When it comes to borrowing money, it’s important to make sure you’re working with a reputable lender. One way to determine this is by checking the Better Business Bureau (BBB) reviews and complaints. In this blog post, we’ll be taking a closer look at Tripoint Lending and its BBB profile. Tripoint Lending is a lender that offers personal loans to individuals with less-than-perfect credit. We’ll examine their reputation in the industry, analyze their reviews and complaints, and provide you with some red flags to look out for when dealing with this lender.

Background Information on Tripoint Lending

Tripoint Lending offers personal loans to individuals with credit scores as low as 600. The loans range from $1,000 to $20,000 and have terms from 12 to 60 months. Tripoint Lending prides itself on providing customers with a quick and easy application process and fast funding.

Despite being a newer player in the industry, Tripoint Lending has already made a name for itself. The company has been featured in several publications, including Forbes and Yahoo! Finance. However, it’s important to dig deeper and examine their reputation in the industry.

BBB Reviews of Tripoint Lending

The BBB is a nonprofit organization that aims to promote marketplace trust. They provide consumers with information about businesses and give them a platform to share their experiences. The BBB rates businesses on a scale of A+ to F based on several factors, including customer reviews, complaint history, and transparency.

Tripoint Lending has a BBB profile, which includes their rating and customer reviews. As of August 2021, Tripoint Lending has a B- rating with the BBB.

Analysis of the Reviews and Ratings

1. Positive Reviews

Tripoint Lending has received some positive reviews on the BBB website. Customers have praised the company for its fast application process and quick funding. Some customers have also noted that they were able to get a loan despite having less than perfect credit.

2. Negative Reviews

Unfortunately, Tripoint Lending has also received several negative reviews on the BBB website. Customers have complained about high interest rates and hidden fees. Some customers have also noted that the company has poor communication and customer service.

3. Overall Rating

Tripoint Lending’s overall rating of B- is not ideal, but it’s not the worst either. However, it’s important to examine the individual reviews and complaints to get a better understanding of the company’s reputation.

Complaints Against Tripoint Lending

The BBB allows customers to file complaints against businesses. The complaint process involves filling out a form with details about the issue and submitting it to the BBB. The BBB then forwards the complaint to the business and asks for a response. The goal is to resolve the issue and come to a mutually satisfactory solution.

Tripoint Lending has received several complaints on the BBB website. The most common complaints include high interest rates, hidden fees, and poor customer service. Some customers have also complained about being denied a loan despite meeting the requirements.

Analysis of the Complaints

The complaints against Tripoint Lending share some common themes. Many customers have complained about being charged high interest rates and hidden fees. Some customers have also noted that the company has poor communication and customer service.

While some complaints against Tripoint Lending are minor, others are more severe. Some customers have reported losing thousands of dollars due to hidden fees and high interest rates. Others have reported being denied a loan despite meeting the requirements.

The BBB notes whether a complaint has been resolved or not. Tripoint Lending has resolved some complaints, but others remain unresolved. It’s important to note that not all complaints are resolved to the customer’s satisfaction.

Red Flags to Look Out for When Dealing with Tripoint Lending

Shady Business Practices

Some customers have reported feeling misled by Tripoint Lending’s advertising. They have noted that the company makes promises that it cannot keep, such as low interest rates and guaranteed approval.

Misleading Advertising

In addition to misleading customers, Tripoint Lending’s advertising has been criticized for being too aggressive. Some customers have reported receiving multiple calls and emails from the company, even after requesting to be removed from their list.

Unreasonable Fees and Interest Rates

Several customers have reported being charged high interest rates and hidden fees by Tripoint Lending. It’s important to read the fine print and understand all the costs associated with a loan before signing up.

Steps to Take if You Have Been a Victim of Tripoint Lending’s Unfair Practices

• If you have an issue with Tripoint Lending, the first step is to contact them directly. Explain the issue and try to come to a resolution.
• If you’re unable to resolve the issue with Tripoint Lending, the next step is to file a complaint with the BBB. This will give you a platform to share your experience and potentially get the issue resolved.
• If you’ve been a victim of Tripoint Lending’s unfair practices, you may have legal options. Consider speaking with a lawyer to determine the best course of action.

Conclusion

In conclusion, it’s important to do your research before signing up with any lender. Tripoint Lending may seem like a quick and easy option for those with less than perfect credit, but their reputation in the industry leaves something to be desired. Their BBB reviews and complaints should serve as a warning to potential customers. If you’ve been a victim of Tripoint Lending’s unfair practices, don’t hesitate to take action. Contact the company, file a complaint with the BBB, and consider legal options if necessary.

Frequently Asked Questions

What is Tripoint Lending?

Tripoint Lending is a company that provides personal loan services to individuals.

What are the BBB reviews for Tripoint Lending?

Tripoint Lending has an “F” rating on BBB due to several complaints and negative reviews.

What are the common complaints against Tripoint Lending?

The common complaints against Tripoint Lending include high-interest rates, hidden fees, unclear terms, and poor customer service.

Is Tripoint Lending a legitimate company?

Yes, Tripoint Lending is a legitimate company, but it has received negative reviews and complaints due to its business practices.

How can I file a complaint against Tripoint Lending?

You can file a complaint against Tripoint Lending by visiting the BBB website or contacting the Consumer Financial Protection Bureau.

Can I trust Tripoint Lending?

Based on the negative reviews and complaints, it is recommended not to sign up with Tripoint Lending until you have thoroughly read and understood their terms and conditions.

What should I do if I have already signed up with Tripoint Lending and faced issues?

You should immediately contact their customer service and file a complaint. Additionally, you can contact BBB and Consumer Financial Protection Bureau for assistance.

What are the hidden fees associated with Tripoint Lending?

According to some complaints, Tripoint Lending charges prepayment penalties, origination fees, and other undisclosed fees.

Is Tripoint Lending’s interest rate competitive?

According to some complaints, Tripoint Lending’s interest rates are high compared to other personal loan providers.

Does Tripoint Lending have any positive reviews?

Yes, there are some positive reviews of Tripoint Lending, but the negative reviews and complaints outweigh them. It is advised to read both the positive and negative reviews before making a decision.

Glossary

1. Tripoint Lending: A lending company that provides personal loans to individuals with poor credit.
2. BBB: Better Business Bureau – a non-profit organization that rates businesses based on their credibility and customer satisfaction.
3. Reviews: Feedback or opinions from customers on their experience with a company or product.
4. Complaints: Expressions of dissatisfaction or criticism from customers about a company or product.
5. Interest rates: The percentage of the loan amount that a borrower pays back to the lender in addition to the principal amount borrowed.
6. APR: Annual Percentage Rate – the total cost of borrowing, including interest rates and fees, expressed as a percentage of the loan amount.
7. Loan term: The length of time over which a borrower repays a loan.
8. Collateral: An asset that a borrower pledges as security for a loan.
9. Predatory lending: A practice where lenders take advantage of borrowers with poor credit by charging high interest rates and fees.
10. Credit score: A numerical representation of a person’s creditworthiness based on their credit history and financial behavior.
11. Debt consolidation: The process of combining multiple debts into a single loan with a lower interest rate and monthly payment.
12. Origination fees: A fee charged by lenders for processing a loan application.
13. Late payment fees: A fee charged when a borrower fails to make a payment on time.
14. Prepayment penalties: A fee charged when a borrower pays off a loan before the end of the loan term.
15. Co-signer: A person who agrees to take responsibility for a borrower’s loan if the borrower defaults.
16. Default: Failure to repay a loan according to the terms of the loan agreement.
17. Refinancing: The process of replacing an existing loan with a new loan with better terms and conditions.
18. APR disclosure: A document that outlines the total cost of borrowing, including interest rates, fees, and payment schedule.
19. Loan agreement: A legal document that outlines the terms and conditions of a loan.
20. Consumer protection laws: Laws designed to protect consumers from unfair or deceptive practices by businesses.
21. Debt Consolidation loan: A debt consolidation loan is a type of loan that combines multiple debts into a single loan with a lower interest rate and more manageable payment terms.
22. Credit report: A credit report is a detailed summary of an individual’s credit history, including their outstanding debts, payment history, and credit inquiries, which is used by lenders and other financial institutions to evaluate creditworthiness and determine the terms of credit.
23. Banking or financial Institution: A company that provides financial services such as loans, investments, and savings accounts to individuals and businesses.
24. Debt relief: Debt relief refers to the reduction or forgiveness of a debt owed by an individual or entity, typically granted by a creditor or government program.
25. Mortgage broker company: A mortgage broker company is an entity that acts as a middleman between borrowers seeking a mortgage and lenders offering mortgage products, helping to facilitate the mortgage application and approval process.
26. Flexible personal loan: A type of loan that allows borrowers to borrow a varying amount of money and choose the repayment terms that best suit their financial situation.
27. Payday loans: Short-term loans that typically have high interest rates and are intended to be repaid on the borrower’s next payday.
28. Tripoint lending cost: The cost associated with borrowing money from a lender at the intersection of three countries or states, known as a tripoint.
29. Debt settlement: The process of negotiating with creditors to pay off a portion of a debt, typically for less than the full amount owed, in order to resolve the debt and avoid bankruptcy.
30. Tripoint Lending reviews: A collection of evaluations and assessments of Tripoint Lending, which may include comments, opinions, and ratings from various sources.
31. Monthly payments: Monthly payments are regular payments made on a monthly basis over a specified period of time to pay off a debt or to purchase a product or service on a payment plan.
32. Alleviate Financial LLC: Alleviate Financial LLC is a company that aims to reduce or lessen financial burdens and difficulties for individuals and businesses.
33. Debt Consolidation loan: A debt consolidation loan is a type of loan that combines multiple debts into a single loan with a lower interest rate and more manageable payment terms.
34. Credit report: A credit report is a detailed summary of an individual’s credit history, including their outstanding debts, payment history, and credit inquiries, which is used by lenders and other financial institutions to evaluate creditworthiness and determine the terms of credit.
35. Banking or financial Institution: A company that provides financial services such as loans, investments, and savings accounts to individuals and businesses.
36. Debt relief: Debt relief refers to the reduction or forgiveness of a debt owed by an individual or entity, typically granted by a creditor or government program.
37. Mortgage broker company: A mortgage broker company is an entity that acts as a middleman between borrowers seeking a mortgage and lenders offering mortgage products, helping to facilitate the mortgage application and approval process.
38. Flexible personal loan: A type of loan that allows borrowers to borrow a varying amount of money and choose the repayment terms that best suit their financial situation.
39. Payday loans: Short-term loans that typically have high interest rates and are intended to be repaid on the borrower’s next payday.
40. Tripoint lending cost: The cost associated with borrowing money from a lender at the intersection of three countries or states, known as a tripoint.
41. Debt settlement: The process of negotiating with creditors to pay off a portion of a debt, typically for less than the full amount owed, in order to resolve the debt and avoid bankruptcy.
42. Tripoint Lending reviews: A collection of evaluations and assessments of Tripoint Lending, which may include comments, opinions, and ratings from various sources.
43. Monthly payments: Monthly payments are regular payments made on a monthly basis over a specified period of time to pay off a debt or to purchase a product or service on a payment plan.
44. Alleviate Financial LLC: Alleviate Financial LLC is a company that aims to reduce or lessen financial burdens and difficulties for individuals and businesses.
45. Debt consolidation program: A debt consolidation program is a financial strategy that involves combining multiple debts into a single loan or payment plan in order to simplify repayment and potentially lower interest rates or fees.
46. BBB rating: BBB rating refers to a rating system used by the Better Business Bureau to evaluate the trustworthiness and reliability of a business.
47. Customer complaints: Customer complaints refer to feedback or expressions of dissatisfaction that customers provide regarding a product, service, or experience they have received from a company.
48. Tripoint Lending Review: A review of the lending services offered by Tripoint, a financial institution specializing in loans and credit.