So you got a letter in the mail with an enticing offer for a personal loan at a crazy low interest rate? And it’s from some company called TriPoint Lending that you’ve never heard of before? That certainly grabs your attention.

You’re probably wondering – is TriPoint Lending legit or some kind of scam? Should I actually pursue this loan offer or just toss that mailer straight into the recycling bin? Excellent questions.

These days there are so many sketchy lending companies trying to take advantage of folks in need of debt relief. Separating the wheat from the chaff isn’t easy.

That’s why we’re going to take an in-depth look at TriPoint Lending so you have all the facts before making any decisions. I’ll be sharing everything – the good, the bad, and the ugly. Time to figure out if this is a company you can trust!

What is TriPoint Lending?

First things first – let’s get some background on this mysterious TriPoint Lending operation.

TriPoint Lending is a licensed finance lender based in Irvine, California. They’ve been around since 2017.

Some of the services TriPoint offers include:

• Personal loans
• Debt consolidation loans
• Debt settlement programs

So upon first glance, they appear to be a legitimate lending company. Nothing too out of the ordinary – personal loans and debt consolidation are pretty common offerings these days.

TriPoint Lending operates under the umbrella company Alleviate Financial Solutions. AFP helps connect consumers to various debt relief solutions. The ties between TriPoint and AFP do raise some questions which I’ll get to shortly.

For direct contact, TriPoint Lending’s address is 2600 Michelson Dr Suite 1500, Irvine, CA. You can reach them by phone at 1-800-307-1789.

Now let’s talk brass tacks – what does TriPoint Lending actually cost?

TriPoint Lending Costs and Rates

When it comes to lending companies, rates and fees should always be top of mind. You want transparency around what a loan is actually going to cost you.

According to their website, here are TriPoint Lending’s advertised rates:

• APR Range: 5.49% – 30% for first time borrowers
• Minimum Loan Amount: $10,000
• Maximum Loan Amount: $100,000

So at first glance, the rates don’t seem terrible. That 5.49% minimum APR definitely grabs your attention.

However, after digging into reviews online, many customers report actually receiving rates of 20-30%. Quite a big difference from those promotional numbers!

This tactic of advertising very low rates and then baiting-and-switching is unfortunately commonplace these days. But it starts eroding trust in the company.

Origination fees are another area lacking transparency. I could not find any clear documentation on TriPoint Lending’s website about potential origination fees or other charges tied to their loans. Those hidden costs can really impact the true price you’ll pay.

The other concerning trend is debt consolidation loans eventually turning into recommended debt settlement programs. Sounds “TriPoint” may use attractive loan offers to get you in the door, then switch to pitching you on debt settlement which carries extra fees. More bait-and-switch shenanigans!

Time to get to the heart of things – is TriPoint legit or running a scam?

Assessing TriPoint Lending’s Legitimacy

This is the $25,000 question (an arbitrary number – please don’t interpret that there is any significance to this number).

Let’s objectively weigh some key facts:

• BBB Rating: TriPoint Lending currently has an A+ Rating from the Better Business Bureau and has been BBB accredited since 2018. This looks good on paper.
• Number of Complaints: The company has received 14 total complaints over the last 3 years per the BBB, with 9 complaints in the past 12 months. For a finance company, this volume of complaints is reasonably low.
• Positive Reviews: TriPoint has a number of 5 star reviews on both BBB and Google. Some praise the “easy application process” and good customer service.
• Negative Reviews: While not the majority, there are certainly some very concerning 1 star reviews accusing TriPoint of being rude, deceptive, and changing terms/rates.

Here are a couple comments that raised red flags for me:

“They try and get you to agree to a debt consolidation loan which is not what they advertise in the letter they send out…It’s a bait and switch!”

“I asked to speak to a supervisor, and the supervisor said the same thing when I told them I was not interested. The supervisor used a few choice words and told me that I would quit wasting their time…”

While the BBB rating and accreditation carry some weight, the negative reviews centered around deception cannot be ignored.

There seems to be legitimate cases where people felt misled or tricked by TriPoint Lending after agreeing to loans or debt relief programs.

Proceed with high caution is the takeaway here. Don’t take that mailed preapproval letter at face value. Make sure you vet out the actual costs and terms before moving forward.

How does TriPoint compare to other lending options?

Is Gator Lending a Legitimate Alternative to TriPoint Lending?

Many borrowers wonder about the legitimacy of Gator Lending explained as an alternative to TriPoint Lending. Both companies offer similar services, but Gator Lending has gained popularity recently for its competitive rates and streamlined lending process. It’s essential to research both options thoroughly before making a decision.

TriPoint Lending Compared

Let’s say you’re exploring debt consolidation loans and have offers from Lightstream, Upstart, and TriPoint Lending on the table. How does TriPoint compare?

The two most reputable lenders for debt consolidation loans are Lightstream and Upstart. Here’s a quick rundown:

Lightstream

• BBB Rating: A+
• Rates: 4.29% – 19.99% APR
• Loan Amount: $5,000 to $100,000
• Pros: No fees, fixed rates, fast funding
• Cons: High minimum credit score requirement

Upstart

• BBB Rating: A
• Rates: 7.37% – 35.99% APR
• Loan Amount: $1,000 to $50,000
• Pros: Credit score not heavily weighted, fast funding
• Cons: Higher rates than Lightstream

TriPoint Lending

• BBB Rating: A+
• Rates: Advertises 5.49% to 30% APR
• Loan Amount: $10,000 to $100,000
• Pros: Prequalification with soft credit check
• Cons: Mixed reviews, lack of rate transparency, customer service complaints

As you can see, TriPoint’s advertised rates seem very competitive. But based on customer feedback, the actual rates end up nowhere near those posted numbers. Plus higher questions marks around trust and service quality.

So while TriPoint looks decent on the surface, Lightstream and Upstart edge them out in terms of value, transparency, and reputation.

Outside of lenders, what other debt relief options make sense?

Your Debt Relief Options

Taking out a new loan is only one way to tackle credit card or personal loan debt. Depending on your financial situation, there may be smarter options.

Here is a quick overview of debt relief programs that may work better than TriPoint Lending:

Balance Transfer Credit Card

• How it Works: Transfer balances from high-APR cards to a card with a 0% intro APR for 12+ months
• Pros: Pay no interest for over a year, avoid origination fees
• Cons: Balances still remain, deferred interest

Debt Management Plan

• How it Works: Work with nonprofit credit counselor to negotiate lower rates and consolidate payments
• Pros: Single payment, lower rates, improved credit score over time
• Cons: Fees involved, cannot use credit cards

Debt Settlement

• How it Works: Stop paying creditors so you can make lump sum settlements and close accounts
• Pros: Settle debt for less than you owe, no need for good credit
• Cons: Fees involved, severe damage to credit score

Bankruptcy

• How it Works: Court proceeding to discharge eligible debt under Chapter 7 or Chapter 13
• Pros: Wipes most unsecured debt (credit cards, medical, personal loans), automatic stay stopping collections
• Cons: High legal fees involved, cannot declare again for 8+ years, severe credit damage for 10+ years

I recommend running the numbers on all options to see which path brings you financial freedom at the lowest overall cost. Everybody’s debt situation is unique.

The Final Verdict on TriPoint Lending

So what’s final call here? Is TriPoint Lending legit or best avoided?

There are some definite red flags and risks involved with TriPoint Lending based on research:

• Lack of rate transparency
• Customer complaints around deceitful practices
• Potential bait-and-switch from debt consolidation loans to more costly debt settlement programs

While you may actually get approved for a loan with TriPoint Lending, there are likely much better options out there for you from a cost perspective.

I would proceed with extreme caution and skepticism given the questionable reviews. Verify all terms and rates in writing before moving forward.

You will probably be better off exploring top-rated lending marketplaces like Upstart or Lightstream. Reputable providers offering personalized rates across multiple lenders.

And don’t rule out alternatives like 0% balance transfer card offers or nonprofit debt management plans. Those solutions may save you thousands over high-interest debt consolidation loans!

Hope this comprehensive review helps you make sense of letters arriving from TriPoint Lending. Now you should feel equipped to make the smartest decision for your wallet and peace of mind!

Wishing you the very best outcome in your debt relief journey. Onward and upward my friend!