They are not a direct lender, but instead a loan shopper service, at best (I use that term very, very loosely). Most importantly, they're affiliated with at least two other "debt relief" companies (oddly enough, they're all owned, including Lendvia, by the same people) that I won't name here. They offer "loans" at what seem to be good rates. I've seen complaints where they even offer 0% debt consolidation loans.... Wait, what?
This is a classic bait and switch operation where they offer someone what looks like a legitimate pre-approved loan, but then it turns out not to be a loan at all, but rather a debt relief, or debt consolidation plan (that's why there's no HP to your credit). They might, or might not tell you there was a problem, a denial of their loan but to make it up to them they're going to enroll them in a "special program" they have. They might even tell you that you have to prove to them you can make the payments (to them) for 6 months (as an example) before they'll release the "loan check" to you. There never is a loan check coming.
Then there are the pressure tactics by saying you have to sign to commit to the program right then while they're on the phone with you because the offer is "time sensitive" or some other such nonsense. The customer pays them on a "plan" of their choosing and in turn, they'll "negotiate" or "consolidate" your debts with your creditors. Then comes their special math which is nothing more than a sales pitch to convince people that basically once you figure in the amount of money they're saving you on your credit card debt, calculated against their fees for their services, blah, blah, blah, it comes that the customer is only paying out 7%, or 4.9%, or 2.49% interest.
Their program consists of you stopping paying your creditors and instead you'll start paying them, where they will then negotiate settlements with your creditors on your behalf. Once you stop paying your bills, your score and your credit will be completely wrecked, period. There will end up being Charge Offs, etc... reported on your credit reports.
Bottom line: In my opinion, this is not a legitimate loan company, they should be considered more of a marketing company for debt relief. If it sounds too good to be true, it probably is.
If anyone finds themselves in the unfortunate situation where they can't keep up, bankruptcy is not an option, and are contemplating debt relief? Save your money. There is absolutely nothing a debt relief company can do for you, that you can't do for yourself, for free. There are a lot of knowledgeable people here, as well as a wealth of information and experiences.
