This article is for informational purposes and should not be construed as legal or financial advice.

Did you receive Point Break Financial debt consolidation loan mailer stating that you were pre-approved for a loan for an amazing rate like the letter shown below or seen an ad on social media?

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 I am here to help you get out of debt cheaper, easier, and faster.

Did your loan application get denied, but were you approved for debt validation services from Elite Legal Practice (ELP) or Litigation Practice Group, which ended up getting sued and filing bankruptcy? Did you get a story similar to this one about a program that you did qualify for?

We will cover the answers to this question and more in this article, so let’s get started.

1. What Is Point Break Financial

Point Break Financial may be pitching any of a variety of services, including debt validation services with ELP, debt settlement or potentially a debt consolidation loan.

Debt validation AND Debt settlement is not to be mistaken or confused with a debt consolidation loan where proceeds would be sent to your bank account. Now, if you are looking for a debt consolidation loan, there are 3 debt consolidation loan companies that we have vetted that 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.

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 $10,000 credit card balance for $5,000. 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.

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.

Let’s discuss exactly what debt validation is.

Check Your Loan 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 provide an estimate of your situation.

You can then check your rate, which will NOT affect your credit score.

What exactly is Elite Legal Practice’s Debt Validation / Debt Collector Mitigation / Debt Resolution Program?

It appears that Point Break Financial may be owned by the same owner of Elite Legal Practice, which may be pitching something called debt validation to you. I recently shot the following video to help people understand more about debt validation.

Point Break Financial History

Unfortunately, there isn’t much to be found on Point Break Financial’s history. In 2023, we found that Point Break Financial now has a BBB page, but it has 0 reviews and complaints. This may be because Point Break refers out it’s leads and is not a lender themselves.

According to their website, Point Break Financial is a lending agency that offers high caps and low APRs. However, when taking a closer look, it’s clear that Point Break Financial is not actually the one giving the loan. This means they would actually be a lead generator for other lenders. They are simply the company that connects the lender to the borrower (typically this is done for a profit from the lender). Because of the lack of online history, it can be difficult to pin down whether or not the company is reliable. But let’s take a closer look at how much it costs to borrow from Point Break.

2. How Much Does Point Break Financial Cost?

We believe that debt settlement may be a good option, but it’s only in the context of understanding all of your options and understanding the cost of that option. This is exactly why we built a free debt options cost calculator so that you are MOST informed. While the calculator cannot provide your exact Loyal Lending debt settlement plan payment, it provides an estimate based on your personalized financial data and allows you to compare debt relief to other options.

Debt settlement can be much less expensive than your current obligations, but it is a debt relief option, meaning that there are debt settlement pros and cons associated with it. For example, while debt consolidation loans can help increase your credit score, debt settlement can hurt your credit score.

3. Point Break Financial Reviews

There are a few platforms that most reliable businesses have reviews on. These tend to be platforms like  Google Reviews, Trust Pilot, and Yelp. However, as mentioned above, Point Break Financial seems to not have any reviews online that can be found. Again, this does not mean that Point Break Financial is a scam, it can point to the possibility that they are not what they are advertising themselves as. In fact, they all but admit on their website that they are not even the agency that will provide the loan you are applying for. At the bottom of the site, Point Break Financial has a disclaim that includes the following:

“Point Break Financial does not broker loans and does not make and/or fund any product offerings, loans, or credit decisions. This offer does not constitute an offer or solicitation to lend. The web platform will securely submit the information you provide to a lender. Providing your information on the website does not guarantee approval for a product offering”

So while there aren’t any reviews that can be found online, there is an admission on the website of Point Break Financial that they will not be the ones providing the loan that you would be applying for.

Point Break Financial BBB

In 2023, it does appear that Point Break Financial has an BBB page. It does appear that the managing member is the same founder as that of Elite Legal Practice.

In Summary

Overall, Point Break may be a lead generation company for Elite Legal Practice or another service. So if you recently received a letter from Point Break saying that they can give you a personal loan for $50,000 for only 5% APR (which is incredibly low compared to the typical 15-20% APR that most people which great credit can expect), you can know that, even if you are given that deal, it probably  won’t be from Point Break Financial.

A better term might be calling them a lead-generating company. They target individuals and advertise loans at intriguing rates and then connect your situation with a lender that matches what you need or can be approved for. Keep in mind that this means you may not receive the deal that was advertised.

What If I Can’t Get a Debt Consolidation Loan Elsewhere?

If you can’t get a consolidation loan from Loyal Lending, what are your options?  Are you putting more on your cards each month than reducing them? Do you have a high debt-to-income ratio?

The challenge is that you may qualify for a debt consolidation loan, but their interest rate could be 29.99% or the loan won’t consolidate all of your debt.

As stated above, if you have debt that is unaffordable, we built the free debt options and costs calculator below that allows you to compare options such as non-profit credit counseling, and debt settlement. If you are already in financial hardship, the calculator also allows you to understand bankruptcy. No email address is required unless you’d like some additional free assistance.