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If you are in need of a personal loan, you may have come across New Start Financial. They claim to be a “leader in the online lending space.” But is New Start Financial legit? Or is it a scam? In this New Start Financial review, we will take a close look at their services and see how they compare to other lenders. We will also discuss the pros and cons of using New Start Financial for your personal loan needs.
First, let’s take a look at New Start Financial’s Better Business Bureau (BBB) rating. They have an F rating and are not accredited. The company lures you with a low-interest rate offer to consolidate your high-interest credit card debt by sending a direct mail offer to local businesses or individuals, this is definitely not a good sign and should be taken into consideration before applying for a loan with this company. New Start Financial Services also has a number of complaints filed against them with the BBB. Some of these complaints include being charged hidden fees, being denied loans after applying, and not receiving the funds they were promised.
So is New Start Financial Services legit? Or is it a scam? It looks like is definitely risky to apply for a loan with this company. There are many other lenders who have better ratings and offer more favorable terms. We would recommend avoiding New Start Financial and looking into these other lenders instead.
Who owns New Start Financial?
That is a question that many people have been asking, as there have been rumors circulating that the company may be a scam. Unfortunately, at this time it is difficult to say for certain who owns the company, as their website does not list any contact information. This lack of transparency is certainly causing concern and raises questions about the legitimacy of New Start Financial.
If you are looking for a personal loan, it would be best to avoid this company and look for a more reputable lender. There are plenty of them out there, so you don’t need to take the risk with New Start Financial. Be sure to do your research before signing up for a loan, and if something doesn’t seem right, trust your gut and walk away. You don’t want to end up in a situation where you can’t afford to pay back your loan and are stuck with debt you can’t escape.
New Start Financial Pros and Cons
When it comes to Personal Loans, there are a lot of options available. One such option is New Start Financial. They offer Personal Loans up to $35,000. But does that mean you should borrow from them? Let’s take a closer look at the pros and cons.
New Start Financial Pros:
- Personal Loans up to $35,000
- Fast application process
- Easy online application
New Start Financial Cons:
- High-interest rate – starting at 15% APR
- Negative reviews online – people have complained about their customer service and how they were scammed by this company
- Limited states served – currently only available in California, Illinois, Texas and Washington D.C.
So what do you think? Is New Start Financial a good option for you, or are there better ones out there? Personally, I would recommend looking into other Personal Loan providers. There are a lot of them with lower interest rates and better customer service.
New Start Financial BBB Reviews
New Start Financial is not accredited by the Better Business Bureau and currently has an F rating. This means that the company has failed to meet accreditation standards set by the BBB. There are currently 4 negative complaints about New Start Financial on the BBB website, there was a mistake on their credit report for most of them. These reviews allege that the company is a scam and that personal loans provided by New Start Financial were not repaid.
Complaint Type: Advertising/Sales Issues 08/08/2021
I have now made 4 EARLY payments on my vehicle this company has not reported anything to any of the major credit bureaus. The whole point of me accepting such a high-interest loan on my vehicle was to help restore my credit, and yet this has not been the case. I would like to refinance this loan under a local credit union or another franchise if this does not get resolved quickly. This is a horrible business practice, their website is horrible, and looks like they paid a high school kid $50 to build it, they have no real point of contact, and I am HIGHLY displeased with the service. They won’t do anything to help a paying customer, but are quick to collect their check!
Complaint Type: Billing/Collection Issues 10/24/2019
I opened an account with them around January 2019. I signed a contract where they would be the lien holder on my vehicle. they have not reported to credit once, and it is now a paid-off loan. I signed a contract stating that I would have my credit reported. Not once has it hit Equifax and I have recently had a dealership pay off that loan. It is on no credit report actually. This is a major problem as I used them as a credit repair service.
Complaint Type: Problems with Product/Service 08/12/2019
I have had my 2008 Mercedes Benz C300 for about 3 years now but since I had the car it’s been problem after problem and for the price that they wanted for the car it’s not worth how much I then had to fix the car year after year it’s always something going on with the car I have had repairs costing me thousands of dollars that I probably could’ve paid the car off with. Recently I ran into problems with my car yet again this time costing me thousands of dollars again. I recently started a new job with unforeseen circumstances stances at the job that I had before the new job I was off for 3 weeks with no source of income. I have made a payment every time that I received money from New Start Financial even through my financial hardships.
Is New Start Financial a legitimate company?
There is no simple answer to this question. On the one hand, the company has been in business for a number of years. On the other hand, there are a number of negative reviews online that suggest that New Start Financial may not be all that it seems.
One thing is for sure: if you are considering borrowing money from New Start Financial, it is important to do your due diligence first. Read through some of the company’s reviews online and make sure you are comfortable with the terms and conditions of any loan you may take out.
Be especially careful if you are considering borrowing money from New Start Financial online – there have been reports of scams in which people have lost money by providing their personal information to bogus companies.
If you are still unsure about New Start Financial, it may be best to steer clear. There are plenty of other reputable lenders out there who would be happy to help you get the money you need.
* New Start Financial should not be confused with New Start Capital or Start New Financial.
