Money Ladder Summary
Money Ladder is a company that provides debt resolution services. They have a website, moneyladder.com, where they promote their services.
Recently, Money Ladder has received a lot of attention. As a result, we decided to take a closer look at the company and find out more about them.
We did some digging and found some interesting facts in their website. Here’s what we found:
- Before fees, people can save around 46% on their total debt. Savings are closer to 20% when fees are included.
- The interest rate ranges from 4.95% to 35.99%
- Term lengths range from 12 to 60 months and loans range from $5000 to $50000
- There are some debts that cannot be enrolled. There may be some restrictions.
- It is not guaranteed that you will be debt-free within a certain amount of time or that you will reduce your debts by a specific amount or percentage.
- There are some states where this service is not available.
There is no obligation for creditors to negotiate debt resolution with third parties. There may be certain circumstances under which creditors are willing to do so, such as a charge-off.
What is Money Ladder?
Your debt settlement needs will be handled by one of Money Ladder’s trusted partner companies. With 16 years of experience, they might be able to match you with the right debt relief company.
Money Ladder also advertises personal loans on their mailers, but these loans will be arranged through independent third-party lenders.
The business is accredited by the BBB with an A+ rating. There have been no reviews or complaints since it was accredited on 5/19/2022. You can reach them at (888) 585-8492, located at 5716 Folsom Blvd #407.
How does Money Ladder work?
The Debt Relief Ladder is a program that pairs you with debt relief companies. These companies work by negotiating with creditors to get them to lower the amount of debt you owe. This usually works for unsecured debts, like credit cards. But not all types of debt can be enrolled in the program, and not every client can finish it for different reasons – like not being able to save up enough funds.
This company cannot make any guarantees about how much your debt will be lowered, or how long it will take you to become debt-free.
Their debt resolution program requires no upfront fees. You only begin making payments once your creditors have been successfully negotiated with and your overall debt has been lowered. On average, clients who stay with the program and have all their debt settled save 20% including fees or 46% before fees.
How to qualify for Money Ladder?
There are many options available to help those struggling with credit card debt. One such option is a debt relief program. With this program, monthly payments are made into a settlement fund which is then used to pay off 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
They have an A+ rating from the BBB and are accredited by them as well. There are no reviews or complaints against them on their BBB account. In spite of this, we did find some Trustpilot reviews, where they are verified and have a 3.8 rating.
What services does Money Ladder offer?
Money Ladder offers Financial Literacy and Life Success Programs to assist you in achieving financial success. A variety of topics are covered, including budgeting, saving, investing, credit management, and debt management.
How do you pay back Money Ladder?
You can expect to pay an average of 26% in fees if you are able to stay in the program and settle all of your debts.
Money Ladder can get rid of unsecured debt, like credit cards or personal loans. But it can’t help with secured debts like mortgages or auto loans.
Debt negotiation can be a helpful tool to get out of debt, but you still need to be careful with your spending and make sure you don’t accumulate new debt. However, settling your debt could save you money and help you become debt-free more quickly, especially if you have multiple high-interest credit card debts.
What is the minimum credit score for a Money Ladder loan?
A credit check is performed by Money Ladder to determine whether you are eligible for a loan. However, a minimum credit score is not required.
How does Money Ladder affect your credit?
In order to determine which offers you may qualify for, they may perform a soft credit check. A similar process is used by other financial companies before making their first offer. A soft inquiry will not affect your credit score.
There are some things you need to know about how settling debts affect your credit score. A simple settlement will not automatically remove an account from your credit report. The original date of delinquency will appear on your credit report for seven years if you have been late on payments.
As for positive accounts without late payments, they will be removed seven years after settlement. It is important to keep in mind that the information provided here is merely an overview. Professional advice is always helpful when you have specific questions about your situation.
How to cancel Money Ladder?
It might be a good idea to consider a debt settlement contract if you find yourself in debt. Nevertheless, you should know that once you’ve signed these contracts, you may have difficulty escaping them. The contract may be easier to cancel if no payments have been made yet. Unfortunately, you will likely be unable to recover your money if you have already transferred funds to the company.
Your bank should also be notified that you are terminating any agreement allowing debt settlement companies to draft fees directly from your account. To avoid unwanted or unauthorized charges, you should do this as soon as possible.
Is Money Ladder Legit or a Scam?
Money Ladder may sound like a great solution for your debt, but you may be wondering if it is legitimate. There is nothing illegal about Money Ladder. In spite of this, moneyladder.com has received mixed reviews online. Money Ladder has received positive reviews from some clients, while others have had difficulty working with the company.
Before choosing Money Ladder to help you resolve your debt, it’s important to do your research and understand all the options available to you. Read multiple reviews before making a decision.
Do you have any experience with Money Ladder? Please share your experience in the comments!
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