If you need extra money, you should consider getting a personal loan
TriPoint Lending is one of the companies offering personal loans in the country, but is it worth the risk? Is TriPoint Lending a legit company or simply a scam? We will review TriPoint Lending so that you can make an informed decision when you are ready to take a personal loan.
TriPoint Lending started offering its services in 2017 by providing loans for up to $35,000. They claim to fund loans within 24 hours of approval. The interest rate is between 12% and 36%, with no upfront requirement of a minimum credit report score. Anyone can get a loan approved regardless of their credit report score.
The low entry barrier can lead to unexpected surprises later, so it’s better to do your research before choosing TriPoint Lending for a personal loan.
TriPoint Lending Pros and Cons
The biggest benefit of choosing TriPoint Lending is the provision of personal loans. The company offers personal loans that can solve many problems for a homeowner, including home improvement payments, consolidating debt, sudden expenses, etc.
The company has been in the industry for half a decade and has already reached a rating of A+ with the Better Business Bureau (BBB). However, all this visible glory is not how TriPoint Lending works. There are several cons hiding beneath the surface of a “personal loan with low-interest rates.”
The first con of working with TriPoint Lending is the false promotion tactic they use to attract customers. At first, the company sends direct mail to their prospective customers carrying a “personalized reservation code.” They offer low-interest rates of 4-5% to get a person to apply for a personal loan. The offer only stands for a small window, and once a customer gets a loan, they get charged a higher interest rate.
Another con of is the previous accusations of scams. Customers of TriPoint Lending have filed complaints of poor customer service and problems with their personal loans. Consequently, if you are thinking about applying for a personal loan with TriPoint, make sure you understand all the good and bad points.
You can also conduct thorough research to find other better personal loan providers who aren’t accused of scamming in the past. It is also important to look for a company with exceptional customer service; something TriPoint is not willing to provide.
How Does TriPoint Lending Work?
TriPoint Lending uses fake promotional interest rates to lure customers into taking personal loans. Their technique is a classic bait and switch, where a customer applies for a loan with low-interest rates and ends up getting a high-interest rate debt consolidation loan. If you want to avoid this scheme, you should look for a company other than TriPoint Lending.
The initial process to get a personal loan is simple, but it’s all faux. Low rates, easy acceptance, and 24-hour personal loan delivery, everything is part of TriPoint Lending’s bait and switch scheme. Even if a customer gets approved for a loan, they do not get low-interest rates or fees.
In case a customer is unable to pay high-interest rates, TriPoint Lending forces them into defaulting, ruining their credit score. The lure of low-interest rates gets many people into taking out loans with this company, but they end up struggling financially.
If you do not want to be a victim of this scam, you must avoid predatory lenders like TriPoint Lending at all costs. A better idea would be to do research and find a company that offers reasonable interest rates and loan acceptance requirements. There’s no point in ruining your credit score for TriPoint Lending!
How Much Does TriPoint Lending Cost?
The bait and switch scheme leads to a high-interest rate and hidden fees for every customer who takes out a personal loan from TriPoint Lending. A potential customer may think they are applying for a loan with low-interest rates, but the scam keeps them from learning about the actual costs.
Hidden fees associated with a personal loan from TriPoint Lending include an origination fee, prepayment penalty, and late payment fee. These are separate from the interest rates that an unsuspecting customer has to pay.
The high-interest rate is not stable either for the personal loans. TriPoint Lending uses variable rates to keep their customers tied to their company. The rate varies with time, and an average of 21.99% interest rate is expected. It does not mean yours would be the same if you take out a loan from TriPoint Lending; it could be more or less than the average rate.
Who Is TriPoint Lending Affiliated With?
TriPoint Lending is affiliated with many entities in the market, including the following:
- Center for Responsible Lending (CRL): According to CRL, TriPoint Lending is among the worst actors in the lending industry.
- National Consumer Law Center (NCLC): Given the predatory lending practices and scheming ways used by TriPoint Lending, NCLC has sued them.
The CEO of TriPoint Lending has faced as much criticism as the company itself. The former employees have accused the company’s CEO of falsification and fraud.
TriPoint Lending is not worth your time or money. If you conduct thorough research, you can find better lenders with acceptable interest rates, no hidden fees, and good customer service.
TriPoint Lending BBB Reviews
TriPoint Lending BBB rating may be A+, but the company’s business methods are doubtful. Moreover, the BBB reviews left by customers for TriPoint Lending also show their incompetency in solving a personal loan problem for a customer. Is this the kind of company you want to associate with?
Here are some of the BBB reviews for TriPoint Lending:
Complaint Type: Misleading Lender
Status: Unanswered 03/15/2022
I received a pre-qualified letter in the mail about a loan but I decided to ****** them first and that led me here. I find it interesting how the 1 and 2-star reviews are written in detail about what a negative experience they had dealing with Tri-Point, and how misleading it is about receiving what appears to be a check but in reality, it’s a debt consolidation program, but there are many more 5-star reviews with one or two sentence positive reviews, most of which are written in broken English. It almost gives you the idea that people are intentionally misleading people with positive reviews that are not authentic. I think I’ll pass on dealing with Tri-Point.
Complaint Type: Product or Service Issue
Status: Unanswered 05/07/2021
Tripoint Lending, a high-interest loan company, called me at 9:15 pm CT on Thursday, May 6th, 2021 to sell me a high-interest loan stating that I need to know about their new information regarding loan offers due to Covid19. I was almost asleep for the day. The phone call is documented with a time stamp on my phone. I am already on the do not call registry. I have not done business with them. It’s a telemarketing call after 9:00 pm which calls for a fine and enforcement.
Is TriPoint Lending Legit or a Scam?
TriPoint Lending is one of the sharks in the lending business that you must avoid. It is considered a scam by many people, especially those who have associated with them in the past. Previous customers have left negative reviews and complaints pertaining to their misleading ways, harassment, and hidden charges.
Regardless of the tempting interest rates they offer, you should consider the hidden costs, high-interest rates, and bad customer service. We recommend you protect yourself and your money from TriPoint Lending because better lending options are available.
All you have to do is research and find a company with better terms for a personal loan!
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