SilverLake Financial Review: Is It A Scam Or Does It Actually Work?

SilverLake Financial Review

Do you have credit card debt that you’re struggling to pay off? Silverlake Financial can help. They offer personal loans and debt consolidation loans to help you get out of debt and back on track financially. They advertise their services at silverlakefunding.com.

SilverLake Financial Logo

SilverLake Financial Summary

Silverlake Financial is a company that specializes in personal loans. They send out direct mail offers with interest rates as low as 5.49% and pre-approval amounts up to $45,000. However, these offers come with many strings attached. So while borrowers may be “pre-approved” for a loan at a low-interest rate, it is important to read the fine print on the back of the offer before accepting the loan.

Here are a few things to keep in mind:

  • Silverlake Financial Group does not broker loans and does not make and/or fund any product offerings, loans, or credit decisions.
  • There is no guarantee that you will be approved for a loan, as it depends on the underwriting guidelines.
  • To be approved for a loan, customers must already meet existing underwriting guidelines and received a mail offer.
  • Paying off your loan early comes with some benefits. Not only will you avoid paying any fees or penalties, but you’ll also save on interest. Any other fees that have been paid (like origination fees) won’t be refunded, so it’s important to consider all the factors before making a decision.
  • If you do not meet their criteria after responding to their offer, you may not receive credit.
  • When considering your loan amount and interest rate, many factors will be taken into account, such as credit history, income, and ability to repay the loan. Personal circumstances may also play a role.

There is not too much information about the interest rates offered by this company.

SilverLake Financial Review: Is It A Scam Or Does It Actually Work? 1

What Is SilverLake Financial?

There are many reasons why you might want to take out a loan. Whether you’re consolidating debt, making a large purchase, or covering unexpected expenses, a loan can be a great solution. Silverlake Financial is a marketing lead generator that can help you find the best loan for your needs. They have been in business for 7 years and are located at 930 W. 17th Street, Suite D, Santa Ana, CA 92706. You can reach them at (844) 633-9292.

Silverlake Financial has an A rating from the Better Business Bureau (BBB). They have been accredited since 8/29/2019 and have received an average of 91 customer reviews. They have closed 4 complaints in the last 3 years.

How Does SilverLake Financial Work?

People can get loans from several lenders through Silverlake Financial. On their website, there is an online application that you can complete in about two minutes. After you submit the form, one of their staff will get in touch with you and request more details. When your application is accepted, you’ll get your money and can use it however you like.

What Are The Fees For Silverlake Financial?

There are several charges connected to Silverlake Financial. These fees include processing, origination, and late payment fees. On top of that, interest is added to the loan’s outstanding sum. There are no penalties or costs associated with making an early loan payment.

SilverLake Financial BBB Reviews               

SilverLake Financial is an established company with an A BBB rating. They’ve been in business for 7 years and have an average of 91 customer reviews. Plus, 4 complaints have been closed in the last 3 years.

Below are some of their reviews:

Dorothy C 08/30/2022

I was in a bind and needed to get home repairs done ASAP. I did the application late Friday evening, and the funds were received a few days later. Silverlake is efficient and FAST! The rate was pretty great too, couldn’t beat it!

“I was misled, filled out the form – based on details of obtaining a personal loan. Was told information related to the credit rating and how the process worked incorrectly. Informed there was a cancellation fee once enrolled (later told that’s not correct). After a few months of not seeing anything I called to inquire – it’s debt settlement – hurts your credit report vs working with creditors yourself.

Ann I 05/06/2022

“I received deceiving personal loan requests from this company. They also left a deceiving phone number to opt out that in fact, it is a scam that then calls you repeatedly. I have sent numerous letters to this company asking them to stop sending me These scam requests. They refused to remove my name from their mailing list. I do not wanna be associated with scammers. I don’t want them calling me or sending me any documentation via US mail”

Completely mislead. Had I been given factual information I would not have signed up. Extremely lead down the wrong path – even with my many questions – continued to be led down the wrong path. Bait and switch based upon the letter received. Will be filing an AG complaint related to this. Do your homework to validate the entire process.”

Robert K 08/15/2022

I would recommend SilverLake to anyone who needs a fast and convenient loan. The rate was the lowest compared to several other lenders I have looked into. Great customer service as well!

Lena R 08/02/2022

Received a pre-approval in the mail. Went online and typed in the personalized code to their website. Just like that, I got connected with an agent. I am so pleased with my experience and I am so happy that I am taking the necessary steps to have a better financial future.

James M 11/24/2021

“This is not a lending company. They engage you by sending a letter offering a loan. You apply for a loan and the company then tries to have you sign up for debt elimination counseling. They make material misstatements and ask you to engage in fraud. Summary of misstatements: They solicit customers offering loans, but refer you to a legal firm that will negotiate debt settlements. They ask if you can afford your payments. If you answer yes, they still push you towards debt settlement products. However, in the debt settlement contract, you are asked to affirm that you cannot afford your payments. They are directing customers to lie in a legal form.”

SilverLake Financial FAQs

SilverLake Financial Review: Is It A Scam Or Does It Actually Work? 2

Does Pre-Approved Mean That You Are Guaranteed Approval?

Although Silverlake Financial’s mail offer may initially seem like a great deal, there are no guarantees that you will be approved for the loan. The company uses information from your credit report to decide your creditworthiness, but this can change after you respond to the offer. For example, your credit score may have recently decreased, which could mean that you are no longer eligible for the loan.

Silverlake Financial will not have your income information until you apply for a loan. This means that they will not be able to tell you whether or not you can afford the loan payments before you apply.

What Are The Requirements For A Loan From SilverLake Financial?

There are a few things you’ll need to take out a personal loan from SilverLake Financial. You must be at least 18 years old and have a good credit history. Additionally, you’ll need to have a bank account in good standing.

With so many lenders on this platform, it can be difficult to determine what the minimum credit score is because each lender has its own set of specifications and minimum credit score. In spite of the fact that it is difficult to say what the minimum credit score is, if you have a good credit history, you may be able to get your loan approved by multiple lenders. As a result, SilverLake Financial may be able to offer you a very quick and simple loan application process

You also need to have enough money or assets to cover the loan installments in order to do the monthly payments. When evaluating your application, SilverLake Financial will also take other aspects into account, such as your present debt load, job situation, and housing expenses. Remember that SilverLake Financial does not accept or require collateral for loans.

SilverLake Financial Personal Loans

Debt consolidation can be a great way to get your finances in order. This loan company can help you secure low-interest loans with fixed payment schedules. This way, you’ll always know exactly when your debt will be paid off. Plus, with fixed interest rates, you won’t have to worry about your payments increasing unexpectedly.  As a result, it allows clients to access the financial help they need and meet lenders who are willing to offer them the best terms.

Will Silverlake Financial Hurt My Credit?

Will Silverlake Financial hurt my credit? It’s no secret that having a good credit score is important. Lenders use credit scores to determine whether or not someone is a good candidate for a loan or credit card. A high score means that the person is seen as being financially responsible and less likely to default on a loan or miss credit card payments. Conversely, a low score could mean that the person will have difficulty getting approved for new credit. So it’s understandable why you may be wondering how SilverLake Financial can affect your credit score.

There are a few things to keep in mind when it comes to SilverLake and your report on credit history. They use the information in your credit report to see whether or not you meet certain standards for financial responsibility. This includes pulling your credit history to check for any red flags. Depending on the type of inquiry – hard or soft – it can either hurt your score or have no effect at all.

In order to qualify for SilverLake Financial loans, you do not need to have a minimum credit score. They do not have any specific requirements for credit score when it comes to debt consolidation. However, they need to review your credit history to determine whether or not you qualify for their program.

Different types of credit inquiries can affect your credit score in different ways. Hard inquiries, for example, are when a company checks your credit because you’ve applied for new financial products or services. This type of inquiry can lower your credit score. A soft credit pull, on the other hand, is when a company checks your credit for non-financial reasons, like a background check. Soft inquiries usually don’t hurt your credit score.

Is Silverlake Financial A Scam?

Silverlakefunding.com is a legit company that can help you find the right loan for your situation. With seven years in the business and experience working with lenders across the country, they boast an A rating from the Better Business Bureau. Although there have been complaints about service and billing problems, they are still a great company to work with.

When considering this company, it is important to remember that they generate marketing leads, but do not broker loans or make credit decisions. Therefore, your information will be shared with multiple companies should you choose to provide it (check their privacy policy).

If you’re considering taking out a debt consolidation loan, there are a couple of things that you should keep in mind. You need to know how debt consolidation loans work and what they can do for you. You should shop around and compare rates from multiple lenders before picking one. The final thing you should do is carefully read the terms and conditions of your personal loan before signing anything. As long as you follow these steps, you can ensure that you are getting the best deal possible on your debt consolidation loan.

Bottom Line

Silverlake Financial is a personal loan company located in Southern California. The address is 930 W 17th St Ste D Santa Ana, CA 92706. Recently, they have given a great experience to all of their customers, as well as local businesses who might have needed loan assistance. However, it is critical that you read debt consolidation reviews to get more information about this type of company. It also helps you to understand their minimum debt, referral fees, and any doubts that you may have.

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