Did Panther Lending send you a mailer that you were pre-approved fro a debt consolidation loan at a 4.99% interest rate? Did it have a table similar to the one below showing how you may qualify for an an additional $10,000 at a lower monthly payment then you're paying now? Did you apply via mypantherlending.com using your personal invitation code or by calling 800-628-5417 and get denied for the loan, but did a Strategic Consulting Representative stated you qualified for debt consolidation with Clear Creek Legal?
But, what is Panther Lending? What are the reviews?
I became aware of Panther Lending recently when searching for another company that provides similar types of mailers called Patriot Funding. Patriot Funding appears to send similar mailers stating that you prequalify for a debt consolidation loan under 4%, but it appears that individuals may not actually qualify for a loan, but do qualify for a debt consolidation program via Level One Law (which may charge high fees).
Basically, I spoke with someone recently who stated they got the Panther Lending mailer and then got routed to a Strategic Consulting representative Strategic Consulting who was trying to sign them for for a debt consolidation program. Please note that another name for a debt consolidation program is called debt relief / debt settlement / debt reduction / debt negotiation program.
In that situation, the original company like Panther Lending may not not actually provide loans or the debt consolidation program, but is actually a marketing company that markets debt consolidation programs (debt relief) for other companies.
There is a huge difference between debt consolidation programs and debt consolidation loans. With debt consolidation loans, you get money in your bank accounts that you use to pay off debt. With debt consolidation programs, you end up letting your accounts go behind and then settling those accounts. Now, if you are looking for a debt consolidation loan, there are 3 debt consolidation loan companies below that we have vetted 1) Only do a soft check to check your credit, so checking your rate DOES NOT AFFECT your credit. 2) Do not charge prepayment penalties. With debt consolidation loans, it may be helpful to check your rate from multiple places to get the best rate. If you aren't able to qualify, then some individuals look at debt settlement.
Important: Also, just as a note to be 100% transparent, Ascend is a for profit business, and we do our best to be unbiased in our reviews of companies. The only reason we write reviews such as these is because we do not believe in the marketing tactic to ‘prequalify’ individuals for a debt consolidation loan that you may not actually be able to get. When writing this article, one question we found ourselves asking was, “Does Panther Lending have permissible purpose to prescreen you via the credit reporting agency and are they providing a firm offer of credit at a 4.99% interest rate, but is anyone actually getting that firm offer of credit in a loan for under the federal funds rate of 5.0 - 5.25%?”
We provide the 2 debt consolidation loan options below because we believe that you were looking for a loan, but may not actually have been able to check your rate for a loan. That said, it’s important to understand that we do get a referral fee if you choose to move forward with one of the loan options provided.
Debt consolidation loans can improve your credit score, get you on a fixed payment plan, and save you interest, but what happens if you've applied to many debt consolidation lenders and just can't get approved?
When you cannot get a loan, that is when individuals start to consider both debt consolidation programs and non profit credit counseling. You may also be considering bankruptcy as a last resort. It can be helpful to compare all your options, so we build a free debt options calculator below to allow you to estimate cost and duration to debt freedom date.
With debt consolidation programs (debt relief), a company would try to negotiate and settle your accounts when the accounts are behind. For example, a debt consolidation company would try to settle a $10,000 balance for $5,000, so you may save money. I was the previous CEO of a debt relief company, and I believe it can be a good option for some people, but there are a number of cons companies may not make you aware of.
For example, your credit score could get really hurt, you could get sued for unpaid debt, and you could face tax consequences on forgiven debt.
Lets cover Panther Lending’s history next.
While I could not find much information on Panther Lending's history, I did notice that Panther Lending’s website was on Wayback Machine for one day in April, and then archived.
This deep dive search into Panther Lending didn't provide as much meat as I would have liked, but let's look at how much debt consolidation programs may cost as it's often not a percentage under 5%.
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. There are two types of firms you may work with, and the fees may be quite different.
If you end up in a debt consolidation program with a non-law firm, you may pay generally between 15-25% of the enrolled debt amount, but the fees are not due until settlement has been reached and first payment has been made. So, if you have $10,000 in debt, you may pay between $1,500 and $2,500 in fees if you complete the program.
If you work with a debt relief law firm, you may have to pay retainer fees before settlements have been reached. This can be an important distinction to understand in case you have to cancel the program before any settlements have been reached. In a traditional debt consolidation program, you often pay fees after the first settlement has been reached, but attorney debt relief firms may charge retainer fees before settlement has been reached.
One of the biggest things I couldn't find for Panther Lending is reviews.
It appears that there is no BBB page found for Panther Lending at this time.
Let's see if we can find any Panther Lending reviews.
Unfortunately, I was not able to find any other review sites that cover Panther Lending.
From my research, I realize I am not sure how Panther Lending operates.
One question I have is whether Panther Lending actually ever refers people to debt consolidation loan companies or if anyone gets an amazing interest rate. Or, potentially, it markets to people who can’t qualify for a loan, but does qualify for a debt consolidation program, which is 100% different.
It appears it may be too soon to tell, as they are a very new company with no reviews to speak on how they function yet. I will be sure to update this article as I find new information.
