Lendvia Financial Review: High Max, Unproven Lender
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- Max. Loan Amount
- $100,000
- APR
- 6.99% to 35.99%
- Min. credit score
- Not disclosed
Our verdict
A new lender with broad loan offerings, but customers should carefully assess its trustworthiness.
While Lendvia offers loans to borrowers with a wide range of credit scores and boasts competitive APRs, its lack of transparency, inconsistent loan details and legal issues with its parent company raise concerns. Many borrowers report confusion between loans and debt relief programs, making it essential for potential customers to proceed with caution and thoroughly review terms before accepting any offers.
Best for: Individuals looking for debt relief who are comfortable with nontraditional lenders.
Pros
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High maximum loan amount of $100,000
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Works with borrowers of all credit types
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APRs start at a competitive 6.99%
Cons
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New lender with unproven track record
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Bad reviews claiming lender isn’t trustworthy
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Charges a loan origination fee (amount not disclosed)
Is Lendvia legit?
It’s hard to gauge if Lendvia is a trustworthy lender. The company protects customer data using industry-standard 256-bit encryption and doesn’t sell your information to unaffiliated third parties, which is a positive sign.
It has many positive reviews on Trustpilot and the Better Business Bureau (BBB). However, other reviews claim that Lendvia agents try to enroll customers in debt relief services instead of providing a loan.
There’s also an issue with Lendvia’s parent company. Lendvia is a dba of Range View Management LLC, which has been sued several times in the past year. There are additional lawsuits filed against its affiliates Better Debt Solutions LLC and Better Tax Relief LLC. Potential borrowers should proceed with caution.
Where Lendvia falls short
Lendvia’s biggest drawback is its lack of transparency. It claims to be a lender, but many customers report that employees advise them to stop paying their credit card bills and enroll in a debt relief program with Lendvia instead. This approach is not the same as taking out a debt consolidation loan.
There are also some consistency issues on the Lendvia website. In one place, it states that loan amounts range from $1,000 to $50,000, but in others, the range is $5,000 to $100,000. This inconsistency creates confusion and undermines trust, raising concerns about the reliability of the services being advertised. If you’re looking for a top personal loan lender, you may want to look elsewhere.
In addition to the issues mentioned above, Lendvia also charges a loan origination fee on all loans, but potential amounts are not disclosed on the company website. Its services are not available in all 50 states.
What makes Lendvia shine?
If you take the information provided on the Lendvia website at face value, its loan offerings seem appealing. The company offers loans in large and small amounts with APRs ranging from a competitive 6.99% up to 35.99%. Borrowers with low credit scores are invited to apply and have up to five years to pay off loans if they qualify.
Lendvia loan details
| Minimum credit score/credit range | Not disclosed, but claims to work with borrowers of all credit types |
| APR | 6.99% to 35.99% |
| Loan amounts | $5,000 to $100,000 |
| Terms | 3 to 5 years |
| Turnaround time | Varies – as little as one business day |
| Fees | Charges a loan origination fee No prepayment fees |
| Availability | Available in: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Montana, New Mexico, New York, Oklahoma, South Carolina, South Dakota, Utah, Vermont, Virginia, Washington, Wisconsin, Wyoming |
Lendvia contact information
| Phone number | 800-216-5799 |
| Customer service hours | Weekdays, 7 a.m. to 7 p.m. Saturdays, 8 a.m. to 4 p.m. |
| success@lendvia.com | |
| X (formerlyTwitter) | @LendViaOfficial |
| @LendViaOfficial |
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How to qualify for Lendvia
The minimum requirements needed to qualify for a personal loan through Lendvia include:
- 18 years of age or older
- Valid Social Security number
- Valid checking account in your name
Lendvia doesn’t specify any credit requirements, but the company claims to take a holistic approach to evaluating borrowers’ credit. It considers education and employment in addition to credit history when making a loan decision.
How to apply
Want to apply for a loan through Lendvia? Here’s what you need to do:
- Provide initial information. Go to the Lendvia website, select “explore your options,” then provide the loan amount desired, the loan’s purpose, plus your name, address and phone number. This step does not affect your credit score.
- Talk with a customer service agent. Lendvia reviews your application and has a “loan coach” reach out to discuss your financial goals and loan options.
- Complete the application. If you decide to move forward with a loan from Lendvia, you’ll need to complete the application, which requires a hard credit inquiry.
- Receive a loan decision. Once Lendvia has received your application, it decides whether to approve the loan. If your loan is approved, you could receive your funds in as little as one business day.
How Lendvia compares to other lenders
What is the Finder Score?
The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
Lendvia reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 2.48 out of 5 stars, based on 33 customer reviews |
| Trustpilot Score | 4.3 out of 5 stars, based on 37 customer reviews. |
| Customer reviews verified as of | 11 October 2024 |
Reviews on the Better Business Bureau are split — customers either love the company or hate it. Those who sing its praises mention customer service agents being patient and helpful while walking them through the application process. They also comment on the straightforward application and how the loan helped them manage their debt.
Detractors are not so kind. They repeatedly call the company a scam and accuse it of pulling a bait-and-switch by advertising loans but offering debt consolidation services instead. One-star reviews also mention that customer service agents advise them to stop paying their credit cards so that the company can negotiate a settlement for them.
Reviews on Trustpilot are similar. While the company has a high rating, it’s due to all the five-star ratings it received between August 7 and August 9, 2024. Until that time, all the reviews had been one-star.
What do people on Reddit say?
Frequently asked questions
What types of loans does Lendvia offer?
While most past customers mention debt consolidation, Lendvia also offers personal loans that can be used for home improvements, travel, medical expenses, education and more.
Can I pay off my Lendvia loan early?
Yes, you can pay off your Lendvia loan early without incurring any prepayment fees.
Your reviews
Christi Finder
Contributor
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