates vary depending on the type of loan and your creditworthiness. However, some customers have reported that their interest rates were much higher than they were led to believe. Additionally, Lendvia Financial has been criticized for charging hidden fees, such as application fees and origination fees advertise loans.
Loan terms: Lendvia Financial offers various loan products with flexible repayment terms, but it’s important to make sure that the terms work for your budget and financial situation.
Customer service: As mentioned earlier in user review, many customers have reported poor customer service from lending partners of Lendvia Financial. Make sure to read customer reviews and consider how important good customer service is to you before deciding to work with this lender.
Steps to Take if You Have a Complaint Against Lendvia Financial
If you have a complaint against Lendvia Financial, there are several steps you can take to try to resolve the issue:
Contacting Lendvia Financial customer service: Start the loan process by reaching out to Lendvia Financial’s customer service team to see if they can resolve the issue. Make sure to keep a record of all communication and follow up regularly.
Filing a complaint with BBB: If you can’t resolve the issue with Lendvia Financial directly, consider filing a complaint with the BBB. This can help bring attention to the issue and potentially lead to a resolution.
Alternatives to Lendvia Financial
If you’re not comfortable working with Lendvia Financial, there are several other lenders with better BBB ratings and customer reviews. Some loan options you to consider include:
- SoFi: Offers personal loans with competitive rates and no fees. They have an A+ rating from the BBB and positive customer reviews.
- LightStream: Offers personal loans and auto loans with low rates and no fees. They have an A+ rating from the BBB and positive customer reviews.
- Discover: Offers personal loans with fixed rates and no fees. They have an A+ rating from the BBB and positive customer reviews.
Conclusion
When considering a loan from Lendvia Financial, it’s important to take a close look at their BBB ratings and customer reviews. While they are accredited by the BBB and have an A+ rating, their customer reviews suggest that their service may not live up to their marketing claims. Before deciding to work with Lendvia Financial, make sure to carefully consider factors such as interest rates, fees, loan terms, and customer service. If you do decide to work with them and have a complaint, be sure to take steps to try to resolve the issue directly with the company or through the BBB. And if you’re not comfortable working with Lendvia Financial, there are plenty of other lenders with better BBB ratings and customer reviews to consider.
Frequently Asked Questions
What is Lendvia Financial?
Lendvia Financial is a financial services company that offers personal loans, and debt consolidation loans, credit repair, and other financial products.
Is Lendvia Financial BBB accredited?
Yes, Lendvia Financial is BBB accredited with an A+ rating.
What are some common complaints about Lendvia Financial?
Some common complaints about Lendvia Financial include high-interest rates, hidden fees, and difficulty in accessing customer service.
How can I check Lendvia Financial BBB reviews and complaints?
You can visit the BBB website and search for Lendvia Financial to see their reviews and complaints about right lender.
What is the average rating for Lendvia Financial on BBB?
Lendvia Financial has an average rating of 4.7 out of 5 stars on BBB.
How does Lendvia Financial address customer complaints?
Lendvia Financial has a dedicated customer service team that works to address customer complaints promptly and find a resolution.
Are there any trends in Lendvia Financial BBB complaints?
Some trends in Lendvia Financial BBB complaints include issues with loan approvals monthly payments, payment, and disbursement, as well as communication with customer service.
What should I do if I have a complaint about Lendvia Financial?
If you have a complaint about Lendvia Financial, you should first contact their customer service team to try to resolve the issue. If you are still unsatisfied, you can file a complaint with BBB.
Is Lendvia Financial a reputable company?
Lendvia Financial has an A+ rating on BBB and generally positive customer reviews, indicating that it is a reputable company.
Should I read Lendvia Financial BBB reviews before using their services?
Yes, it is always a good idea to read reviews and complaints before using credit cards from a financial services company to ensure you are making an informed decision about how much debt due.
Glossary
- Lendvia Financial: A financial institution that provides loans to individuals and businesses.
- BBB: Better Business Bureau, a non-profit organization that focuses on advancing marketplace trust.
- Reviews: A written or spoken evaluation of a product, service, or company.
- Complaints: An expression of dissatisfaction or criticism about a product, service, or company.
- Interest rate: The cost of borrowing money from a lender, expressed as a percentage.
- APR: Annual Percentage Rate, the interest rate charged on a loan over a year.
- Loan terms: The conditions and requirements of a loan, such as repayment schedule and interest rate.
- Collateral: Property or assets pledged as security for a loan.
- Credit score: A numerical representation of an individual’s creditworthiness based on their credit history.
- Origination fee: A fee charged by lenders for processing a loan application.
- Late payment fee: A fee charged for not making a loan payment by the due date.
- Prepayment penalty: A fee charged for paying off a loan before the end of the loan term.
- Loan amount: The total amount of money borrowed from a lender.
- Loan application: A formal request made by an individual or business to a lender for a loan.
- Loan approval: The process by which a lender determines whether or not to grant a loan to an applicant.
- Loan disbursement: The process by which a lender distributes the loan amount to the borrower.
- Loan repayment: The process by which a borrower pays back the loan amount to the lender.
- Loan default: The failure to make loan payments according to the loan terms.
- Loan refinancing: The process of replacing an existing loan with a new loan that has different terms and conditions.
- Loan consolidation: The process of combining multiple loans into a single loan with a lower interest rate and/or longer repayment term.
- Unsecured installment loans: Unsecured installment loans are loans that are not backed by collateral and are repaid over a set period of time, typically in equal monthly installments.
- Originate debt consolidation loans: This text refers to the creation of loans that are used to consolidate multiple debts into one manageable payment.
- Debt consolidation loan: A loan that allows individuals to combine multiple debts into one payment, typically with a lower interest rate and extended repayment period.
- Debt consolidation companies: Companies that offer services to combine multiple debts into one payment with the goal of simplifying the repayment process and potentially lowering interest rates.
