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We prioritize lower interest rate providers.
We prioritize those who do not penalize checking your rate or have prepayment penalties.
We prioritize those that are customer experience focused. We measure this by the reviews on more unbiased review sites.
This article is for informational purposes only and should not be construed as legal or financial advice.
Elevate Financial appears to be a back-end debt settlement company that may negotiate a settlement in certain states or refer you to a law firm if you are not in a state they cover. Generally, a front-end marketing firm (such as One Capital Solutions) will be the one who signs people up for Elevate Financial's backend to settle the debt.
Wondering what clients have to say about their experience in the reviews? If you’re considering working with them for debt consolidation or relief, this article covers everything you need to know, including their offerings and recent customer reviews.
What is Elevate Financial?
According to a description they wrote on their website: "ELEVATE is a performance based debt settlement company focused on one thing, providing cost-effective representation to our clients seeking to negotiate the reduction of their unsecured debts." As per Better Business Bureau, they were founded in 2021, so they're a relatively new company in the debt relief space.
What Services does Elevate Finance Offer?
Based on various blurbs on their website, they vaguely mention a "program" that is an alternative to debt consolidation or bankruptcy - that program being debt settlement.
What Exactly is Debt Settlement?
Debt settlement is a process where a third party (in this case, Elevate Finance) 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.
How Do Debt Settlement Companies Earn Money?
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.
What do their Reviews Say?
Let's look at the reviews, both positive and negative.
Elevate Finance on TrustPilot
On TrustPilot, they have a 4.3 rating out of 5-stars with over 650 reviews, but what do the reviews say?
While they have plenty of positive reviews, most focus on customer service or experiences from newly enrolled clients, rather than feedback from those who have completed the program and became debt-free thanks to it. Let’s take a closer look at what other reviews reveal about the full experience.
As reflected in the reviews below, many customers felt misled, expecting a debt consolidation loan but instead ended up enrolling in a debt consolidation program. Several also report difficulty reaching a representative after signing up. Additionally, some clients express that the program has left them in a worse financial position than when they initially started.
Elevate Finance on Better Business Bureau
Currently on Better Business Bureau, they have a 3.4 rating out of 5-stars with 30 customer reviews, 12 of which are negative. Let's take a look!
Similarly to the TrustPilot reviews, several customers expressed deep dissatisfaction with their experience, citing poor communication, misleading information, and excessive fees. Overall, many regret signing up and warn others to avoid the company, suggesting that working directly with creditors or seeking other routes for debt assistance would be a better option.
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 required unless you choose to share it!
With this tool, 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.
"I don't qualify for a debt consolidation loan, now what?"
An option you may want to consider is non-profit counseling, as it 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:
In Conclusion
Unfortunately, many debt settlement companies often do not do a great job at being transparent about everything that comes with debt settlement. Make sure to do in-depth research and read both good and bad reviews to get a fuller picture of what others have experienced.
Being in debt can feel overwhelming, but the good news is that you don’t have to face it alone. At Ascend, we believe the sooner you explore your options, the more choices you’ll have, and the less stress you’ll feel in the long run. Even if you’re not sure what the right path is, getting informed now can help you make the best decision for your future. Whether it’s debt settlement, bankruptcy, debt consolidation, or another approach, understanding your options is a powerful first step toward financial freedom. Whenever you're ready, we're here to help - no pressure, just guidance. You're welcome to give us a call at 833.272.3631 - we’re here to answer any questions you may have!
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