Evaluations and Appraisals of Liberty First Lending
**Liberty Debt Relief and Liberty First Lending: A Closer Look**
In the realm of financial services, two companies – Liberty Debt Relief and Liberty First Lending – have caught the attention of consumers. Although they share a similar name, it is essential to understand that they offer distinct services.
Liberty Debt Relief, a California-based company founded in 2013, primarily focuses on debt settlement and consolidation for unsecured debt, such as private student loans (not federal ones), but does not handle secured debt like mortgages or vehicle loans.
On the other hand, Liberty First Lending, also known as Reach Financial in some listings and communications, offers personal loans to borrowers.
**Liberty Debt Relief: Debt Settlement Program**
Liberty Debt Relief's debt settlement program aims to reduce the total debt owed on unsecured accounts. The process begins with a free initial evaluation to determine loan eligibility and the appropriate service. The company does not charge upfront fees but takes a percentage of the settled debt as their fee, which can vary by state and the client's individual debt situation.
Clients can expect 24/7 support and an online portal to track progress and communicate directly with debt specialists. However, it is important to note that Liberty Debt Relief does not provide a money-back guarantee or guarantee outcomes of their services. The duration of the settlement program depends on the client's debt and negotiations.
**Potential Risks and Considerations**
As with any debt settlement program, there are risks involved. Since there is no money-back guarantee or assured success, clients may enter into settlements without certainty of better financial outcomes. Fees are charged only after debt settlement, which could mean a significant percentage of the settled amount goes to the company. Debt settlement programs often impact credit scores negatively as accounts may go unpaid while negotiating settlements.
It is also worth noting that Liberty Debt Relief is a legitimate financial services company based in Irvine, California, with a B rating from the Better Business Bureau. However, the overall sentiment on Reddit's r/personalfinance is cautious or critical. Some borrowers report being redirected to debt settlement services instead of receiving a loan, so it's important to confirm exactly what is being offered.
**Liberty First Lending: Personal Loans**
Liberty First Lending, or Reach Financial, offers personal loans to borrowers. Pros of Liberty First Lending include quick prequalification, competitive starting rates for qualified borrowers, loan funding within a day, and customer support available every day of the week. Repayment periods range from 12 to 60 months with fast 48-hour approvals.
However, the company's origination fee is approximately 4.9 percent, and APRs range from 5.99 percent to 29.99 percent. It is not recommended for borrowers who cannot afford further credit score damage or those seeking a straightforward loan experience with guaranteed transparency.
Reviews on Google and BirdEye praise the customer service, but they are hosted on company-managed platforms. The combined total of these reviews is 240, with a rating of 4.9 out of 5 stars. However, Liberty First Lending has a rating of 3.12 out of 5 stars from 89 reviews on the independent platform Trustpilot, with limited data and an unclaimed profile. Some reviews express concerns about aggressive follow-up and lack of rate transparency.
In summary, Liberty Debt Relief's debt settlement program offers debt reduction through negotiation with no upfront fees, but carries the typical risks of debt settlement, including impacts on credit and no guaranteed savings, alongside fees charged as a percentage of debt settled. Liberty First Lending, on the other hand, offers personal loans with quick approval and funding, but with high origination fees and APRs, particularly for lower-credit borrowers. As always, it is crucial to read the fine print before making any financial decisions.
In the context of the article about financial services, Liberty Debt Relief's focus lies in debt settlement and consolidation for unsecured debt, such as personal finance matters involving private student loans. On a different note, Liberty First Lending (Reach Financial) provides personal loans to borrowers, being an option for managing personal finances.
