Debt Settlement Masquerading as Personal Loans

Is LendWyse legit?

LendWyse is a licensed Utah lender with a working website, Better Business Bureau (BBB) accreditation and high Trustpilot reviews, so it looks legitimate on paper.

But many customers say the company presents itself as a lender only to push other “financial solutions” (often debt settlement) instead of actual loans. Complaints also mention repeated calls and texts, which some describe as predatory.

On the surface, it checks the right boxes, but its practices raise questions about transparency and trust.

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Where LendWyse falls short

The biggest drawback with LendWyse isn’t the loans. It’s that many borrowers never actually get one. Multiple customers report that instead of following through on the “pre-approved” loans advertised in mailers, LendWyse agents often pivot to debt settlement programs. Even positive reviews rarely mention loans. Instead, they describe agents explaining “the program” in detail to them. This bait-and-switch approach leaves customers feeling misled and questioning the company’s credibility.

For those who are approved, the loan product has its own gaps. The maximum APR runs as high as 35.99%, putting it at the top end of the market. Unlike lenders such as SoFi or LightStream, which clearly publish eligibility requirements and fees, LendWyse discloses little about who qualifies or what fees you’ll face. Customers also describe repeated calls and texts after applying, something you don’t typically see with reputable lenders.

Put simply, LendWyse markets itself as a personal loan provider but appears more focused on funneling applicants into debt relief programs — a practice that undermines trust and sets it apart from more transparent lenders.

What makes LendWyse shine?

LendWyse advertises personal loans up to $100,000 with repayment terms between 24 and 84 months. APRs start at 5.99%, and the company says funding can arrive within just a few days once you’re approved. For borrowers who qualify, that combination of higher loan amounts, longer terms and fast turnaround could make it easier to cover big expenses or consolidate debt while keeping monthly payments manageable.

The company is also BBB accredited and carries a 4.7 out of 5 score on Trustpilot, which suggests that at least some customers have had a good experience with the company. But positive reviews don’t change the fact that many customers say they were steered toward debt settlement programs instead of loans. With that in mind, it’s best to proceed with caution and confirm that the offer in front of you is an actual loan, not a debt relief plan.

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How to qualify for LendWyse

LendWyse doesn’t provide any requirements on its website. Most lenders require borrowers to meet the following minimum qualifications:

• Be at least 18 years old
• Provide proof of income
• Be a legal resident of the United States
• Have a valid checking account in your name
• Live in a state where the company is authorized to operate

How to apply

You may receive a mailer from LendWyse saying you’re pre-approved for a loan. Here’s what happens next:

1. Apply online. Go to the website and use the application form to provide your desired loan amount, purpose, qualifying debt, financial details, personal information and contact details.
2. Speak with an agent. After you submit the form, LendWyse will text or call. You won’t get loan details until you talk with a representative, and many reviewers say this is when the conversation turns to debt settlement options instead of personal loans.
3. Review offers. If you meet LendWyse’s credit standards, an agent may outline loan options. But the company’s own disclaimers make it clear that “pre-approval” doesn’t guarantee you’ll actually receive a loan.
4. Receive funds. For the limited number of borrowers who do get approved and accept the terms, LendWyse says funds are typically delivered within a few days.

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LendWyse reviews and complaints

On the surface, LendWyse seems to have a decent reputation. It’s accredited by the BBB with an A rating and has 4.7 stars on Trustpilot. But once you start looking below the surface, you’ll find the company is not what it appears to be.

LendWyse presents itself as a lender, but that seems to be a way to generate leads for debt settlement services. In most reviews, customers compliment LendWyse’s kind and understanding customer service team, saying the agents explained “the program” to them really well. Only a couple of reviewers mention anything about a loan.

The negative reviews are far more telling. They accuse the company of engaging in bait-and-switch tactics. LendWyse sends out mailers claiming the recipient has been preapproved for a loan, but if the customer responds, agents encourage them to stop paying their credit card bills and enroll in debt settlement services instead. Many negative reviews also mention “predatory” calls and texts from the company.