Lendmark Financial Services

• Variety of Loan Solutions
• Fixed Rates, Terms, and Payments
• Collateral Loans Available
• Mobile App

Variety of Loan Solutions

Lendmark's personal installment loans can be used for a wide range of purposes:

• Debt consolidation
• Car and home repair
• Large purchases
• Back-to-school supplies
• Travel
• Medical care
• Holiday expenses

Fixed Rates, Terms, and Payments

Although specific rates, terms, and payment details are not listed on its site, Lendmark offers fixed rates. This means that your rates, terms, and payment amounts will not fluctuate during the lifespan of your personal loan. This provides stability for borrowers and makes it easier for them to plan for monthly payments.

Lendmark interest rates are not stated explicitly on its website. In order to get any sort of estimate on what your monthly payment and interest rate would be you will need to complete an application, which could impact your credit score. 

Many other personal loan companies will offer estimates or an online calculator to help give you an idea of what your interest rates may look like.

Collateral Loans Available

Lendmark Financial Services offers collateral loans - also known as secured loans. A secured loan requires you to put up collateral as in case you default on your loan. In this case, the company would seize the collateral on whatever outstanding amount is owed.

Secured loans are a good option for borrowers with poor or bad credit, and increase their chances of approval, as the lender is secured for any risk. In addition, secured loans often result in lower interest rates.

It is important to note that Lendmark requires collateral for any loan amount above $8,000.

Mobile App

Lendmark offers a mobile app for Android and iOS devices. Customers can manage their account, make payments, and contact customer service through the app. 

• Lack of Information on Website
• Limited State Availability
• Low Maximum Loan Amount
• Negative Customer Reviews

Lack of Information on Website

Compared to many of the financial services companies that we reviewed, Lendmark provides very little information on its website. Below is a list of the information that is not outlined on the website:

• Maximum loan term
• Length of short-term loans vs. long-term loans
• Interest rates for bad credit customers
• Minimum credit score requirement and other FICO score factors
• Funding timeline
• Possible credit card, processing, and origination fees

Also note, Lendmark Financial Services does not list its fees on its website, so it's unclear whether or not you'll have to pay an origination fee, prepayment penalty fee, or late fee out of your loan amount. 

Most online lenders provide much more information on their websites. This is the biggest Lendmark complaint — little to no information on its site.

Limited State Availability

Lendmark financing is available to residents in only 19 states throughout the country. This is important because borrowers must visit a Lendmark branch location to complete their application if approved. Lendmark loan products and services are only available in the following states:

Many lenders provide entirely online application and loan approval services, in addition to almost nationwide service, so if you don't reside in the states listed above, we suggest looking elsewhere for your personal loan needs.

Low Maximum Loan Amount

Lendmark's personal loan amounts can range from $500 to $25,000. This max loan amount is quite low for a personal loan lender and may prove to be insufficient for many potential borrowers. 

If you're looking to borrow a larger sum of money, we suggest looking into other personal loan companies that offer higher loan amounts.

Negative Customer Reviews

Although reviews are currently limited, many Lendmark Financial reviews are negative, frequently mentioning high-interest rates, bad customer service, and hidden fees.

On the other hand, positive reviews outline good experiences with customer service, and loan approval even for those with poor credit.