Expensive Way to Consolidate Debt

Is Above Lending legit?

Above Lending appears to offer legit consolidation loans, but only if you’re enrolled in a debt settlement program with one of its partners. And the money has to be used to pay off your enrolled debt, which your debt relief provider does on your behalf.

However, if you prefer to have the funds in your control, you may be better off getting a direct consolidation loan instead, if you can qualify. Or, if you need a loan for another purpose, consider one of the top personal loan providers.

What makes Above Lending shine?

Getting a consolidation loan from Above Lending can help speed up the process of getting out of debt. You’ll typically have to be in a debt settlement program for a set period before qualifying for a graduation loan. But once you are, you could potentially wipe out the remainder of your enrolled debt all at once.

Of course, you’ll still have the loan to pay back, but making on-time payments is an important first step toward rebuilding your credit score.

Where Above Lending falls short

While repaying your enrolled debt faster with a loan can be a huge weight off your shoulders, it could also be more expensive. For example, rates on Above Lending loans could be as high as 35.99%, which is more than most credit cards. You may also have to pay an origination fee up to 6%. All that on top of the roughly 25% you’ve already paid for the debt settlement program.

Some customers also report having higher payments with the loan than they did in the program, which is another key point to consider. So be sure to understand the loan’s total cost and how the payments fit into your budget before deciding if a loan is the right decision for you.

How Above Lending compares to other lenders

Above Lending loan details

Above Lending contact info

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Use our loan repayment calculator to compare monthly payments and the total cost of the loan based on different rates and terms.

How to qualify for Above Lending

To qualify for Above Lending’s consolidation loan, you’ll likely need to be enrolled in a debt settlement program with Beyond Finance or Five Lakes Law Group. Above Lending says you’ll be notified if you’re eligible to apply.

How to apply

Follow these steps to apply:

1. Fill out the online application form to prequalify.
2. Review your loan offer and terms.
3. Verify and sign your loan agreement if approved. Your debt relief provider uses the funds to pay off your enrolled debt.
4. Repay your loan to Above Lending.

There’s only a soft credit check to prequalify, but a hard inquiry is required prior to loan approval.

Above Lending reviews and complaints

Above Lending has high ratings on both the Better Business Bureau (BBB) and Trustpilot, with reviewers complimenting the professional, helpful service and fast and easy process.

But some customers feel the company isn’t transparent about interest rates and fees, and the rates are as high or higher than credit cards. There are also several complaints of excessive phone calls before signing the loan agreement, but poor communication once the contract is signed.