Simple Debt Solutions Reviewed in Depth

Simple Debt Solutions

Based in Encino, California, Simple Debt Solutions is a debt counseling and debt consolidation loan referral service. They don’t originate the loans, so their clients may be subject to rates and terms set by lenders. This is an important distinction because each customer will have a different fee structure based on their credit profile.    

Who is Simple Debt Solutions?

Simple Debt Solutions is one of the newer companies in the debt consolidation space. They were established in 2020 to be a debt consolidation loan referral service for California residents. Today, they do business outside of California but not in every state. The company is not a loan originator but does have an extensive network of lending partners they can refer customers to.     

Pros of This Service

  • Free Consultation
  • Referrals for loans of up to $100,000 

Cons of This Service

  • Not a direct lender
  • Credit approval required

Services Offered by Simple Debt Solutions

The service menu matches the name of the organization. They keep it simple. Prospective clients can fill out an online request for a free loan quote and ask for a call from a debt consolidation consultant. They’ll be presented with several options to choose from and have a live human being to talk to as they walk through the process.     

Customer Details

Customer Qualifications to Work with Simple Debt Solutions

Approval is Determined by Partner Lenders

Anyone can fill out an online application for assistance. Final approval for any debt consolidation loan will be determined by partner lenders based on the applicant’s credit score and history. The company advertises loans up to $100,000 with “fast and easy” approvals, but neither is guaranteed. Applicants with poor credit may not get approved.    

How Much Debt Do Simple Debt Solutions Clients Have?

There’s no “minimum debt” requirement to work with Simple Debt Solutions. They promote loans of up to $100,000, so consumers with higher debt loads are welcome. There’s also no minimum credit score requirement, though applicants with lower credit scores or derogatory credit reports may not get approved for a loan from any partner lenders.

What Simple Debt Solutions Won’t Cover

Student loan debt may not be eligible for debt consolidation programs. That’s not Simple Debt’s guideline — t’s dependent upon the terms and restrictions of their partner lenders. Consolidating student loan debt is something you should speak with a student loan debt professional about. Simple Debt Solutions may not be able to provide that.         

How The Referral Service Works

Simple Debt Solutions can connect applicants with lenders who typically offer debt consolidation loans in between $10,000 to $100,000. Terms range from 24 months (2 years) to 84 months (7 years) with interest rates on par with traditional banks and credit unions. APRs for loans from partner lenders charge between 5.99% to 35.99%, depending on the current prime rate.

Do You Need a Hardship to Work with Simple Debt Solutions?

Simple Debt Solutions is not a hardship debt consolidation service. Their average customer is someone with decent credit trying to maintain it. This differs from other companies in the space that focus on customers with lower credit scores and less-than-perfect credit history. This company is a referral service that does business with traditional lenders.   

Working

Customer Timeline When Working with Simple Debt Solutions

Simple Debt Solutions can confirm approval for a personal loan request within a few minutes. Their partner lenders can deposit funds into your bank account within 24 hours or it may take several days, if the loan is a larger amount. Repayment terms are two to seven years. Fees and interest rates are set by the lender.

Overall
4.8
Kevin D. Flynn

Kevin D. Flynn

Kevin D. Flynn is a former financial professional, business coach, and freelance financial writer. He lives in Leominster, Massachusetts with his wife Evelyn, two cats, and ten wonderful grandchildren. When he’s not working, you’ll find him at the golf course or on his back porch reading classic sci-fi novels.

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