This article is for informational purposes and should not be construed as legal or financial advice.
Did you receive a United Club Lending mailer or social media for a debt consolidation loan at a 5.99% interest rate that includes an option for a $10,000 add-on?
You may have seen an ad similar to the one below or one of the many ads showing up on Social media.
Sounds like a great offer, right?
My name is Ben, and I have spent the last 5 years helping people understand the differences in options to help them eliminate debt cheaper, easier, and faster. I have uncovered debt consolidation scams. I was also one of the first to write an article covering the unfortunate Litigation Practice Group bankruptcy have spoken with countless people negatively affected by it. I created “Your Debt Relief Pal” to help protect you from any debt company that may have deceptive marketing and provide you with realistic estimates of your options for debt freedom.
I am going to ask that you read through this entire article. I know it’s long, but hopefully the information will inform you about your options.
So, you are looking for a debt consolidation loan, so let’s see exactly what United Club Lending offers. Also, many people I speak with CANNOT get a loan, so some deceptive marketing companies pitch things “too good to be true” so that they essentially bait and switch you into something else. I will address your options later in this article.
Let’s get started.
What is United Club Lending?
Firstly, I had never heard of United Club Lending, given that it’s stated that it’s been around since 2020. Wayback Machine (which shows the history of websites scraped) shows that the first website scrape was from August 2023.
What I found interesting is that United Club Lending may be a part of the United Financial Network. The CEO of United Financial Network is Tarik Gluhic, and there is a lawsuit against him for allegedly marketing debt settlement services.
The lawsuit further alleges that Gluhic worked at Strategic Financial Solutions, the debt consolidation scam company about which I wrote extensively.
So, it’s unclear whether United Club Lending offers a debt consolidation loan or a debt consolidation program.
There is a huge difference between debt consolidation programs and debt consolidation loans. The biggest difference between loans and programs is that with debt consolidation loans, you get money in your bank accounts which you use to pay off debt. With debt consolidation programs, your accounts go behind and the company settles your debt. Your credit score is hurt and you could be sued for your unpaid debt. It could be a good option for you, but it’s important to understand the pros and cons.
Check Your Rate and Compare Options!
Sometimes it’s difficult to understand the exact fee % you are paying if you’ve received a quote for a debt relief company, so this free debt relief fee estimator can help you estimate the exact fee % and compare options.
You may be looking for a debt consolidation loan, but do you qualify? Is your credit score good enough? Is your debt-to-income ratio or credit utilization good enough?
I helped build this free consolidation loan and other options calculator to help you compare your rates across multiple debt consolidation lenders and your options to other options if you cannot qualify for a loan. It’s specific to your financial information, so if you have $10,000 in debt, it will provide an estimate of your situation.
You can then check your rate, which will NOT affect your credit score.
If you check your rate, understand the interest rate and the origination fee.
Confirm that the lender does not charge prepayment penalties and that it’s a fixed rate.
Did you receive a debt consolidation “program” quote?
Have you spoken to a representative who mentioned a loan, a program, and a hybrid option? If so, your quote may looks something like this:
- $X Amount Per Bi-weekly or Month
- Y # of Months
- You may get pitched on a legal plan to protect against lawsuit
- You may have no idea what percentage fee you are actually being charged.
When you get a debt consolidation program quote, you may just hear that your quote includes the monthly fee, but it’s crucial to understand what FEE you’re being charged.
As such, you may want to take this free debt consolidation program fee estimator to see what you may be being charged.
It takes 30 seconds and does not require ANY personal information.
Additional United Club Lending Information
Additionally, this company’s home page pitches loans up to $150,000 at rates starting between 2-3%. I have not found a lender that would lend an unsecured loan at such a low rate considering the federal funds rate is over 5%, and that is the percentage that banks loan to other banks. Why would a lender lend to someone at a lower rate than banks lend to other banks?
In addition, what I found most interesting about the website itself is that the terms at the bottom reads much more like a debt relief program than a debt consolidation loan, so that makes me wonder if they even provide referrals to lenders after all or whether it’s just another debt consolidation / debt relief company.
If you are looking for a loan, we have 2 debt consolidation loan options that we like that do not affect your credit score when checking rates and do not charge prepayment penalties.
In addition, I was looking through United Club Lending’s contact page from Wayback Machine, and found a reference to Horizon’s Lending, which I also covered in a different article.
So, at this point, I am not sure what to make of this company and how it works and operates. That said, let’s look at the reviews that I found.
BBB Reviews
I could not find any BBB website for United Club Lending. I found a site with a similar name, but it had a different address than the one listed above.
I like to see what other people said on Reddit, and I could not find any chatter about United Club Lending. My searches only seemed to bring up United Airlines type results.
Should You Apply for United Club Lending Debt Consolidation?
From my review, it’s unclear what services United Club Lending provides. Does it provide referrals to lenders that will actually lend you money at the quoted APRs starting at 2-3% or does it provide referrals to debt consolidation/debt relief services or does it provide both? It’s good to understand the pros and cons before you make a decision.
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