Level Financing Review: Not a True Personal Loan Lender
Level Financing isn't available on Finder right now.
- Max. Loan Amount
- $50,000
- APR
- 15% to 22.9%
- Min. credit score
- 670
Our verdict
Level Financing portrays itself as a personal loan lender, but it seems to be more of a debt settlement company.
The Level Financing website appears to offer personal loans between $500 and $50,000 with APRs ranging from 15% to 22.9% and loan terms of two to five years. But, the fine print on its website says that Level Financing is not a loan broker or a lender. It also states, “This is an educational and informational research site only.” That sounds a lot like you can’t get a traditional loan through this company. Additionally, we can’t find any reviews for Level Financing loans. There are, however, reviews and complaints for Level Debt, a debt settlement company that resides at the same address — down to the suite number — as Level Financing.
Best for: People with a large amount of credit card debt who can’t make their monthly payments and are willing to sacrifice their credit scores — at least temporarily — to settle their debts for less than they owe.
Pros
-
Offers debt settlement services
-
May offer a consolidation loan as part of its service
Cons
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Pretends to be a personal loan lender
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Buries disclaimers in the fine print
Is Level Financing legit?
Although Level Debt — aka Level Financing — is a BBB-accredited business with an A+ rating, it’s hard to say whether it’s a legitimate business. It appears to be a debt settlement company, but it also seems to use some less-than-honest marketing techniques to gain clients. Pretending to offer personal loans to drum up business feels a little like a scam or at least dishonest. If you need a debt settlement company, you’re probably better off going with one that is more up front about exactly what it does — and what it can’t do.
Where does Level Financing fall short
It seems like Level Financing doesn’t actually offer traditional personal loans. Instead, the Level Financing website appears to draw in people looking for personal loans and then tries to get them to sign up for debt settlement services. The real company is Level Debt, but it takes a fair amount of digging to find this out.
There’s also a “Level Lending” at the same physical address that says it offers personal loans up to $15,000 and has an eerily similar website. It seems possible that Level has other deceptive websites where the real purpose is to attract new customers. After all, many personal loan borrowers use the loan proceeds to consolidate debt, making them a potentially suitable audience to pitch debt settlement services to.
What makes Level Financing shine?
Level Debt advertises a “hybrid debt consolidation-settlement loan,” which it promotes as a combination of a debt settlement plan and a consolidation loan. It’s possible this is a better solution than straight debt settlement, but it’s hard to tell.
Level Debt is mostly transparent about how the debt settlement process works — you stop making payments, accrue interest and late fees and authorize Level Debt to negotiate with creditors on your behalf to settle for less than you owe.
But it minimizes the negative impact on your credit score that debt settlement inevitably has. It’s also not quite as up front as it could be that debt settlement doesn’t always work, creditors won’t always agree to reduce your debts and you have the very real possibility of being sued. For these reasons, we cannot recommend using this company if you’re in financial trouble.
Level Financing details (as stated on its “educational” website)
| Minimum credit score/credit range | 670 (for loans of $10,000+) |
| APR | 15% to 22.9% |
| Loan amounts | $500 to $50,000 |
| Terms | 2 to 5 years |
| Approval turnaround | As soon as the same day |
| Availability | Not specified |
| Fees | Origination fees of 0.5% to 5% |
| Other fees | Undisclosed |
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How to qualify for Level Financing
Qualifications for Level Financing personal loans don’t exist since it is not a lender. On its website, Level Financing says that after you complete an application, a specialist will contact you. At this point in the process is when some debt settlement companies may try to persuade those looking for a personal loan to consolidate debt to consider debt settlement instead.
How Level Financing compares to other lenders
Level Debt reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 4.29 out of 5 stars, based on 41 customer reviews |
| Trustpilot Score | 4 out of 5 stars, based on 10 customer reviews. |
| Customer reviews verified as of | 03 August 2024 |
There were no reviews or complaints for Level Financing specifically, but Level Debt has 41 customer reviews on the Better Business Bureau. Positive reviews state that the company was instrumental in helping them negotiate and settle their credit card debts.
Customer complaints include accusations of deceptive marketing practices and fees that were not disclosed up front. Others mention that the true negative impact on credit scores was also not explained.
Trustpilot has only 10 reviews of Level Debt, all of which are positive except one. The one negative review says the company didn’t help them at all, they still owe the same amount and now they’re filing for bankruptcy. Positive reviews included comments about good customer service and professional and knowledgeable staff.
Your reviews
Lacey Finder
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