ClearOne Advantage was founded in 2008 in Baltimore, Maryland. They are a debt settlement agency, not a debt consolidation loan service. The company is listed as legitimate with the Chamber of Commerce and Better Business Bureau, but they’ve had several complaints about poor customer service and a lack of fee transparency.
Who is ClearOne Advantage?
ClearOne Advantage claims it can help consumers become debt-free in 24 to 60- months by settling their unsecured debt. They do not work with secured debt or student loans, but can negotiate payments of credit card balances and unsecured loans, sometimes settling for less than 75% of what was initially owed.
Pros of ClearOne Advantage
- 30-day satisfaction guarantee
- Online chat for clients enrolled in the program
Cons of ClearOne Advantage
- Poor service and transparency complaints at the Better Business Bureau
- Not available in every state
Services Offered by ClearOne Advantage
ClearOne Advantage claims they can settle unsecured loan and credit card debt for less than 75% of the balances owed. They do that by negotiating with creditors who may have classified those debts as “uncollectable.” For the negotiation to be successful, a client must be several payments behind, which can damage his or her credit score.
Customer Qualifications or Eligibility to Work with ClearOne
ClearOne Has No Credit Score Requirements
The slider on the home page asks applicants how much debt they’re trying to settle. The top number on that slider is $100,000, but that doesn’t mean the company won’t attempt to settle more than that for you. The only qualification guidelines are that the debt be unsecured credit cards and loans, not secured loans like mortgages or student loan debt.
How Much Debt Do ClearOne Advantage Clients Have?
There’s no “minimum debt” requirement to work with ClearOne, at least not one that the company advertises. Filling out the quote request will tell the consumer approximately how much the settlement will cost. ClearOne will then request a phone call so the client can discuss a debt settlement plan. Larger debt amounts may take longer to settle.
What ClearOne Advantage Won’t Cover
How ClearOne Personal Loans Work
Debt settlement is done by adding up all the client’s outstanding debt and evaluating who they owe it to. ClearOne is not able to negotiate with all creditors, but they do have established relationships with major credit card providers and lenders. They’ll negotiate settlements with them and charge a fee (usually around 20%) for each settled debt.
Do You Need a Hardship to Work with ClearOne Advantage?
There’s no debt requirement to qualify for ClearOne personal loans. Some lenders in the ClearOne network may have minimum or maximum loan amounts, but the applicant won’t be presented with those options if they don’t qualify. Your total outstanding debt may also affect your ability to qualify for new credit. Check on that before applying for a loan at ClearOne.
Customer Timeline When Working with ClearOne Advantage
ClearOne Advantage claims it can settle all unsecured debt in two to five years. That’s dependent on the client making their monthly payments to ClearOne each month. The company will pause the program if the client cannot meet their monthly payments, and that will slow down the timing for completing the settlement agreement.