Symple Lending Review: Not Transparent & Hidden Fees
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- Max. Loan Amount
- $100,000
- APR
- 5.95% to 35.99%
- Min. credit score
- Accepts all credit types
Our verdict
Symple Lending is not a bank or direct lender and may specialize more in debt settlement options than personal loans.
Symple Lending isn’t transparent about what it does or what services it offers to consumers. From its website, it appears to be a company that offers four different loan products: personal loans, debt consolidation loans, home improvement loans and business loans. But when you read its terms of service and consumer reviews, a different story emerges.
“Symple Lending is a Software-as-a-Service based technology and marketing company. Symple Lending engages with customers to help them submit consumer loan requests via the Symple Lending technology.” These statements are taken directly from its terms and conditions webpage. However, reviewers complain that when they responded to loan solicitations, they were instead strongly encouraged to get into a debt settlement program instead. So, it may help consumers get loans, and it may offer debt relief solutions, but it’s not transparent about either option.
Pros
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Interest rates as low as 5.95%
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Funding possible within 24 to 48 hours
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Loan amounts up to $100,000
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Loan terms up to 15 years
Cons
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Not transparent about services
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Does not disclose fees
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Many bad reviews on BBB and Trustpilot
Where Symple Lending Falls Short
The bottom line is it’s difficult to trust a company that’s not transparent about what products and services it offers or the fees it charges. If Symple Lending works mostly with debt settlement partners, why not just be upfront about that? This company may not officially fall under the label of “scam,” but some of its business practices seem a little shady, and some might even consider them predatory.
What makes Symple Lending shine?
If Symple Lending does in fact help consumers find personal or other types of loans, we are excited about the low starting interest rate of 5.95%, which is more competitive than many other loan products. It also advertises bigger loans than much of the competition, with loan amounts as high as $100,000.
Symple Lending loan details
Here are the details Symple Lending has disclosed about its loan products. Use the calculator to compare monthly loan payments based on loan amount, interest rate and loan term.
| Minimum credit score/credit range | Accepts all credit types |
| APR | 5.95% to 35.99% |
| Loan amounts | $5,000 to $100,000 |
| Terms | 61 days to 180 months |
| Approval turnaround | 24 to 48 hours |
| Availability | Available in all states |
| Fees | Undisclosed |
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How to qualify for Symple Lending
Symple Lending has similar requirements to other loan applications and says it may request some or all of the following information:
- Contact info such as name, address, email and phone number
- Social Security number and photo ID
- Employment status, employer name and income
- Educational experience
All applicants must be at least 18 years old.
How to apply
If you received a mailing from Symple Lending, you can call the number provided or visit the website and start the application process there. Others can go directly to mysympleloan.com or simplelending.com — different websites but the same company.
You’ll fill out a small form with name, address, email and phone number, and someone will call you back in “2 to 3 minutes!” If it’s after business hours, you’ll get a text asking for a good time to call you back during business hours.
How Symple Lending compares to other lenders
Narrow down Symple Lending’s rates, terms and features compared to other popular personal loan providers.
Symple Lending reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 3.29 out of 5 stars, based on 112 customer reviews |
| Trustpilot Score | 4.9 out of 5 stars, based on 2,773 customer reviews. |
| Customer reviews verified as of | 01 June 2024 |
Many of the positive reviews were vague and short and seemed like a bot or an employee could have written them. The good reviews that sounded authentic almost all dealt with using Symple Lending — or a partner firm, that wasn’t clear — for debt management, not personal loans or even debt consolidation loans.
Frankly, it’s surprising that this lender seems to have such high marks when you consider the large number of extremely detailed negative reviews. While there are some criticisms about poor customer service, rude employees and general phone issues, the main volume of complaints state that this company employs a bait-and-switch tactic to get you into a debt management program.
Specifically, reviewers say they received a mailing from Symple Lending that they had been preapproved for a loan, along with one of those gimmicky fake checks. But when people called the company to inquire about the loan — and after giving out their personal information, including their Social Security number — they seemed to be almost invariably and fairly aggressively steered toward a debt management program instead of a loan.
Is Symple Lending legit?
Well, this is a tough question to answer. Based on its reviews and BBB accreditation, it is a “real” company, but it also appears to use some less-than-above-board tactics to get customers to join a debt relief program. It’s also not clear about explaining the difference between debt settlement and a debt consolidation loan, based on the confusion expressed by some reviewers.
In addition, under “loan eligibility service” on its terms and conditions page, it says it shares your personal information with Moneva Inc., a loan services company. Like Symple Lending, Moneva Inc. is also BBB-accredited and has an A+ rating, but it only has a score of one star out of five based on three reviews. It also has complaints on BBB and Trustpilot about consumers receiving a lot of spam from this company and some reviewers who believe their identity may have been compromised.
Your reviews
Lacey Finder
Writer
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