Debt Relief / Sparks Lending

Sparks Lending Reviews: Did You Get This Mailer?

Written by Ben Tejes
Updated Jan 31st, 2024

Someone recently reached out to us about Sparks Lending, so I thought it would be helpful to do a review. We will call him, John.

Here’s a summary of what he said,

I received a mailer from Sparks Lending pitching a debt consolidation loan. The representative explained the process, and it sounded a lot like debt settlement (also known as debt relief) where you stop making payments to creditors, send to a trust fund, and then come to agreements with creditors. Sparks Lending called it credit modification.

Here's an example of a Sparks Lending mailer. You may have also seen a social media ad with Sparks Lending in collaboration with United Club Lending. Does this sound familiar? If it does, let’s dive into what is Sparks Lending, what is credit modification, how much will this option save you, Sparks lending legitimacy, and what should you do.

Sparks Lending mailer that pitches debt consolidation loans.

Sparks Lending envelope that states it's the final attempt to contact the individual.

Now, if you are struggling with debt and wondering what to do next, we built a free, unbiased debt options comparison calculator (not even an email address is required) that provides a wide range of debt options that may be able to fit your budget. The data is personalized to your income and expenses, so you can get accurate costs, pros and cons, and options.

1. What is Sparks Lending?

I could find very little information on Sparks Lending. For example, check out what I found when I searched Sparks Lending on Wayback Machine.

Picture shows search results for Sparks Lending on Wayback Machine.

Sparks lending BBB

I could  not find anything on BBB related to the same Sparks Lending. 

Picture shows Google search results for Sparks Lending on BBB.

When I used ICann Lookup, I found that the website was just registered in June, 2022.

Picture shows how old is on ICANN

What Is The Sparks Lending phone number?

This may be the most surprising thing I found in my searches. When I searched the Sparks Lending phone number on Google, look what came up.

Picture shows Google search results of Sparks Lending's Phone number

I clicked on the link, and here’s what someone had added.

Picture shows the Youmail results that shows that Sparks Lending phone number may be a social security scam.

So, Sparks Lending is pitching credit modification, but what exactly is credit modification? Let's look at that next.

2. What is Credit Modification?

From my research and based on John’s experience, credit modification does NOT sound like a debt consolidation loan, and sounds like a debt settlement program.

Now, if you are looking for a debt consolidation loan, there are 3 debt consolidation loan companies that we have vetted 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.

3 Top Debt Consolidation Loan Options

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 $20,000 credit card balance for $10,000. This can provide ample savings and a potentially 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.

Will debt settlement save you money though?

3. Would You Save Money With Credit Modification/Debt Settlement?

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.

As such, we built the free debt settlement cost calculator. While the calculator cannot provide your precise Sparks Lending debt settlement plan payment, it can provide an estimate based on your personalized financial data and allows you to understand the cost and duration of various options.

Debt settlement can be much less expensive than your current obligations, but it is a debt relief option, meaning that there are pros and cons associated with debt settlement. For example, debt settlement can hurt your credit score while a debt consolidation can potentially increase your credit score if you make on-time payments and eliminate your debt.

In Summary

Based on the lack of history, lack of BBB, and lack of reviews, I am unsure what to think of Sparks Lending.

As the phone number came up as a social security type product, I may proceed with caution.

What Is Ascend Finance?

Ascend Finance is a mission-based organization providing free calculators and free phone evaluations to help you get out of debt cheaper, easier, and faster.

Unfortunately, when many individuals face financial hardship, some companies try to take advantage of someone’s stress. We are trying to combat that with simple, clear information that helps you make the most infrared decision.