You might have recently received a mailer (similar to the one below) from a company named Lift Lending. They claim that you’ve been pre-approved for a loan of up to $34,000 at an example APR of only 5.99%
They also mention that with Lift Lending, you can “consolidate your high-rate card balances into one manageable fixed-rate personal loan.” We don’t blame you if this seems too good to be true. These kinds of offers are very common; many stem from companies that are not 100% transparent with their motives and hidden fees.
My name is Ben, and I have spent the last five years helping people understand the differences in options to help them eliminate debt cheaper, easier, and faster. I have also uncovered debt consolidation scams. I was also one of the first to write an article covering the unfortunate Litigation Practice Group bankruptcy and have spoken with countless people negatively affected by it.
“Your Debt Relief Pal” was created 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.
To investigate this company’s legitimacy, we conducted research. If you’d like to learn more about Lift Lending’s business model, products, and customer reviews, continue reading.
What is Lift Lending?
Lift Lending History
After doing a quick Google search, we came upon Lift Lending’s website: https://www.liftlending.com/. Public records state that their business was created on 8/22/2022; however, it seems their website has been around for a long time, since 9/14/2015. This could suggest that the website was used by another company or person and later purchased by Lift Lending.
On its application page, the company states, “You are pre-approved for a personal loan from Lift Lending,” which reinforces the idea that you’ll be able to immediately get a loan from the company and that the loan is coming from Lift Lending itself.
However, if we look at the Department of Financial Protection & Innovation, we find that Lift Lending does not appear to have an active lender license. This means the company is not authorized to underwrite consumer and commercial loans. Therefore, it is hard to believe that Lift Lending issues its debt consolidation loans to customers.
Check Your Rate 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 estimate your situation.
You can then check your rate, which will NOT affect your credit score.
Lift Lending Reviews
Now that we’ve reviewed Lift Lending’s background and the products it claims to offer, we wanted to see what customers are saying about the company.
BBB
We first check the Better Business Bureau, otherwise known as the BBB. On this page, Lift Lending is rated 3/5 with only two reviews. Lift Lending has also been accredited by the BBB since 5/22/2023, meaning they have committed to responding to any complaints that may be raised against the business.
We have also attached a picture of Lift Lending’s two reviews below for your convenience.
One individual mentioned that after looking around for a personal loan, Lift Lending got her approved, which helped lower this person’s debt payments. Furthermore, they say that the company had a straightforward process and was helpful throughout this time.
However, the other review doesn’t seem to have had as great an experience with Lift Lending. They state that the company sent them a similar mailer to the one we attached above and that it would be impossible for them to be pre-approved for such a low APR loan since they can’t even get approved for a credit card. In this case, they suggest that the company is taking part in some kind of bait-and-switch practice.
The next place we checked for reviews was on the company’s Google Business page. Here, the company only has three reviews and is rated 3.7/5. Like before, we’ve attached pictures of some reviews to show an example of what people say about their experiences.
These reviews also mirror what was mentioned in the BBB reviews. Some people praise the company as being “very helpful and patient,” while others have had less-than-stellar experiences.
Specifically, one person mentioned that they also got the mailer saying they were pre-approved for a very low interest rate loan. However, when they called Lift Lending, the company told them that they would not be approved for this loan due to their outstanding debt amount. Soon after, Lift Lending apparently hung up on the person they were talking to.
Trustpilot
Lastly, we checked Trustpilot for reviews on Lift Lending. Here, they seem to have many more reviews than the other websites we’ve checked so far. In total, they have 160 reviews with a 4.7/5 rating. We’ve highlighted a few of these reviews below.
The first review we saw was written by someone who claimed that Lift Lending was attempting to push them into making a major decision even though they had COVID and made the company aware of this. It seems like Lift Lending also told this person that their account would be closed if they did not act shortly. This made the individual feel like the representatives were overly pushy, driving them away from choosing Lift Lending.
If true, this is definitely not what you want to experience when working with Lift Lending. It’s essential that you have the appropriate time to make the right decision, especially when it comes to major life choices that might affect your future for years to come.
The other review we attached above stated that the Lift Lending representative they worked with explained the program in a straightforward way, giving them confidence in working with the company.
Important Distinction: Debt Consolidation Loans vs Debt Consolidation Programs
Although we are not exactly sure how Lift Lending operates and whether or not it gives out debt consolidation loans or other products, we wanted to write this paragraph to explain the difference between two debt solutions that are often misunderstood.
The first one we’ll touch upon is debt consolidation loans. This is the product that Lift Lending claims to offer its customers. Debt consolidation loans allow you to pay off all your debts and consolidate them into one payment. Usually, these loans will have a lower interest rate than your other outstanding debts. This will allow you to save money on your interest payments and pay off your debt quickly.
The other product that you need to be aware of is debt consolidation/relief programs. These are not loans but rather a way to settle your debts for a lower amount. In this case, you’ll have to let your debt fall behind to build leverage against your creditors. Then, the company you’re working with will settle your debts on your behalf, typically for about 50% of their total value. This company will also take a few of about 15-25% of your total debt value, leaving you with net savings of anywhere from 25-35% of your debt’s total value. However, with this method, it is important to keep in mind that many companies do not have transparent fee structures. Some try to hide closing costs, monthly fees, balance transfer fees, etc. It is also essential to be aware that even though the debt itself is reduced, a longer loan period could cause you to pay more in interest than you originally would.
With this in mind, it is crucial to be able to differentiate these two options. If you are ever presented with a debt solution that is somewhat unclear, make sure to ask enough clarifying questions so that you are clearly aware of what service/product you’re signing up for. It’s important to know how Debt Relief Companies work to make your selection process easier.
Closing Thoughts
After having gone through a deep dive into Lift Lending, we can conclude a few things. The first is that they claim to offer pre-approved debt consolidation loans even though this might not be true. Several people mention that although they were “pre-qualified” the company then retracted that statement and said that they would not be eligible for the loan at all.
We are less clear about the company’s true product offerings since it does not disclose this in any fine text on the website. Your best bet in this case would be to call them and try to figure this out for yourself while making sure to ask enough clarifying questions about any programs they might have to offer.
From their reviews, people have a wide range of experiences. Some claim that the company helped them reduce their debt, while others say that the company is involved in bait-and-switch tactics. Although we cannot confirm or deny either side, we stress the importance of doing your own research and checking with all the available options.
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