Lendmark Financial Services
Is This Your Business?2.2
3.7
Overall Score
Author: Kaitlyn Short
Founded in 1996, Lendmark Financial Services is a consumer finance company seeking to help consumers meet their financial needs through personal loans, debt consolidation loans, and automobile loans. Offering loan amounts ranging from $500-$25,000, all payment activity is reported to the three national credit bureaus (Equifax, Experian, and TransUnion), providing borrowers with an opportunity to build credit in addition to financing their needs.
Loan applications are begun online, but you must visit a branch location to complete your application if approved.
Check out Lendmark Financial Services reviews below to see what customers have to say about the lender.
Top Ranked Companies
The Good
- 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.
The Bad
- 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:
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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.
The Bottom Line
If you are considering a Lendmark loan, it is important to note that there is very little online information available about Lendmark's products and services. Without calling and speaking to a branch manager, it's hard to know how it compares to other lenders.
In addition, Lendmark's maximum loan amount is not large. But this likely makes it possible for subprime borrowers to qualify when they may not get approved elsewhere. However, if you are looking for a large loan amount, Lendmark would not be your best choice.
With many negative reviews and with the little information we do have, we suggest looking into other top-rated personal loan lenders to meet your needs.
View Best Personal Loan Companies
Lendmark reviews are currently limited. If you have borrowed from this company, please tell us about your experience by leaving a review.
