Did you receive a Loyal Lending mailer that pre-qualified you for a 3.89% interest debt consolidation loan? After applying, were you denied for the loan, but qualified for a debt consolidation program with Level One Law?
I recently spoke with someone we will call John.
He stated that he got the Loyal Lending Mailer, and that he did not qualify for the debt consolidation loan, but working with someone, he was able to qualify for the Level One Law debt consolidation program.
As a refresher, a debt consolidation program is also often known as debt settlement. This is different from a debt consolidation loan, which involves receiving funds in your bank account. If you are searching for a debt consolidation loan, there are three companies that we recommend that only perform a soft credit check and do not charge prepayment penalties. Keep in mind that it may be helpful to compare rates from multiple sources to get the best deal. If you are unable to qualify for a debt consolidation loan, debt settlement may be an option to consider.
Debt settlement involves a third party negotiating and settling your debts on your behalf with the goal of finding a lower payment that will fully satisfy the debt you owe. For example, a debt settlement company may try to settle a $10,000 credit card balance for $5,000, potentially saving you money and lowering your monthly payment. However, it's important to note that debt settlement may not be the best option for everyone.
If you are struggling with debt and unsure of what to do next, we have created a free, unbiased debt options comparison calculator that provides a range of options that may fit your budget. The data is personalized to your income and expenses, so you can get accurate costs, pros and cons, and options without even having to provide your email address.
Unlike Loyal Lending, I was able to find the Level One Law’s BBB page. I could not find the company in the Florida business registry, but I was able to find Michel Law, LLC in the business directory, which is the alternate business name for Level One Law per BBB. I also found the attorney’s profile in the Florida bar directly.
That said, it does appear the website per ICANN was only created in April, 2022.
In addition, I couldn’t find any previous Level One Law screenshots from Wayback machine, but that may just mean that the website is new.
You joined a debt consolidation program, and now you may have been sued for unpaid debt and your credit score may have plummeted. So, what are alternatives to debt consolidation? We built a free debt consolidation alternatives calculator below that compares cost, duration, and pros and cons of key debt consolidation alternatives.
From John, LevelOne appeared to be charging him a monthly fee, and then a fee based on the percentage of debt. It's worth noting that debt settlement can be less expensive than your current debt payments, but it can also have negative impacts on your credit score.
To help you make an informed decision, let’s look through the Level One Reviews
When we first wrote this article on December 29, 2022, there was just a single BBB review for Level One Law. Now per Level One Law's BBB page, we found 13 reviews with a 3.46 rating out of 5 and 6 complaints in the last 12 months.
We have 3 debt consolidation loan providers that we vetted, but let’s say that you don’t qualify for any debt consolidation loan.
If you are unable to obtain a debt consolidation loan from Level One Law, what are your other options? If you are struggling to pay off your debt and have a high debt-to-income ratio, you may want to consider non-profit credit counseling, debt settlement, or debt payoff planning. If you are already experiencing financial hardship, bankruptcy may also be an option to consider.
To help you understand your choices and the associated costs, we have created a free debt options calculator that does not require you to provide your email address. If you would like additional assistance, however, you can opt to leave your email address to receive additional free resources.
