Lendvia review: is it legit or a scam? What you should know - National Credit Foundation (2023)

You may be wondering why you were selected for a hardship loan. Maybe you need additional financial assistance, or maybe you're just curious about the offer.

After doing some research it appears that Lendvia Financial is a legit company and not a scam. This is despite the fact that they do not have a file with the Better Business Bureau (BBB) ​​or the American Fair Credit Council (AFCC).

Lendvia Summary

Financial Lendviais a company that helps people get loans by connecting them with lenders. They offer debt consolidation and installment loans through their network of lending partners. They advertise their services through LendviaFinancial.com, where people can sign up for them.

They are headquartered in Sherman Oaks, California and their main focus is connecting people with a lender who can get a loan.

Some Key Aspects of Lendvia

This company reaches potential customers through personalized mail offers. You may have received a letter in the mail that was designed specifically for you and went something like this:

ECONOMIC RELIEF FOR AFFECTED FAMILIES.

You have been selected exclusively for a Lendvia Hardship Recovery Loan up to $21,862 with interest rates as low as 4.99%.

This offer piqued our interest, so we decided to investigate whether it was as good as it looked. This is what we learned.

• Interest rate:Your lending partners offer fixed rates between 4.99% APR and 34.99%.
• loan amount: They advertise loans from $5,000 to $100,000.
• approval: Although they can help you choose the right lender for you, they cannot guarantee that you will be approved.
• payment conditions: Generally, they range from 1 year to 5 years.
• your information:Since they are not lenders, when you apply for a loan, you agree to share your information with third-party providers in their network.

What is Lenvia?

Lendviais a loan matching service that connects consumers with lending partners who source debt consolidation loans. They are not lenders themselves, but their "loan coaches" can help borrowers choose between loan options and provide guidance throughout the process.

Lendvia markets itself through its website as a financial wellness company that helps clients get back on track by creating strategies for them. Lendvia has been in business since 2019 and is located at 15303 Ventura Blvd. Suite 1190, Sherman Oaks, CA 91403. He can be reached via[email protected]or by calling 888-699-3080.

Lendvia does not have a Better Business Bureau file or a Trustpilot page where customers can read reviews and testimonials from past experiences with the company.

How does Lenvia work?

Lendvia offers access to unsecured installment loans. This is how Lendvia works:

1. Application process with a "Loan Coach"

You can consult your Loan Coaches, free of charge and without obligation, to help you complete the application process. This process includes providing your personal information, detailing how much debt you owe, sharing your credit score, and letting them know if you are late on any payments.

By submitting your information, you agree that your lending partners may contact you by phone, text or email using any of the contact details you provide now or in the future. This includes any dialing system, pre-recorded voice messages or automatic dialing device.

2. Choose a lender from your network

Once you complete the application process, your information will be sent to Lendvia's loan partners to find you a loan that fits your needs.

3. Review your loan terms

Before signing any documents or starting the loan process, be sure to review your terms, verify your information, and carefully read the fine print. This will help ensure that everything goes smoothly and prevent potential issues in the future.

Lendvia Customer Reviews

Lendviadoesn't have a file with itbest business office(BBB) ​​ou o American Fair Credit Council (AFCC).

Lendvia also has no Google, Trustpilot, or Yelp reviews.

How much does Lendvia charge?

Lendvia does not explicitly disclose how much its services cost.

There is an origination fee associated with obtaining a loan. This fee is a small percentage of the total loan amount and is deducted from the loan amount when you first apply. It covers the costs of creating, administering and maintaining your loan. There are no other hidden fees like application fees, prepayment penalties or annual fees. All terms and fees will be disclosed to you prior to accepting any offer.

What interest rates and terms do you offer?

Lendvia is a lending platform offering fixed interest rates ranging from 4.99% APR to 34.99% APR.

Lendvia offers loans from $5,000 to $100,000 for 1 to 5 years. Customers can use the Lendvia website to apply for a loan and receive a quick decision.

How much money can I save?

Debt consolidation can save you money on interest payments and lower your monthly payment, depending on how much debt you have. Consolidating your debts can be a great way to save money, especially if you have a lot of debt. Even with less debt, you can still benefit from debt consolidation.

How to qualify for Lendvia

usage fee

The credit utilization rate is a key factor in determining a person's credit score. This ratio is calculated by taking the total outstanding balances and dividing them by the credit limits. For example, suppose a person has two credit cards with $1,000 limits and owes $500 on one and $250 on the other; in this case, your credit utilization ratio would be 37.5%.

When considering your financial history, the amount of debt relative to your available borrowing capacity (your "debt utilization ratio") is important to lenders. A low debt utilization ratio suggests that you are good at managing your money and keeping your balance in check. On the other hand, a high ratio indicates that you may have difficulty paying off your debts.

Debt/income ratio

Your DTI is a key factor in your financial well-being. This ratio compares the amount you spend on debt each month to your monthly income. A high DTI means you could live paycheck to paycheck and have trouble covering all your expenses. Keeping up with your debts and having room in your budget for other things is crucial.

income history

In order for your application to be approved, you will need a reliable source of income that can be verified. Ideally, the company would want proof that you've been in paid employment for at least a year or two.

credit score

Lenders often take credit scores into account when making lending decisions. A high FICO score tells lenders that you are a low-risk borrower, which can lead to more favorable loan terms.

Other requirements

To complete the process, you will need to provide additional information. This can include:

• Your photo ID or a color copy, such as your passport, driver's license, or state-issued ID.
• Your two most recent paychecks to prove your income. For self-employed people, the 1040 tax documents for the most recent year will be required.
• Your most recent bank statements.

Does Lendvia affect my credit score?

Different lenders have different ways of assessing a borrower's creditworthiness. Still, most will look at the three major credit reporting agencies: TransUnion, Experian, and Equifax, as well as other sources of consumer information.

Lendviaoffers loans without affecting your credit score. However, some lenders can affect your credit when you apply with them, which can affect your FICO score.

Lendvia BBB Rating

you are looking for theLendvia BBB Rating? Unfortunately, Lendvia does not have a Better Business Bureau (BBB) ​​rating.

The BBB is an independent organization that ranks companies for trustworthiness and trustworthiness. A business must meet specific criteria to receive a BBB rating, including being in business for at least one year and having no unresolved customer issues or complaints. While Lendvia may meet these criteria, it has yet to apply for BBB accreditation and therefore does not have a rating.

How does Lendvia use my personal information?

Lendvia connects borrowers with a network of lenders to find the best fit for their needs. Customers must consent to the sharing of their personal and contact information with these lenders in order to use Lendvia's services.

Once you consent, you may receive calls, emails or text messages from different companies in your network of lenders, with an option to unsubscribe if you wish.

Do I have to close my credit cards?

Lendvia Financial requires you to close some of your credit cards. You can decide which debts you want to pay off and close and which cards you may need for day-to-day expenses.

Is Lendvia legit?

Is Lendvia legit?DespiteLendviafinancial.comappears to be a legit business, we haven't found many reviews or accreditations certifying their business practices. This makes it difficult to get a complete picture of the company.

We always recommend that our customers do their research and read reviews before making any decisions. Being informed gives you confidence that you will make the best possible decision for your specific situation.

Thanks for reading!