Priority Plus Financial Reviews: Economic Relief or Loan Mailer?

Did you get pre-approved for a Priority Plus Financial Hardship Recovery Loan at a 5.95% interest rate (similar to the one below) to apply to apply.priority plus financial.com just to find out that you didn’t qualify for a debt consolidation? But, perhaps you qualified for debt modification or a debt consolidation program.

What is actually happening here? 

I became aware of Priority Plus Financial from a call with a person I will name Susan. Susan received something in the mail from Priority Plus Financial, and applied. Per the representative, she did not qualify for her pre-approved loan, but it sounds as if she was pitched something called debt modification.

It appears that the Priority Plus Financial representative may have been pitching  a service called debt settlement.. My initial hypothesis is that Priority Plus Financial is a company that markets something called debt settlement (also known as debt consolidation programs). This is not to be mistaken or confused with a debt consolidation loan where proceeds would be sent to your bank account. That said, there were some reviews that mentioned getting a loan through Priority Plus Financial, so it's unclear to me how many people get a loan through the service.

If you are looking for a debt consolidation loan, there are 3 debt consolidation loan companies that we have vetted that 1) Only do a soft check to check 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.

If you are unfamiliar, Debt settlement is the process in which a third party negotiates and settles with your creditor on your behalf. The goal of a debt settlement firm is to find a lower payment that will fully satisfy the debt that you owe. So, a debt settlement may try to settle a $10,000 credit card balance for $5,000. This can provide ample savings and a potential lower monthly payment.

I was the previous CEO of a debt settlement company, and I believe debt settlement can be a good option for some, but not for others.

I was able to find a BBB page for Priority Plus Financial, which informed me that the business has been around for about 3 years.  

When going to their website priorityplusfinancial.com , I discovered they have a section titled, "About Us." After pressing on that section, there was a small paragraph at the very top saying, "Our fundamental vision makes Priority Plus Financial one of the nation's trusted consumer finance providers. Our team of trusted professionals prides itself in the ability to find the best solution for your needs. Whether you are looking to make a major purchase, consolidate debt, or bridge the gap, we are available to explore the options available and offer guidance along the way to help you reach your goals." When trying to look into how to apply for a loan or more information on loans through Priority Plus Financial, I was unable to gather any information without entering my personal information. So it is still a bit unclear to me whether they truly help with debt consolidation loans or not.

Under the FAQ section, they mentioned that being "pre-approved" does not guarantee approval. "A pre-approval offer does not guarantee loan approval. Based on the information in your credit report, you have met certain criteria in regards to your creditworthiness for this offer. Offers can be denied due to a change in your credit history, income verification or other changes. After your application is submitted with all necessary documents, we will then be able to determine if you qualify for the loan offer." 

At Ascend, we believe that debt settlement may be a good option, but it’s only in the context of understanding all of your options and understanding the cost of that option. This is exactly why we built a free debt settlement cost calculator so that you are MOST informed. While the calculator cannot provide your exact Priority Plus Financial debt settlement plan payment, it provides an estimate based on your personalized financial data and allows you to compare debt relief to other options. 

Debt settlement can be much less expensive than your current obligations, but it is a debt relief option, meaning that there are debt settlement pros and cons associated with it. For example, while debt consolidation loans can help increase your credit score, debt settlement can hurt your credit score. 

Let’s look at the Priority Plus Financial reviews to help you make the most informed decision, starting with BBB reviews.

It looks as though Priority Plus Financial scores 4.71/5 on BBB with 3 complaints in the last 3 years and 1 complaint in the last year. They received an A+ on BBB.

Two complaints I found interesting and important were from a customers stating that they were lied to by the representative they spoke with. They also said the email addresses they were provided with did not exist.

I was able to find Google Reviews for Priority Plus Financial as well. They have received a 4.5/5 on Google with 140 reviews.

After reading many reviews from the past couple of months, people had many positive things to say. They said the staff was friendly and efficient and they had an overall great experience. However, as I continued to read through the reviews, some people did not have a great experience. Some reviews mentioned that they were promised a call back but never heard from the representative again. When trying to call for themselves, they could not get ahold of anyone. Other reviews talked about responding to a mailer they received and feeling deceived. One reviewer talked about how they were told they do not qualify for a loan because they didn't meet the minimum qualification of $7500. They decided to look on the Priority Plus website and it showed that the minimum was $5000. They decided to call back and check one more time but were told they didn't qualify because of "other reasons at this time".

With the other reviews, there were also plenty of good reviews. See this individual who stated that she was happy with a fast loan process, and money a day or two later.

From the reviews given online, it seems that Priority Plus Financial does market debt modification/debt settlement, but some reviews stated that they received a loan.

One question I have is whether Priority Plus Financial provides as many debt consolidation loans as they are advertising for. Or, potentially, if it markets people who can’t qualify for a loan, but do qualify for a debt consolidation program, which is 100% different.

For example, California debt relief is a marketing firm for debt settlement companies, but it’s been around for many years with consistent volume.

If you need debt consolidation, let’s discuss options next.

If you can’t get a consolidation loan from Priority Plus Financial, what are your options?  Are you putting more on your cards each month than reducing them? Do you have a high debt to income ratio?

The challenge is that you may qualify for a debt consolidation loan, but there interest rate could be 29.99% or the loan won't consolidate all of your debt. 

As stated above, if you have debt that is unaffordable, we built the free free debt options and costs calculator below that allows you to compare options such as non-profit credit counseling, debt settlement and debt payoff planning. If you are already in financial hardship, the calculator also allows you to understand bankruptcy. No email address is required unless you'd like some additional free assistance.