Tripoint Lending Reviews: What You Need to Know Before Applying

Tripoint Lending sends pre-approval letters promising large personal loans at low rates. You might have received one in your mailbox.

But here’s what you need to know: Tripoint Lending isn’t a bank. It’s a loan brokerage that connects borrowers with lenders.

Many applicants don’t get the loan terms advertised in those mailers. Some don’t qualify for any loan at all.

Understanding how Tripoint Lending works will help you make informed decisions about your finances.

Tripoint Lending Has Strong Online Reviews

Google reviews give Tripoint Lending an average of 4.3 out of 5 stars. Hundreds of customers have shared their experiences.

The Better Business Bureau accredited Tripoint Lending with an A+ rating. The company maintains an average customer rating of 3.93 out of 5 stars on BBB.

These ratings outperform most lenders on both platforms. Tripoint Lending proudly displays its BBB score on its website.

However, not all feedback is positive. BBB complaints mention unwanted phone calls and misleading offers.

Common Complaints About Tripoint Lending

Some customers report bait-and-switch tactics. One applicant received a pre-qualified loan offer through the mail.

When he called to apply, he didn’t get a loan. Instead, he received a debt consolidation offer.

He didn’t realize the switch until near the end of the application process.

Here’s a typical scenario:

Hank receives a mailer advertising a $20,000 loan at 5.99% APR. His credit score is around 550, but the ad says he’s pre-qualified.

He applies, hoping to buy a new car. Tripoint tells him he doesn’t qualify for the advertised loan.

Instead, they offer debt settlement services through a partner company. Hank knows debt settlement could damage his credit score.

He’s been paying his bills on time, so he refuses. Tripoint continues calling him several times a week.

Once you share your contact information with Tripoint Lending, you consent to marketing calls. You must explicitly revoke this consent to stop the calls.

Consider registering with the National Do Not Call Registry to reduce unwanted sales calls.

How Tripoint Lending Actually Works

Tripoint Lending operates as a loan broker, not a lender. The company doesn’t provide loans directly.

Instead, it partners with various banks and lending institutions. Tripoint connects interested consumers with these lending partners.

The company handles advertising and initial applications. Once you accept a loan offer, Tripoint exits the equation.

You become the customer of the actual lending institution. Tripoint receives a commission for the referral.

Most consumers discover Tripoint through direct mail campaigns. These mailers advertise large loans at attractive rates.

Common offers include $20,000 at 5.99% APR. If you decide to apply, Tripoint helps you complete an application.

The company submits your application to its lending partners. These partners review your information and make the final credit decision.

Partners may extend credit according to original terms. They might also introduce new terms with lower credit lines or higher interest rates.

In many cases, applicants receive no credit approval at all.

Tripoint Lending Loan Requirements and Terms

According to Tripoint’s website, loans range from $5,000 to $100,000. Interest rates vary from 5.99% to 35.99% APR.

The lowest rates go to the most creditworthy borrowers. Rates can change daily based on market conditions.

To qualify for a loan through Tripoint’s partners, you must meet these criteria:

• Meet the criteria for Tripoint’s pre-screened offer
• Have a credit report and history meeting pre-established credit criteria
• Maintain a monthly debt-to-income ratio below 50%
• Hold current employment for at least one year

Applicants who don’t qualify for loans often receive alternative offers. These include debt relief or debt consolidation services.

These alternatives weren’t what you called about. They may not suit your financial situation.

If you’re struggling with existing debt, our partner Cambridge Credit Counseling can help you create a realistic payment plan.

Avoid Applying for Unnecessary Credit

Loan brokerages like Tripoint succeed by tapping into natural desires. Who wouldn’t want an extra $20,000 for a car or home remodel?

But you need to maintain objectivity about your finances. Don’t apply for credit you don’t genuinely need.

Avoid unfamiliar companies with aggressive marketing tactics. Seek reputable loans from institutions you trust.

Your local bank or credit union offers more transparent terms. They have established relationships with community members.

Every credit application affects your credit score. Multiple inquiries in a short period can lower your score significantly.

Consider whether you truly need the loan before submitting an application. Evaluate your current financial situation honestly.

Better Alternatives to Loan Brokerages

If you’re considering a Tripoint Lending offer, explore other options first. Traditional banks offer personal loans with transparent terms.

Credit unions typically provide lower interest rates to members. They focus on member service rather than profit maximization.

Online lenders like Marcus by Goldman Sachs or SoFi offer competitive rates. These companies provide clear terms without bait-and-switch tactics.

If you’re consolidating debt, debt management might work better than a new loan. Our partner Cambridge Credit Counseling can negotiate lower interest rates on your existing accounts.

Debt management programs don’t require new loans. You make one monthly payment to the credit counseling agency.

The agency distributes payments to your creditors. You often save money on interest while paying off debt faster.

What to Do If You’re Already in Debt

Already struggling with debt from a loan obtained through Tripoint? You have options for managing your situation.

First, contact the actual lender directly. Remember, Tripoint was just the broker.

Explain your financial situation honestly. Many lenders offer hardship programs with reduced payments.

If a collection agency is pursuing you for the debt, request validation. You have the right to verify the debt is legitimate and accurate.

Send a debt validation letter within 30 days of first contact. The agency must prove they own the debt and the amount is correct.

Consider creating a realistic budget that prioritizes essential expenses. Cut unnecessary spending to free up money for debt payments.

A debt management plan through a nonprofit credit counseling agency can help. Counselors negotiate with creditors on your behalf.

You might qualify for lower interest rates and waived fees. Monthly payments become more manageable under a structured plan.

Protecting Yourself from Aggressive Marketing

Pre-screened credit offers flood mailboxes nationwide. You can opt out of these mailings permanently or temporarily.

Visit OptOutPrescreen.com to remove your name from credit bureau marketing lists. The service is free and authorized by credit bureaus.

Register your phone number with the National Do Not Call Registry. This reduces telemarketing calls significantly.

Read all fine print before sharing personal information. Understand exactly what you’re consenting to.

Never feel pressured to make immediate financial decisions. Legitimate lenders give you time to review terms carefully.

If something feels wrong about an offer, trust your instincts. High-pressure tactics signal potential problems.

Research any company thoroughly before applying for credit. Check BBB complaints and online reviews from multiple sources.

The Bottom Line on Tripoint Lending

Tripoint Lending maintains good ratings on Google and the BBB. But the company operates as a loan broker, not a direct lender.

Many applicants don’t receive the loan terms advertised in pre-screened mailers. Some receive debt relief offers instead of actual loans.

You’ll likely find better options through traditional banks or credit unions. These institutions offer transparent terms and established reputations.

If you’re already managing debt, professional help is available. Credit counseling provides structured solutions without additional borrowing.

Make informed decisions based on your actual financial needs. Avoid the temptation of easy money that comes with strings attached.