Smart Money Capital Reviews: 3 Things to Know

Have you recently received a mailer from Smart Money Capital offering pre-qualification on a low interest personal loan and were curious if you qualify, or want to know what their reviews say? In this article, we'll take a look at what Smart Money Capital is offering, their reviews on both BBB and TrustPilot, along with a few debt relief alternatives to consider. 

According to their website, by using Smart Money Capital, you can find out if you pre-qualify for a personal loan of $1,000-$100,000. Their goal is to provide access to low-rate financing options tailored to each client's specific needs.

Source: https://smartmoneycapital.com/

All you need to do is apply online and verify your information to see if you qualify. Sounds pretty simple, right?

Source: https://smartmoneycapital.com/loans/

However, it's important to note that Smart Money Capital is not a lender themselves, but more of a middleman that connects clients to third-party lenders.

Source: https://smartmoneycapital.com/

So what do their reviews say?

Let's take a look at Smart Money Capital's reviews on both Better Business Bureau and TrustPilot.

On Better Business Bureau they have a 4.67 rating out of 5-stars, based on over 45 reviews. 

Their positive reviews are incredibly complimentary of their customer service team, but notice that no one is mentioning whether or not they got the loan they were looking for. In fact, someone says they "feel very good about this program." - but what program could they be referring to? A program wasn't mentioned anywhere on Smart Money Capital's website...

On Better Business Bureau, they only had three negative reviews, that each bring up important and interesting points:

The first reviewer mentions receiving an advertisement mentioning they were pre-approved, more than likely for a loan. However, when they contacted Smart Money Capital, it turns out they didn't actually qualify for a loan at all. They end their review by saying "the whole thing feels like a bait and switch to me." - which is an all-too-common tactic where a company promotes one service to bait customers in, only to change the offer to something completely different.  

The second mentions that when she reached out for a loan, she was told her credit card debt to income ratio was too high for her to qualify. She also points out that they tried to forward her to a different company, and shares a suspicion that they want your contact information to give it to other companies that primarily offer debt settlement programs. 

The last one mentions feeling rushed and pressured, and was rudely dismissed by the representative when they shared that they wanted to review and understand their options. Being in debt is stressful enough, and feeling pressured by a company on top of that stress is absolutely a red flag. 

Let's head over to TrustPilot!

On TrustPilot they have a 4.8 rating out of 5-stars, based on over 400 reviews. 

Similarly to the Better Business Bureau reviews we found, TrustPilot also has plenty of reviews complimenting the customer service. But this made me curious, as I still hadn't seen anyone mention if they received a loan. 

After doing some further digging, we found multiple clients mention that they originally called to learn about if they qualify for a loan, only to find out they don't, and were offered a program instead. However, you'll notice that none of these reviews are from people that have been in the program for very long at all, or have seen any results from the program. 

On the flip side, in the negative reviews quite a few people mentioned being referred to a legal group, and not having the best experience. The reviewers say the details of a debt settlement program were not thoroughly explained up front, including hidden fees of up to 25% of their enrolled debt. After being enrolled in the program, there also seems to be a pattern of having difficulty getting in touch with a customer service rep. One reviewer advised negotiating with creditors directly, rather than going through a company - which is a totally valid option. 

Debt settlement is when a third party steps in to work with your creditors to try to reduce the total amount you owe, like getting a $10,000 debt knocked down to $5,000. The idea is to make your debt more manageable, so you can finally get some breathing room.

Here’s how it usually works: instead of continuing to pay your creditors directly, the debt settlement company will typically ask you to pause those payments and start setting money aside in a separate savings account that they set up. You’ll make monthly deposits into that account, and once you’ve saved enough, they’ll begin negotiating with your creditors on your behalf. But because you’ve stopped making payments, your accounts will fall behind, which can negatively impact your credit score. The reason for this strategy is that creditors are often more willing to settle for less if they believe you might otherwise file for bankruptcy and they could end up with nothing. If a settlement is reached and you’re on board with the terms, you’ll use the money you’ve saved up to pay off the reduced amount. Also keep in mind that you'll be charged 15-25% in fees based off the total amount of debt you enrolled, and these fees are how the debt settlement company makes their money. Let's say you had $20,000 of unsecured debt enrolled in a program, this would mean you may end up paying anywhere from $2,000-$5,000 in fees.

Now, it’s important to know that not all companies explain this process clearly from the beginning. That’s why some people often feel caught off guard and misled, as we saw in a few of the reviews mentioned earlier. So if you’re thinking about debt settlement, just make sure you fully understand how it works, and that you’re working with a company that’s upfront and transparent every step of the way.

Thinking about getting a loan? We’ve created a free, easy-to-use calculator to help you explore your options! You can compare up to three different loans, side-by-side, and even see how other options stack up in terms of cost. No personal info is required unless you want to share it, so you can explore confidently and comfortably.

Give it a try below and see what might be the best fit for you!

If you’re finding that you don’t qualify for a loan, don’t worry! There are still solid debt relief options out there! One you might want to consider is Non-Profit Credit Counseling. It’s usually free or very low-cost, which makes it super accessible. Plus, you’ll work one-on-one with a certified credit counselor who can help you make sense of your debt and come up with a realistic plan so things feel a lot more manageable.

Wondering if Non-Profit Credit Counseling could be a good fit for you? Check out our video below to learn more:

Bankruptcy can sometimes get a bad reputation, but the truth is, it’s a totally valid option for some people. It just depends on their situation. There’s no shame in exploring it, if it could give you a fresh start!

Check out our video below that breaks down the differences between Debt Settlement and Bankruptcy to help you figure out what might work best for you:

Based on the reviews we found, it's possible that Smart Money Capital is promoting the possibility of qualifying for a personal loan, only to forward their clients to a legal group to be enrolled in a debt settlement program instead. Again, debt settlement programs are a valid option, but they aren't the right fit for everyone. And sadly the truth is, a lot of people don’t qualify for debt consolidation loans. It can definitely be tough to figure out which company to trust, especially when reviews are all over the place. Take your time, read through both the good and not-so-good experiences, and see what feels like the best fit for your situation and goals.

At Ascend, we believe that taking proactive steps toward a better financial future is one of the most empowering things you can do. We understand how overwhelming debt can feel, but know you're not alone. The sooner you explore your options, the more clarity and control you’ll gain.

Whether you're considering Debt Settlement, Bankruptcy, Credit Counseling, or just want to understand what’s best for your unique situation, we’re here to help - completely free of charge and with zero pressure. Let’s talk it through together - give us a call at 833-272-3631 and take your next step with confidence.