Beyond Finance Review: High Cost Debt Relief
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- Max. Loan Amount
- $100,000
- APR
- 4.9% to 35.99%
- Min. credit score
Our verdict
This debt settlement firm can help you get out of debt, but its website isn’t very transparent about the process.
Beyond Finance offers debt relief solutions, including debt settlement through what we believe to be a division of Beyond Finance called Accredited Debt Relief. It also offers consolidation loans of up to $100,000 from its affiliates. Fees for its debt settlement program are “usually 25%” — the higher end of average in the industry — and it claims to reduce your debt payments by 40% or more. But debt settlement can hurt your credit, you need to have a fair amount of debt to qualify and the Beyond website isn’t clear about the process. Plus, it appears that consolidation loans are only offered after you’ve been enrolled in a debt settlement program for a while.
Best for: People looking to reduce debts through settlement rather than resorting to bankruptcy.
Pros
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Offers debt settlement plans and consolidation loans
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May reduce debt payments by 40% or more
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No upfront fee
Cons
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Fees on the higher end for the industry
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May not qualify for a loan until already enrolled in a debt plan
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Not transparent about the debt settlement process
Is Beyond Finance legit?
Yes, Beyond Finance is a legitimate debt relief company. It was founded in 2011 and has thousands of positive reviews and multiple accreditations, including an A+ rating with the Better Business Bureau (BBB). To date, it’s helped more than 700,000 clients pay off over $1 billion in debt.
What makes Beyond Finance shine?
Beyond Finance is known for its polite, professional and empathetic customer service representatives. It has numerous contact methods, including a 24/7 live chat service, multiple email addresses designated for specific purposes and extended call center hours — until 9 p.m. on weeknights, plus weekend hours.
Beyond Finance also offers consolidation loans from $1,000 to $100,000, with rates between 4.9% to 35.99% and loan terms up to 84 months. These loans may help you settle your enrolled debt faster and improve your credit score quicker.
But it charges origination fees of 1% to 6%, and requirements for eligibility include being enrolled in the debt settlement program with a history of consistent, on-time deposits.
Where Beyond Finance falls short
We would like to see a little more transparency from Beyond Finance. It promotes itself as a provider of debt consolidation services, but it’s actually a debt settlement firm, similar to many others in the industry. And you have to dig around quite a bit to find out how much it charges and how the process really works.
It also seems to charge fees that are on the high end of average for the industry, at about 25%. Most of its competitors, by contrast, advertise rates between 15% and 25%, although it’s difficult to tell what their exact rates are. Still, you might get a better deal with another debt relief company.
How much can I save?
On average, clients have their debts reduced by about 45%, not including fees, according to the Beyond Finance website. It also states that fees are “usually 25%,” so in reality, you may only save around 20%.
However, there is no guarantee of how much you can actually save. The amount of your enrolled debt, the willingness of creditors to settle and your financial situation all play a role in your ultimate savings.
How much does it cost?
Typically, Beyond Finance charges about 25% of your enrolled debt for its services. For example, if you had $50,000 in enrolled debts, you would owe $12,500 to Beyond.
Some debt settlement companies also charge a setup fee or monthly maintenance charges. Beyond Finance doesn’t disclose if it charges those fees, so be sure to ask since additional fees significantly add to the total cost — especially if it takes a long time to settle your debt.
Will Beyond Finance hurt my credit?
Part of the debt settlement process is to stop paying your creditors, which hurts your credit score. However, how much of an impact it has depends on the type of debts you have and your credit score, to begin with.
For example, if you already have poor credit, the effect may be minimal. Or, if your lender doesn’t report to the credit bureaus, you may also see less of an impact. But if your credit is good and your creditors report to the major credit bureaus, your score could drop by hundreds of points. A non-profit credit counseling agency may be able to help you determine the true impact on your credit before you decide to take this path.
Beyond Finance product details
| Free quote or consultation | Yes |
| Services | Debt settlement and consolidation loans |
| Minimum Debt | $10,000 |
| Average turnaround | 24 to 48 months |
| Fees | 25% of enrolled debts |
| Types of debt | Credit cards, personal loans, private student loans, medical bills, lines of credit, debts in collection. |
| Accreditations | AADR, IAPDA, BBB |
| Direct or third-party negotiations | Direct |
| State availability | Not stated |
Before you sign up with a debt relief company
Debt relief companies typically charge a percentage of a customer’s debt or a monthly program fee for their services. And not all companies are transparent about these costs or drawbacks that can negatively affect your credit score. Depending on the company you work with, you might pay other fees for third-party settlement services or setting up new accounts, which can leave you in a worse situation than when you signed up.
Consider alternatives before signing up with a debt relief company:
- Payment extensions. Companies you owe may be willing to extend your payment due date or put you on a longer payment plan if you ask.
- Nonprofit credit counseling. Look for free debt-management help from nonprofit organizations like the National Foundation for Credit Counseling.
- Debt settlement. If you can manage to pay a portion of the bill, offer the collection agency a one-time payment as a settlement. Collection agencies are often willing to accept a lower payment on your debt to close the account.
Beyond Finance contact info
| Phone number | 800-495-4069 |
| Customer service hours | Live chat: 24/7 Call center hours: Weekdays: 7 a.m. to 9 p.m. CT Weekends: 8:30 a.m. to 5 p.m. CT |
| clientsuccess@beyondfinance.com | |
| X, formerly Twitter | @MoveBeyondDebt |
| Beyond Finance |
How to qualify for Beyond Finance
The requirements to qualify for Beyond Finance are as follows.
- Have eligible debts of at least $10,000
- Debts must be unsecured
- Ability to make regular monthly payments
- Live in a state where Beyond Finance operates
How the debt settlement process works
To get started, you can fill out a short application online or call the company directly. Then, you’ll typically follow these steps.
- Talk to a debt counselor to get a free initial evaluation and estimate.
- Review your options and choose a plan.
- Make monthly payments into a dedicated debt repayment account.
- Allow Beyond Finance to negotiate and pay your debts on your behalf.
How Beyond Finance compares to other debt relief companies
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Beyond Finance reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 4.7 out of 5 stars, based on 8630 customer reviews |
| Trustpilot Score | 4.6 out of 5 stars, based on 7,508 customer reviews. |
| Customer reviews verified as of | 31 October 2024 |
Beyond Finance has thousands of positive reviews on the BBB and Trustpilot, with nearly five stars on both sites. Positive customer reviews point to kind, professional and helpful customer service representatives and highly responsive communications. Many also mention the relief they’ve had by turning over the process to Beyond and avoiding bankruptcy.
Not everyone is thrilled, of course. Certain customers say they were not made fully aware of the program’s negative consequences, and some had trouble getting their money refunded when they dropped out. Others complain of high fees, the company paying itself before settling accounts and the process taking longer than expected.
What do people on Reddit say?
Other Redditors say using Beyond Finance to settle your debts is a terrible idea. Problems include creditors refusing to settle, getting sued and major damage to credit scores. Some posters say you can take the same steps Beyond Finance does without paying fees of up to 25%. Others suggest credit counseling as a better alternative to using a debt settlement firm like Beyond Finance.
Risks of debt settlement
It’s important to be aware of the dangers associated with debt settlement, especially since company representatives may tend to downplay the risks.
- Impact on credit. Your credit score goes down as soon as you stop paying creditors.
- No guarantees on settlement. Creditors may not agree to settle your debts for less than you owe.
- Could get sued. Creditors may decide to take you to court instead of settling.
- Tax implications. When you settle your debt for less than you owe, those savings may be taxed as income.
- Increased debt. Interest and fees typically continue to accrue after you stop making payments, which puts you even further in debt.
- Roadblock to new credit. It could take some time to rebuild your credit score enough to qualify for new financing.
Frequently asked questions
How long does it take Beyond Finance to pay off debt?
The company says it can get you out of debt in 24 to 48 months. But it could potentially take more or less time depending on the amount of your debt, how much you can afford to pay each month and other factors.
Can I quit Beyond Finance?
You can withdraw from your debt settlement program with Beyond Finance, and it will return the remaining balance in your dedicated settlement account minus any fees owed.
Is Accredited Debt Relief and Beyond Finance the same company?
Accredited Debt Relief operates as a division of Beyond Finance, and they both appear to offer the same services.
Your reviews
Lacey Finder
Writer
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