Written by Ascend Team
Updated May 6th, 2025
Did SilverLake Financial "prequalify" or "pre-select" you to apply for a loan with a 5.95% interest rate with a mailer similar to the one below, and you wonder what the reviews of this company are?
Did you apply for the loan and get rejected, but you were approved for a debt consolidation program?
What's interesting to note is that the person who got this pre-qualification loan mailer was ALREADY behind on his/her debt, so my question to SilverLake is why would a company target people who are behind on their debt to qualify for a loan with an additional $5,000?
We will cover all that and more, so let's get started.
What is SilverLake Financial?
SilverLake Financial seems to be a debt relief company that sends mailers to individuals, pre-qualifying them for a debt consolidation loan. It's unclear whether the individual can get a loan once contacting SilverLake Financial or whether they may be pitched a debt settlement program (also known as debt consolidation). Debt settlement can be an excellent option for some people, but it is not an option for everyone! A lot of companies are currently targeting people who need help getting a handle on their debt.
If you are looking for a loan, we have two debt consolidation loan options that we like that do not affect your credit score when checking rates and do not charge prepayment penalties.
Important Distinction: Loans vs Programs
Debt consolidation loans can be a great option if you are up to date on your payments, your credit score is generally above 620, and you can afford your monthly expenses. You may just be looking to consolidate it all into one place to make it more manageable, and that can be a great option for some!
Debt settlement can also be an excellent option for you if you cannot afford your monthly payments, you need help reducing the debt amount, and you are aware that there is a POTENTIAL that your creditors can threaten to take legal action if they do not agree to the settlement terms.
SilverLake Financial History
If you are looking for a company that has been around for many years, SilverLake may not be the company for you. It appears they have only been on WayBack Machine since the end of 2021, but the activity picked up in 2023.
How Much Do Debt Consolidation Programs Cost?
At Ascend, we believe that debt consolidation programs (debt relief) may be a good option, but it is often necessary to consider the 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.
SilverLake Financial Reviews
It can be super helpful to read other people's reviews and understand their experiences before you work with a company. It helps to get the full picture before committing to any program.
BBB
I started to read some of the complaints, as I noticed they have had 11 in the last 3 years and 7 in the last 12 months. One review stated they were so glad they took a chance and called someone from a piece of mail. It relieved a lot of stress for them and it was a quick process.
Most of the complaints discussed how they responded to the mailers they received from SilverLake, but when they actually decided to work with them, they realized it was a debt settlement program, not a consolidation loan.
Another review stated that they are being bombarded by mailers from SilverLake. When they called to opt out, it required them to enter their social security number just to stop receiving mailers.
Google Reviews
On Google, SilverLake is rated 3.8 out of 5 stars. They do have quite a few 5-star reviews, discussing how thankful they are for SilverLake and the work they have done for their situation. They discuss how SilverLake took a stressful situation and made it more manageable.
Unfortunately, many reviews also mention that this company does not offer loans. They also discuss how their credit score dropped after a hard credit pull, even though they were promised a soft credit pull.
Other reviews warn you not to sign up with SilverLake. They say they were transferred to a different debt company after working with SilverLake for a while and not being able to reach them.
TrustPilot Reviews
Some reviews discussed how thankful they are for SilverLake and all the help they were able to provide.
However, there were also complaints similar to the ones on other platforms, such as being pushed into a debt settlement program instead of a loan.
Other Reviews
I also found SilverLake Financial on Yelp. They have a 3.2/5 stars. Some reviews on the Yelp page discuss certain business practices about the mail in offer that may be helpful to read.
Alternative Options to SilverLake
Many people prefer to try to get a debt consolidation loan before considering 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 using the free debt consolidation program cost calculator below to compare it to other options.
