Written by Ascend Team
Updated Nov 1st, 2023
Did company-name prequalify 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 forgiveness / debt resolution / debt relief / debt reduction / debt negotiation / debt settlement / debt arbitration program, the list goes on and on)? This may be a common bait and switch tactic.
If so, I wrote this article for you.
What is LendMarc?
I went to LendMarc's website, and found that 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 out to different companies and they are not responsible if they do not qualify or meet their lending criteria.
If you are looking for a loan, we have 2 debt consolidation loan options that we like that do not affect your credit score when checking rate and do not charge prepayment penalties.
Important Distinction: Loans vs Programs
- Funds for the loan will appear in your bank account
- Commonly has a fixed or variable interest rate.
- Credit score potentially can improve if you maintain the monthly payments
- Creditors most likely will not threaten to sue, as long as your accounts stay current
- Set up an escrow account where monthly payments are deposited from until settlement is reached. You do not directly receive any funds deposited into your account
- Do not have an interest rate. Rates and fees will stay the same until your account reaches charged off status OR is sent to collections
- May see your credit score be severely damaged
- You fall behind on your accounts (90-120 days or more).
- Your creditors may threaten to sue
- May owe taxes on forgiven debt
Unfortunately, I was unable to find LendMarc on Wayback Machine, so I am predicting it is a very new company.
How Much Do Debt Consolidation Programs Cost?
At Ascend, we believe that debt consolidation programs (debt relief) may be a good option, but often in context in understanding all the costs and duration estimates of all your options. As such we built the free debt consolidation program cost calculator below to help you compare your current monthly obligations to a debt consolidation program.
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 to help in our research.
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, so if they are related, it makes me weary to work with them, but again, I have no idea where this is the same LendMarc.
I was not able to find Google reviews for LendMarc (or LendMark for that matter).
Similarly to other platforms, on TrustPilot, I was able to find LendMark but not LendMarc. They had a rating of 3.1 out of 5, so better than what was seen on BBB. Again, I have no idea if this is the same LendMarc.
I was unable to find LendMarc reviews on other platforms.
Alternative Options to LendMarc
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 debt consolidation program cost calculator below that allows you to compare to other options.