Liberty First Lending Review: Be Wary of Bait & Switch
Liberty First Lending isn't available on Finder right now.
- Max. Loan Amount
- $45,000
- APR
- 5.99% to 29.99%
- Min. credit score
- Not stated
Our verdict
This lender says it offers personal loans, but its primary goal may be to get you into a debt settlement program instead.
Liberty First Lending claims to offer loans for debt consolidation at very competitive rates starting at 5.99% — and you can prequalify with no impact on your credit score. But it charges an origination fee of 4.9%, which you’ll finance along with the amount you borrow. In addition, the company offers debt settlement services where it negotiates with creditors on your behalf. Actual customers who considered the loan offer say the company’s real purpose is to sign you up for debt settlement.
Best for: People with large amounts of high-interest debt who can’t qualify for a consolidation loan and don’t think they can settle their debts on their own.
Pros
-
Consolidation loans up to $45,000
-
Rates starting at 5.99%
-
Prequalify with no impact on credit
Cons
-
Charges a 4.9% origination fee
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May use a loan offer to get you into debt settlement
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Mixed customer reviews
Is Liberty First Lending legit?
If by legit, we are considering if Liberty First Lending is a real company and not a scam, then it is probably legit.
However, its primary means of marketing — based on hundreds of reviews — is sending mailers to consumers stating that they are prequalified for a debt consolidation loan. But, when people call in or apply online, they find out they’re not qualified and are steered toward a debt settlement plan instead. This tactic feels a bit like a bait and switch.
In addition, Liberty First Lending has at least four URLs — lib1st.com, libertyfirstending.com, liberty1stloan.com and libertyfirstlending.squarespace.com — with three different phone numbers between the four. We also found two email addresses for the company, but both came back as undeliverable.
Liberty First might be a legitimate company, but it’s difficult to recommend a lender with questionable marketing practices, multiple websites and email addresses that don’t work.
Where Liberty First Lending falls short
Liberty First Lending isn’t up front about what it’s selling, which seems to be primarily debt settlement services. We talked to four customer service representatives who all say they offer multiple options for consumers to get out of debt — including debt consolidation loans — but wouldn’t go into more detail. They were friendly and courteous but ultimately just wanted you to go through the application process.
Furthermore, when we asked about its loan requirements or how to qualify, the customer service representatives wouldn’t reveal even the most basic criteria. Every question we asked about specifics — such as minimum credit score, income requirements, etc. — was met with some version of: “It depends.”
What makes Liberty First Lending shine?
If you can really get a consolidation loan up to $45,000 with a rate as low as 5.99%, that would be great. The starting interest rate is lower than most personal loan lenders and is far better than credit card rates. If all goes well, this loan offer would be a more efficient and less expensive way to get out of debt.
However, based on reviews and some major red flags, you might be better off going with a lender that’s more transparent about its criteria and has a better reputation.
Liberty First Lending loan details
| Minimum credit score/credit range | Not stated |
| APR | 5.99% to 29.99% |
| Loan amount | $2,500 to $45,000 |
| Terms | Not stated |
| Approval turnaround | As soon as the same day |
| Availability | Not stated |
| Fees | Origination fee of 4.9% |
| Other fees | None stated |
Liberty First Lending contact info
| Phone number | 800-350-1332 |
| Customer service hours | Weekdays, 5 a.m. to 7 p.m. Weekends, 8 a.m. to 5 p.m. |
| info@lib1st.com (not working) | |
| X (formerlyTwitter) | N/A |
| Liberty First Lending |
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How to qualify for Liberty First Lending
Liberty First Lending doesn’t reveal a lot of details about what it takes to qualify. All it says is you must:
- Be at least 18
Be a US citizen or permanent resident
Reside in the US
How to apply
You can apply online or by phone. If you are interested in applying, you might be better off calling to discuss your options before giving them all your information. That way, you can avoid opening yourself up to numerous solicitations if you decide not to use its services.
How Liberty First Lending compares to other lenders
If you decide that Liberty First Lending isn’t a good option for you, consider these other personal loan 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.
Liberty First Lending reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 3.19 out of 5 stars, based on 54 customer reviews |
| Trustpilot Score | 4.8 out of 5 stars, based on 15,656 customer reviews. |
| Customer reviews verified as of | 07 October 2024 |
Liberty First Lending is accredited with the BBB and has an A rating. Positive reviews say the customer service is polite, helpful and professional. Others say the help they received was non-judgemental and that the advantages and disadvantages of debt settlement were clearly communicated. None of the positive reviews mentioned anything about loans.
Complaints on the BBB included comments that it’s a scam or misleading and offers of a loan were just to get you into debt settlement.
This company does not have a page on Trustpilot, but its parent company, Americor, does. Positive reviews were much the same as on the BBB, and all were about debt settlement services instead of loans.
Some negative reviewers complained about the misleading marketing practices when they thought they were prequalifying for a loan. Other dissatisfied customers complained about the high fees associated with debt settlement, the negative impacts to their credit and the lack of communication after signing up.
What do people on Reddit say?
There is nothing about Liberty First Lending on Reddit, but there is talk of Americor. Several people who have used Americor’s debt settlement services say it’s not worth it, the fees are exorbitant and it damages your credit.
The general thread is that while it does reduce your debts to creditors, you’ll end up paying nearly as much in fees to Americor. And your credit score will go down drastically. Unsatisfied customers recommend other users contact a credit counseling company or try to negotiate with creditors directly as less expensive ways to reduce your debts than going with Americor.
Your reviews
Lacey Finder
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