It can feel like walking through a minefield when it comes to debt relief companies, especially when it comes to financial services. During your financial journey, you will likely come across a company called Alliance One Funding. But how do you know if it is a legitimate debt relief company or just another scam? To help you make an informed choice, we critically examine Alliance One Funding, providing insights into its operations, reputation, and credibility.
Debt Consolidation Mailer
- Do you receive direct mail from Alliance One Funding approving you for an interest rate of 2.92 percent?
- Was there a check for over $100,000 attached to it?
- Did it offer you monthly savings of over $2,700?
- Did you have a personal reservation code?
- Do you have a poor credit score?
- Seems too good to be true, doesn’t it?
The Alliance One Funding website markets itself as a lender that helps individuals become debt-free by offering personal loans. They claim to provide very low interest rates, a simple application process, and custom-tailored consolidation plans. Users can schedule free consultations and receive special offers from the website, which includes testimonials, loan examples, and an APR range based on credit rating.
We found some interesting facts while investigating their website and terms and conditions. Let’s start with the fine print:
As a non-banking organization, the company does not lend money or engage in any lending activities. Customers’ loan amounts, terms, and APRs are based on credit determination and state law. Minimum loan amounts vary from state to state. Lenders may not grant you credit if, after applying, they discover that you no longer meet the requirements. Annual Percentage Rates (APRs) range between 2.92% and 24.99%.
Is Alliance One Funding Legit or a Scam?
Online reviews of the company are mixed, with some clients expressing satisfaction with its services and others complaining. The presence of negative reviews does not necessarily indicate a scam, but potential clients should exercise caution. Before making any decision, you should always check the company’s accreditations, read their terms and conditions, and seek independent financial advice.
We were unable to locate a BBB file on Alliance One Funding. That is not a positive sign.
Trustpilot features customer reviews of Alliance One Funding, a loan agency. There are a total of 12 reviews, with an average rating of 3.5 stars. Some reviews express skepticism about the authenticity of the positive reviews, noting similarities in writing style and the lack of previous reviews from the accounts.
One reviewer had a negative experience, mentioning issues with communication, discrepancies in credit reports, and the negative impact on their credit score. Several positive reviews highlight the professionalism, cooperation, and helpfulness of Alliance One Funding in providing loans and debt relief services. Below are the two most recent reviews from Alliance One Funding:
Alliance One Funding: What Is It?
Alliance One Funding claims to be a financial service company that specializes in offering debt relief solutions to individuals and businesses. They provide a range of services, including credit card debt consolidation programs, personal loans for debt consolidation, financial consultation services, and a smooth enrollment process that leads to a finalized payment plan.
They employ finance managers that state that their main goal is to help clients reduce their debt, improve their credit, and achieve financial freedom. Alliance One Funding also maintains that they work with a team of professional debt experts who assess their clients’ financial situation and create a personalized plan to address their specific needs and goals.
How Do They Work?
According to the company’s website, Alliance One Funding works by providing financial solutions to individuals struggling with high-interest unsecured debt. These solutions often involve debt consolidation or debt settlement programs. The process begins with a free consultation, where a professional evaluates the client’s financial situation and discusses suitable options.
If the client decides to proceed with the recommended debt relief program, Alliance One Funding negotiates with creditors on behalf of the client, aiming to reduce the total amount owed or consolidate multiple debts into a single, more manageable monthly payment. It’s important to note that while these programs can ease financial strain, they may also impact the client’s credit score.
How to qualify for Alliance One Funding?
The company’s website gives plenty of information on the company’s services:
How long does Alliance One Funding take to approve?
Approval for a loan may take longer depending on how many additional documents are requested. Loan terms and conditions will be based on creditworthiness and state law.
How much does Alliance One Funding charge?
It’s not entirely clear how Alliance One Funding makes money. There are no mentions of fees anywhere on the site. It’s possible that they make money through referral fees, but that’s not explicitly stated.
How does Alliance One Funding affect your credit?
Credit scores can be a major source of stress for many people seeking loans. However, it’s important to remember that simply getting a consultation from a lender will not have any impact on your credit score. The only way your score could potentially be lowered is by actually taking out the loan and having the lender check your credit history as part of the process.
How to cancel your Alliance One Funding?
Before you decide to take out a personal loan, be aware that you will not be able to cancel or reverse the loan once the funds have been deposited. Be sure that you really need the loan and are comfortable with the terms and conditions before accepting.