Did you receive a mailer and wonder, is Forward Funding Legit?
At least 82% of Americans carry credit cards. An estimated 11% of those max them out each month. It’s safe to say that there are likely dishonest debt consolidation lending firms out there looking to take advantage of the situation.
There’s some concern regarding the question of: Is Forward Funding legit or not? We dug deep to try to get some answers. We found several concerning facts, and advise caution when choosing to do business with Forward Funding.
The company has little online presence outside of its website, which offers some details about the company and its personal loan and debt consolidation business. It goes on to describe its high ratings scores at sites like Trustpilot, the Better Business Bureau, and Consumer Affairs.
Digging a little deeper, we learned that Forward Funding partners with Cross River Bank in New Jersey, a well-known bank that works with several online lending marketplace platforms. So far, everything checks out.
What is Forward Funding?
Forward Funding lists its business address in Newport Beach, California. The site provides contact information for the company, including its phone number and contact email address.
The company bills itself as an online lending provider offering personal loans and debt consolidation loans. It makes no claim of being a lending organization. It acts as an intermediary between the customer and the company that provides funding. Forward Funding doesn’t appear to charge a fee for using its services.
Several locations on the company’s website invite users to check their rates or apply now and heavily advertise that you can receive funding for your needs within 24 hours. The website appears professional and nothing seems out of the ordinary.
Forward Funding Features
Forward Funding loan products appear to be available to anyone who lands on the company’s website. You may have also received one of Forward Funding’s mailers in the mail, which includes an eligibility ID, usable to identify yourself when applying for Forward Funding’s financial products. Here’s what we found regarding the features that the company claims to offer.
- Personal Loans
- Consolidation Loans
- Funding in as little as 24 hours
- No fee to use the service
- Provides several offers to choose from
- No credit check is required for prequalification
Forward Funding Reviews – Is Forward Funding Legit?
When looking at reviews for Forward Funding, things start to get interesting. A look at the company’s reviews and rating score on Trustpilot appears to highlight a company that customers love, with 95% of reviews awarding the company a 5-star rating. A closer look reveals something fishy.
Out of 73 review scores on Trustpilot’s site, 32 of them are from generic reviewers called, ‘guest’, or ‘customer’, or are simply tagged with a first name only. Not surprisingly, each of these listings is a 5-star review.
The vast majority of reviews that seem to have a full first and last name attached to them simply report, “great people,” “great service, ” “very good,” and “‘great customer service,” as the reasons behind the high review score given. These aren’t normal reviews on a revered site like Trustpilot, which got us wondering about Forward Funding’s legitimacy. The single 1-star review that slipped through the cracks reports deceit and dishonesty.
On Consumer Affairs and at the BBB, the reviews were almost as fishy. Reddit forums, on the other hand, are filled with customer reports of dishonesty, misleading representation, and a long list of deceptive practice reports. We started to see a trend.
Is Forward Funding a Legit Company?
While Forward Funding appears to be a legitimate company, we haven’t yet figured out its game plan. Many Reddit reviewers claim the company simply stopped paying their creditors and sold their accounts to debt collectors. Others site billing issues and coercion into “assistance” situations.
With this information alone, we’re skeptical of the company’s business practices. The next findings sealed the deal.
- Forward Funding’s page lists an apparent link to its California business license. The link doesn’t work.
- Hidden in the text on a website page is text offering consolidation loans, personal loans, and assistance. It doesn’t explain what “assistance” means.
- The company’s site lists its license number as NMLS #2524144. An NMLS number is typically assigned to mortgage lenders—a service Forward Funding doesn’t advertise as being available.
- Finally, a search of the NMLS database revealed that NMLS #2524144 doesn’t exist and isn’t listed as a company.
What to Avoid When Choosing a Debt Consolidation Provider
While we can’t say that Forward Funding is a predatory lender, we can say we have serious concerns about its attempts to apparently make money by being dishonest. Besides avoiding companies like Forward Funding, here are some other red flags to look for when choosing a debt consolidation provider.
Avoid predatory lenders. Predatory lenders take advantage of customers in need of help during tough financial situations. Unfortunately, the practice isn’t always illegal. Work with an established company with a legitimate business license number and trustable review listings.
Avoid high fees. Read the small print in any borrowing contract before signing it. Understand the payment plan and the associated fees, and if it looks too good to be true, it probably is.
Is Forward Funding Legit? – Alternatives
While Forward Funding appears to be less than trustworthy, legitimate debt consolidation companies do exist. Accredited™ Debt Consolidation is among the best organizations available for those looking to reduce their monthly payments on revolving debt. Accredited can help lower your monthly payment, requires no credit score to apply, and features a legitimate A+ rating at the BBB.
Other top-rated debt consolidation companies include the following lenders.
Credible – Rates for personal loans provided by Credible range from 6.40% to 35.99% APR with repayment terms from 12 to 84 months.
- Compare Rates for Free
- Loans up to $200,000
- Receive funds as soon as tomorrow
- See Plans
LendingTree – Rates for personal loans provided by Lending Tree range from 5.99% to 35.99% APR with repayment terms from 12 to 120 months.
- Minimum Credit Score: 600
- Soft Credit Check To Pre-Qualify
- Home Equity Credit Options Available
- See Plans
LendingClub – Rates for personal loans provided by LendingClub range from 9.57% to 35.99% APR with repayment terms from 24 to 60 months.
- Loans Funded In One Week
- Get A Lower Rate With A Co-Borrower
- 3- 5 years term and $1,000- $40,000
- See Plans at Credible
Upstart – Rates for personal loans provided by Upstart range from 7.8% to 35.99% APR with repayment terms from 36 to 60 months.
- No Minimum Credit Score
- Soft Credit Check To Pre-Qualify
- Get Funding In One Day
- See Plans
How to Choose a Debt Consolidation Lender
The most important factors when choosing the best debt consolidation company for your needs include lowering your payments and getting a handle on finances. However, it’s just as crucial to find a lender you trust and feel comfortable working with.
Debt consolidation can help minimize stress. However, a difficult lender, or worse, a predatory lender, can create a very miserable experience that can come with huge expenses. Look for the following attributes in your debt consolidation lender or lending marketplace to ensure you find one you can trust.
1. Trusted and legitimate ratings
2. Provides a simple application process
3. Offers several borrowing options
4. Charges no or low fees
5. Provides acceptable interest rates and terms
