Accelerate Financial and Accelerated Debt Solutions Reviews: 4 Things to Know

Have you gotten a mailer for Accelerate Financial offering a 5.99% interest rate loan? 

Or have you gotten a call from Accelerated Debt Solutions? In this article, we'll look into both companies, the services they offer, along with any reviews. 

Source: AccelerateFinancial.com

According to their website, Accelerate Financial offers various loan options, including:

They claim to offer the best loans, with rates starting as low as 5.99%.

If you read the find print, it looks like their loans can range anywhere from 5.99% to 29.99%, which is a pretty wide window.

I could not find any reviews associated with Accelerate Financial on Google, TrustPilot, or Better Business Bureau. 

The only reviews that seem to be available are on their website's homepage, but there's no way to know how credible they are or when they were from.

After doing some digging, we believe that Accelerate Financial may be associated with a company called Accelerated Debt Solutions. 

While they're relatively vague elsewhere on their site, under 'Program Benefits' they do directly mention offering a debt consolidation program. 

And based on this plan comparison table, it sounds like the debt consolidation program may actually just be a debt settlement program.

Debt settlement is a process where a third party (in this case, Accelerate Financial) would negotiate with your creditors to reduce the total debt amount you owe. The goal is to lower your debt - for example, reducing a $20,000 balance to $10,000 - to help provide financial relief.

To start, you'll be advised by the debt settlement company to stop making payments to your creditors immediately. Instead of paying your creditors directly, you would set up a separate savings account, and make monthly deposits. The amount you contribute monthly would depend on the total debt amount you owe, along with the agreement you establish with the debt settlement company.

Your accounts will become delinquent as you stop making payments to your creditors, leading to late fees and additional interest charges. Once you fall significantly behind, creditors may be more open to negotiating a reduced payoff amount - especially if they believe you might be considering bankruptcy, which could ultimately result in them receiving nothing.

The debt settlement company will then negotiate with your creditors on your behalf. Once they reach an agreement on a reduced balance, and you approve the settlement, you’ll make the agreed-upon payment to resolve the debt.

However, many companies are not as transparent about these details with their customers, which leads them to feel misled. 

Debt settlement companies earn their money by charging their clients a percentage of the debt they successfully reduce - otherwise known as a fee. Let's say you owe a creditor $20,000 and the company negotiates it down to $10,000 - technically that means you would save $10,000. However, the debt settlement company will typically charge a fee ranging from 10% to 25% of that forgiven amount. This means you could owe them between $1,000 and $2,500 in addition to the $10,000 you still need to pay your creditor. While you would still save at least $7,500-$9,000 overall, the fees reduce the total savings you receive.

While we couldn't find any reviews for Accelerated Debt Solutions on BBB, Google, or TrustPilot, this Reddit post warns about Accelerated Debt Solutions; claiming deceptive practices, particularly towards the elderly. 

Multiple users share how their elderly family members and friends have been targeted by the company and were convinced to sign contracts online. Similar complaints mention that personal information was already known by the company.

Additionally, on justanswer.com, a different customer describes feeling scammed by a company called Accelerated Debt Settlement Inc., which contacted them offering to help reduce credit card bills. The company knew their personal details, like their Social Security number, along with their debts. Despite high fees, they convinced the customer to sign a contract online. Attempts to contact the company afterward failed, which raised further suspicions. The customer is now seeking help, feeling embarrassed and upset about the situation. 

In the image above, an address for "Accelerated Debt Settlement Inc." is mentioned. While we couldn't find a website for that specific company, we noticed that both Accelerate Financial and Accelerated Debt Solutions share the same physical address, just with a different suite number.

This raises questions about a potential connection between the two companies.

In addition, it looks as if WayBackMachine shows that both company's websites seemed to originate sometime in 2024, with Accelerate Financial's website starting in February 2024 while Accelerated Debt Solutions starting around July 2024.

While the company's do have separate LLCs according to their websites (Accelerate Financial, LLC and Accelerated Debt Settlement, Inc), I do wonder whether these companies work together given the above similarities.

If you're looking for a debt consolidation loan, you're welcome to try our free debt consolidation loan calculator below to explore your options - no personal information is required unless you choose to share it!

With this calculator, you'll see three different loan options and get an estimated cost for alternative debt relief solutions, such as non-profit credit counseling, which can help lower interest rates through an agency.

Have you heard of non-profit counseling? This option can be especially helpful if you don't qualify for a debt consolidation loan. Non-profit counseling is a free or low-cost option where you're paired with a credit counselor to help you understand your debt and create a plan to help you lower your payments and interest rates. (This is one of the options mentioned in the calculator above as well.) 

Check out this video for more details:

While, I can't find a ton about Accelerate Financial, it's possible that they may be associated with a company called Accelerated Debt Solutions, which seems to have interesting marketing practices based on a few posts we could find on Reddit and justanswer.com. 

Debt settlement can reduce your overall debt burden, making it a more affordable option than your current obligations. However, as a debt relief method, it comes with both advantages and drawbacks. It's essential to weigh the pros and cons before deciding if it's the right financial solution for you.

You deserve to work with a company you can trust and that has your best interest in mind. Being in debt can feel overwhelming, but you don’t have to face it alone. At Ascend, we encourage you to explore your options sooner rather than later, as early action provides you with more choices and reduces stress. Whether it’s debt settlement, bankruptcy, or consolidation, understanding your options is crucial for making an informed decision and getting on the path to financial freedom. 

 Feel free to call us at 833.272.3631 for any questions!