Symple Lending Reviews: What You Need to Know

Did you recently receive a mailer from Symple Lending that looks like a check, inviting you to apply for a loan of up to $35,000 with a 5.95% interest rate (like the example below) and were curious about the reviews? 

This offer promises to cut your monthly payments in half, potentially saving you $700 per month or $8,400 per year. After applying, were you denied the loan and offered a debt consolidation or settlement program instead? As you can see below, some people were thinking that they had a chance to get a loan, but ended up not being approved. Let's look at the mailer and then go through the reviews.

Let's look closely at Symple Lending and what they're offering. 

According to their website, Symple Lending is a financial services company that specializes in personal, home improvement, and business loans. According to Better Business Bureau, they were established in 2021, so they're a relatively new company. 

Source: https://symplelending.com/

Source: https://symplelending.com/about-us

Based on what's on their website, it should be as easy as submitting an application to see if you qualify, getting approved, and receiving funds within 48 hours. But has that been the experience for their customers?

Source: https://symplelending.com/

Let's take a look at their positive and negative reviews!

Naturally, a company will showcase only its most favorable reviews on its website, as you'll find with the positive TrustPilot reviews displayed on their homepage. You'll notice that the featured reviews are mainly commenting on the customer service, rather than mentioning if they received a loan or not. 

Source: https://symplelending.com/

So let's start with TrustPilot!

On TrustPilot, they currently have a 4.9 rating out of 5-stars, based on over 3,500 reviews. 

Similarly to the reviews on their homepage, most of the positive reviews are again commenting on the customer service. Notice that they didn't mention if they quickly received a loan or not, as advertised in the initial mailer. One of the reviewers even mentions being convinced in a different direction - which is more than like a debt consolidation program. But what about the clients that have actually been in a debt consolidation program for awhile?

In the two negative reviews below, both clients mention originally wanting a debt consolidation loan, and getting talked instead a debt consolidation program instead, which is a classic bait-and-switch. We'll go into the differences between debt consolidation loans vs. debt consolidation programs a bit later on in the article, but unfortunately stories like these are all too common. 

Let's head over to the Better Business Bureau reviews. 

On Better Business Bureau, they currently have a 3.8 rating out of 5-stars, based on over 150 reviews. 

We'd also like to highlight some information about the CEO that you might find important. On January 11, 2017, the Federal Trade Commission (FTC) filed a case against Symple Lending's CEO for violations of the Federal Trade Commission Act and the Telemarketing and Consumer Fraud and Abuse Prevention Act. He was accused of assisting clients in making telemarketing calls that violated regulations by delivering prerecorded messages, calling numbers on the National Do Not Call Registry, and transmitting inaccurate caller ID information. 

The order includes provisions such as a permanent injunction against making robocalls and calling numbers on the National Do Not Call Registry, as well as bans on certain telemarketing practices. The CEO was also subject to a civil penalty judgment of $424,500, with $3,000 to be paid immediately. Additionally, he must provide financial information about the business and maintain records of business activities for compliance monitoring. Violations of the order may result in the lifting of suspended penalties and immediate payment. 

More information on this case can be found here: https://www.ftc.gov/system/files/documents/cases/170112allorey-_05_-_fraley_stip.pdf

Debt settlement is a process where a third party negotiates with your creditors to reduce the total debt amount you owe. The goal is to lower your debt - for example, reducing a $20,000 balance to $10,000 - to help provide financial relief.

To start, you'll be advised by the debt settlement company to stop making payments to your creditors immediately. Instead of paying your creditors directly, you would set up a separate savings account, and make monthly deposits. The amount you contribute monthly would depend on the total debt amount you owe, along with the agreement you establish with the debt settlement company.

Your accounts will become delinquent as you stop making payments to your creditors, leading to late fees and additional interest charges. Once you fall significantly behind, creditors may be more open to negotiating a reduced payoff amount - especially if they believe you might be considering bankruptcy, which could ultimately result in them receiving nothing.

The debt settlement company will then negotiate with your creditors on your behalf. Once they reach an agreement on a reduced balance, and you approve the settlement, you’ll make the agreed-upon payment to resolve the debt.

However, many companies are not as transparent about these details with their customers, which leads them to feel misled. 

Debt settlement companies earn their money by charging their clients a percentage of the debt they successfully reduce - otherwise known as a fee. Let's say you owe a creditor $20,000 and the company negotiates it down to $10,000 - technically that means you would save $10,000. However, the debt settlement company will typically charge a fee ranging from 10% to 25% of that forgiven amount. This means you could owe them between $1,000 and $2,500 in addition to the $10,000 you still need to pay your creditor. While you would still save at least $7,500-$9,000 overall, the fees reduce the total savings you receive.

Some debt relief companies send unsolicited loan offers in the mail that may actually lead to debt settlement programs, rather than actual loans (like we're finding with Symple Lending). It's crucial to verify that the offer aligns with your expectations and that there are no hidden fees or terms. 

Check out the video below for a detailed breakdown to better understand the key differences between consolidation loans and consolidation programs, as they are not the same:

If you're looking into a debt consolidation loan, we'd recommend taking our free debt consolidation loan calculator below! Absolutely no personal information is required, unless you want to provide it.

You'll find three different debt consolidation loan options using this calculator, along with an estimated cost for other debt consolidation methods, such as non-profit credit counseling (which helps lower interest rates through an agency).

Don't qualify for the debt consolidation loan? You may want to look into non-profit counseling! Non-profit counseling is a free or low-cost option where you're paired with a credit counselor to help you understand your debt and create a plan to help you lower your payments and interest rates. (This is option is mentioned in the calculator above as well.) 

Check out the video below for more details:

Debt consolidation loans can be helpful if they offer a lower interest rate than credit cards and don’t have hidden fees. However, many mail offers can be misleading about terms and may come from third-party lenders, rather than established banks. If you're considering debt settlement, definitely prioritize weighing the pros and cons before deciding if it's the right financial solution for you.

At Ascend, we encourage you to explore your options as early as possible, giving you more flexibility and peace of mind. Whether you're considering debt settlement, bankruptcy, or consolidation, having a clear understanding of your choices empowers you to make the best decision for your financial future. You deserve a partner that prioritizes your well-being. Debt can feel overwhelming, but you don’t have to navigate it alone - we’re here to help.

Ready to get out of debt sooner than later? You're welcome to give us a call us today at 833.272.3631 and we'll help set you on the path to financial freedom.