Did Lendmarc pre-approve you for a loan with a 6.99% interest rate (similar to the one below)? Did you apply and get rejected for the loan, but you got approved for a debt consolidation program (aka debt settlement/debt relief)?
If so, I wrote this article for you.
What is LendMarc?
I went to LendMarc's website, and they said they help you find loans that work for your situation. At the bottom of their website, they have in fine print that they refer you to different companies and are not responsible if they do not qualify or meet their lending criteria. In addition, I found that Lendmarc's website is relatively new, with the first tracking date being April 2024.
Firstly, it's imperative to understand the difference between a debt consolidation loan and a debt consolidation program.
- If you take out a loan, you will have an interest rate, and the funds will go to your bank account.
- If you are entering a program, you will NOT have interest rates, and funds will not go into your bank account. You will set up a special-purpose bank account where you will send funds each month.
Do NOT Do Debt Consolidation If…
Debt consolidation can be a great option, but it's imperative to understand certain things. Also, it can be helpful to compare to credit counseling.
Here's what's helpful to know:
- Your accounts will go behind if those accounts are not already behind. Your credit score could be affected for multiple years.
- Your creditors may sue you for the unpaid debt.
- You may owe taxes on the forgiveness of debt.
- You may get many collection calls from debt collection agencies for any accounts that are behind.
Another option to consider is non-profit credit counseling.
Consider Credit Counseling
With nonprofit credit counseling, your accounts do not go behind, your credit score can go up, and you consolidate all your high-interest credit cards into one payment.
That said, you do have to qualify. Take the free credit counseling qualification estimator to see if that may be a good option.
LendMarc Reviews
I find it helpful to read reviews on any debt relief company before deciding if they would be legitimate and someone I would want to work with. Let's see if there are any reviews online that could help us with our research.
BBB
Unfortunately, on BBB, I was not able to find LendMarc, but I was able to find LendMark. I am not sure if they have any relation. LendMark has a 1.15 out of 5 on BBB, but it has a completely different website as Lendmarc, so I would assume there is not relation.
Google Reviews
I could not find Google reviews for LendMarc (or LendMark for that matter).
TrustPilot Reviews
Similarly to other platforms, on TrustPilot, I found LendMark but not LendMarc. They had a rating of 3.1 out of 5, so better than what was seen on BBB. Again, I'd guess that these are different platforms.
Other Reviews
I was unable to find LendMarc reviews on other platforms.
Conclusion
Many people prefer to try to get a debt consolidation loan before looking at options such as debt management, debt payoff planning, debt settlement or bankruptcy.
If you've searched far and wide for a loan and can qualify, consider taking the free credit counseling qualification estimator to see if nonprofit credit counseling could be a solid option.
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