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New Start Financial Review: Debt Relief Scam

NEW START FINANCIAL

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New Start Financial is not affiliated with New Start Capital and Start New Financial

In case you are wondering, New Start Financial is not a lender. They are rated an ‘F’ by the Better Business Bureau. It appears they are mostly a lead generator, selling leads to debt settlement companies and claiming to offer a “custom debt relief program with affordable monthly payments.

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A mailing may have been sent to you with a pre-approval code and what appears to be a no-fee low-interest rate personal loan.

Doesn’t it seem like it might be a little too good to be true?

Then you start looking for reviews on the web. 

New Start Financial Review: Debt Relief Scam 1

Is New Start Financial or a Scam?

New Start Financial has been rated a 1-star rating by Crixeo.com (data collected and updated as of September 27, 2023). The information that follows should help you make an informed decision as to whether or not to do business with New Start Financial.

  • There is no lending component at New Start Financial.
  • The Better Business Bureau has rated New Start Financial as an ‘F’.
  • There can be no doubt that this company is operating what appears to be a bait-and-switch scheme just for the sake of capturing leads. They lure you in by sending direct mail with the offer of consolidating your credit card debt at a ridiculously low interest rate.
  • When you apply for a loan from New Start Financial, the company does not tell you that you will need excellent credit in order to qualify for a low-interest rate loan (which you have been supposedly pre-approved for).
  • There is a great interest in finding out how many of the people who received the offer have actually qualified for the low rates provided by this offer.

New Start Financial BBB Reviews

Complaint Type – Billing/Collection Issues – 08/08/2021

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have now made 4 EARLY payments on my vehicle this company has not reported anything to any of the major credit bureaus. The whole point of me accepting such a high interest loan on my vehicle was to help restore my credit, and yet this has not been the case. I would like to refinance this loan under a local credit union or another franchise if this does not get resolved quickly. This is horrible business practice, their website is horrible and looks like they paid a high school kid $50 to build it, they have no real point of contact, and I am HIGHLY displeased with the service. They won’t do anything to help a paying customer, but are quick to collect their check!

Complaint Type: Problems with Product/Service – 8/12/2019

10/24/2019 I opened an account with them around January 2019. I signed a contract where they would be the lien holder on my vehicle. they have no reported to credit once, and it is now a paid off loan. I signed a contract stating that I would have my credit reported to. Not once has it hit Equifax and I have recently had a dealership pay off that loan. It is on no credit report actually. This is a major problem as I used them as a credit repair service.

We urge you to do your own research and due diligence on any company, especially when dealing with your personal finances.

New Start Financial is not affiliated with New Start Capital and Start New Financial

  • It should be noted that New Start Financial is not affiliated with New Start Capital or Start New Financial.

New Start Financial Review

A debt consolidation company like New Start Financial is a great example of what is plaguing the debt consolidation industry. They sell leads for loans, offer low rates, and use bait-and-switch tactics to convert customers into debt settlement customers. It is highly recommended that you do your own due diligence on the lead buyers of New Start Financial before entering into any financial relationship with them.

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