About Lender
Liberty Lending Group is a financial company that provides personal loans up to $35,000 through an extensive network of lenders. Its headquarters are in Los Angeles, California. The company has a 2,71 out of 5 stars rating from the Better Business Bureau (BBB).
Liberty Lending is an American loan marketplace that connects borrowers with potential lenders. The company provides personal loans ranging from $2,000 to $100,000, with repayment terms between 24 and 84 months.
One of the unique features of Liberty Lending is that it offers loans to people with varying credit scores, including those with fair, good, and excellent credit. Additionally, the loan process is entirely online, making it convenient for borrowers to apply from the comfort of their own homes.
Liberty Lending also offers a quick and straightforward application process, which typically takes just a few minutes to complete. Borrowers can apply online by providing basic personal and financial information, such as their name, address, income, and employment status.
Once the loan application is submitted, Liberty Lending's platform matches the borrower with a lender who is willing to offer them a loan. If the request is approved, the borrower can receive the funds as soon as the next business day.
Overall, Liberty Lending provides a fast and convenient way for people to obtain personal loans, regardless of their credit score. However, it's essential to note that taking out a loan always comes with some degree of risk and should be carefully considered before committing to repayment terms.
During the last three years, the lender has resolved seven complaints, six of which were resolved during the previous year. This complaint volume is relatively high when compared to other lenders. While some of these complaints have been solved positively for customers, it's worth considering if you want to work with a company with a poor reputation.
Key Features
- Not a direct lender: Liberty Lending is an American loan marketplace that connects borrowers with potential lenders.
- Personal loans: Liberty Lending offers personal loan services that range from $2,000 to $100,000, with repayment terms between 24 and 84 months.
- Credit score requirements: Liberty Lending provides loans to people with varying credit scores, including those with fair, good, and excellent credit.
- Online application: The loan process is entirely online, making it convenient for borrowers to apply from their homes.
- Quick and easy application: The application process is straightforward and typically takes just a few minutes to complete.
- Fast funding: If approved, borrowers can receive funds as soon as the next business day.
- Debt consolidation: One of the key features of Liberty Lending is its debt consolidation loan option. This allows borrowers to combine multiple debts into one loan, potentially lowering their monthly payments and interest rates.
- No prepayment penalties: Borrowers can pay off their loans early without any prepayment penalties.
Overall, Liberty Lending provides a variety of loan options, an easy online application process, and fast funding, making it a convenient option for borrowers who need personal loans or want to consolidate debt.
Pros and Cons
Pros
- Wide range of loan amounts and terms available: Liberty Lending offers personal loans ranging from $2,000 to $100,000, with repayment terms between 24 and 84 months, giving borrowers a wide range of options to choose from.
- Debt consolidation loans: Liberty Lending's debt consolidation loans can help borrowers consolidate multiple debts into one loan, potentially saving them money on interest and monthly payments.
- No prepayment penalties: Borrowers can pay off their loans early without incurring any prepayment penalties.
- Quick and easy online application process: Liberty Lending's online application process is fast and straightforward, allowing borrowers to apply from their homes.
- Fast funding: If approved, borrowers can receive funds as soon as the next business day.
Cons
- Potentially high-interest rates: Liberty Lending's interest rates can be higher than those offered by traditional lenders, especially for borrowers with lower credit scores.
- Origination fees: Liberty Lending charges an origination fee, which is a percentage of the loan amount. This fee is deducted from the loan amount and can increase the overall cost of the loan.
- Limited information available: While Liberty Lending provides some information on its website, it can be challenging to find detailed information about the company's fees and rates.
- Limited availability: Liberty Lending is unavailable in all states, which could be a drawback for borrowers living in areas where the company doesn't operate.
Products
- Personal Loans. Liberty Lending offers personal loans ranging from $2,000 to $100,000, with repayment terms between 24 and 84 months. These loans can be used for any personal expenses, such as home improvements, medical bills, or unexpected expenses. One of the key benefits of Liberty Lending's personal loans is that they are available to borrowers with varying credit scores, including those with fair, good, and excellent credit. The loan application process is entirely online, and funds are typically available to borrowers as soon as the next business day.
- Debt Relief Programs. Liberty Lending offers debt consolidation loans to help borrowers manage their debt more effectively. Debt consolidation loans allow borrowers to combine multiple debts into one loan with a fixed interest rate and a single monthly payment. This can make it easier for borrowers to manage their debt and potentially save money on interest and monthly payments. Liberty Lending's debt consolidation loans have repayment terms between 24 and 84 months, and loan amounts range from $2,000 to $100,000. The application process is entirely online, and funds are typically available to borrowers as soon as the next business day.
Reliability
- Reputation: Liberty Lending has been in business since 2014 and has a good reputation for providing personal loans and debt consolidation services. The company has received positive reviews from customers on various online platforms, such as Trustpilot and the Better Business Bureau.
- Transparency: Liberty Lending provides detailed information on its website about its loan products, fees, and interest rates, making it easier for borrowers to make informed decisions. The company also discloses its privacy policy and terms of use, which can help borrowers understand their rights and responsibilities.
- Licensing and Regulation: Liberty Lending is licensed to operate in the states where it does business and complies with state and federal regulations governing lending practices. Liberty Lending Group is a Licensed Consumer Finance Lender in California (#60DBO-99185) and in Utah as a Consumer Lender. This can provide borrowers with an added layer of protection and assurance that the company is operating in a legal and ethical manner.
- Customer Service: Liberty Lending has a customer service team available to assist borrowers with any questions or concerns about the loan application process or their existing loans. The company offers phone and email support and a live chat feature on its website.
- BBB A+ rating: Liberty Lending has an A+ rating with the Better Business Bureau (BBB). The BBB is a nonprofit organization that provides consumers with information about businesses and their practices. The organization rates businesses based on a variety of factors, including the business's history, customer reviews, and response to customer complaints. Liberty Lending has maintained an A+ rating with the BBB since 2017.
- Security: Liberty Lending is certified by TrustedSite, a third-party service that verifies the security and reliability of websites. TrustedSite provides a range of services to help businesses improve their online reputation and provide a better customer experience.
Funding a Loan
Liberty Lending's funding process is fast and efficient. Once a borrower's loan application is approved, the funds can be disbursed as quickly as the next business day. In fact, Liberty Lending Group can secure a loan for borrowers in as little as 72 hours.
There are several ways borrowers can receive funds from Liberty Lending:
- Electronic transfer. The most common way borrowers receive funds from Liberty Lending is through an electronic transfer. This is a secure and fast way to receive funds, as they can be deposited directly into the borrower's bank account.
- Check. Borrowers can also receive a check for the loan amount, which can be deposited or cashed at their bank.
- Cash. In some cases, borrowers may be able to receive the loan amount in cash if they visit a Liberty Lending branch in person.
Loan conditions
- Loan Amounts. Liberty Lending offers personal loans ranging from $2,000 to $100,000, depending on the borrower's creditworthiness.
- Loan Terms. Repayment terms for Liberty Lending's loans range from 24 to 84 months.
- Interest Rates. Interest rates for Liberty Lending's loans vary based on the borrower's credit score, income, and other factors. Interest rates for the company's personal loans can range from 7.99% - 29.99%, and for consolidation loans - 4.99% – 29.00%.
- Fees. Liberty Lending charges an origination fee, which is a percentage of the loan amount. The fee is deducted from the loan amount and can increase the overall cost of the loan, according to the reviews.
- Eligibility. To be eligible for a loan from Liberty Lending, borrowers must be at least 18 years old and have a valid U.S. mailing address. Borrowers must also have a verifiable source of income and meet Liberty Lending's credit score and income requirements.
- Prepayment Penalties. Liberty Lending does not charge prepayment penalties, meaning borrowers can pay off their loans early without incurring additional fees.
Additional Services
- Loan Refinancing. Liberty Lending offers loan refinancing options to help borrowers lower their interest rates or monthly payments. By refinancing an existing loan, borrowers may be able to save money over the life of the loan.
- Financial Education. Liberty Lending provides financial education resources and tools to help borrowers make informed financial decisions. These resources can include tips, articles, blog posts, and other content that covers topics like budgeting, saving, and investing.
- Debt Settlement. In some cases, Liberty Lending may be able to negotiate with creditors on behalf of borrowers to settle debts for less than the full amount owed. Debt settlement can be a useful option for borrowers who are struggling to manage multiple debts.