If you’re struggling to pay off your debts, you may be considering debt consolidation. This is where you combine all of your debts into one monthly payment, which is usually much lower than the sum of your individual payments. Debt consolidation can be a great way to get out of debt, but it’s important to choose a reputable company. Debthunch is a company that offers debt consolidation services, but is it legit? In this Debthunch review, we’ll take a closer look at their services and determine whether or not they are worth your time and money.
One of the first things you’ll notice about this company is its 0% interest rate offer. This may sound too good to be true, and that’s because it is. The 0% interest rate only applies to the first month, and after that, you’ll be charged a much higher rate. In fact, their rates are some of the highest in the industry. So if you’re looking for a Debt Consolidation company with low rates, Debthunch is not the right choice for you.
In addition to high rates, it also charges hidden fees. These fees can add up quickly and leave you owing even more money than before you consolidated your debt. For these reasons, we do not recommend using them for Debt Consolidation.
There are much better and more reputable companies out there that can help you get out of debt without charging exorbitant fees. Debt consolidation can be a great way to get out of debt, but only if you choose the right company.
Debthunch Pros and Cons
As with any company, there are pros and cons to working with Debthunch. In our experience, the cons have outweighed the pros. Here are some of the reasons why:
- Fees: It charges fees for both their services and for paying off your debt. These fees can add up quickly, making it more difficult to get out of debt.
- Bait and switch: It often uses bait-and-switch tactics to lure customers in. They will advertise a low rate or fee, but then switch it to a higher one once you’ve signed up. This is not only misleading, but it can also be very frustrating.
- Not a lender: Debthunch is not a lender, which means they can’t give you a loan to pay off your debt. This can be a major problem if you’re in a lot of debt and need help getting out.
Overall, we would not recommend working with Debthunch. There are other companies out there that don’t have as many cons and will likely be more helpful in your quest to get out of debt.
What is Debthunch?
Debthunch is a bait and switch operation. They are not a lender, but instead, act as an affiliate for their lenders. This means that they will earn a commission if you take out a loan with one of their partners.
The problem is that these partner lenders often have very high-interest rates, meaning that you will end up paying a lot more in interest than you would have if you had gone with a different lender.
If you’re considering taking out a loan with Debthunch, be sure to do your research first and make sure that you understand the terms and conditions of the loan. You don’t want to end up paying more in interest than you need to.
How does Debthunch work?
Debthunch will find you a consolidation loan with one of their partnering companies. This can be helpful if you have multiple debts with different interest rates.
By consolidating your debts, you may be able to lower your monthly payments and/or pay off your debt faster. However, it’s important to note that Debthunch does not guarantee that you will receive a consolidation loan or that it will be the best option for your situation.
If you’re considering using Debthunch, be sure to do your research and compare multiple options before making a decision.
What credit report does Debthunch use?
Debthunch uses the Experian credit report, which is one of the most commonly used credit reports. The Experian credit report includes information on your credit history, including any late payments or collections accounts. This information can be helpful in determining your creditworthiness and whether you’re likely to be approved for a loan.
If you’re looking to improve your credit score, it’s important to check all three of your credit reports from the major credit bureaus. You can get a free copy of your Experian credit report by visiting their website. Additionally, you can get a free copy of your TransUnion and Equifax credit reports by visiting AnnualCreditReport.com. By checking all three of your credit reports, you can get a complete picture of your credit history and identify any areas that need improvement.
If you find any inaccuracies on your credit report, you can dispute them with the credit bureau. This process can be time-consuming, but it’s important to ensure that your credit report is accurate. You can also contact a credit counseling service if you need help managing your debt. These services can provide you with budgeting and debt management advice, as well as negotiate with your creditors on your behalf.
By understanding what credit report Debthunch uses, you can better manage your own credit and improve your chances of being approved for a loan in the future.
How does Debthunch affect your credit?
There are a few ways that Debthunch can affect your credit. The first is by doing a hard pull on your credit report. This can lower your credit score by a few points. The second way is if you miss a payment. This will show up on your credit report and will also lower your credit score.
Finally, if you have a lot of debt with Debthunch, it can make it harder to get approved for new loans or lines of credit in the future. So, while Debthunch can help you pay off your debt, it’s important to be aware of the potential negative impact it can have on your credit score. If you’re considering using Debthunch, be sure to weigh all the pros and cons before making a decision.
How to cancel Debthunch?
If you’re considering canceling your loan with Debthunch, there are a few things you should know. First, if you have an outstanding balance with Debthunch, you’ll need to pay that off before your loan can be canceled.
Second, canceling your loan will also cancel any debt consolidation benefits you may have been receiving. Finally, if you have any questions about cancelation or want to discuss your options further, we recommend contacting their support team for assistance.
If you’re still set on cancelation and meet the criteria above, here’s how to do it:
Log in to your account on the Debthunch website and navigate to the ‘My Loans’ page. Find the loan you wish to cancel and click the ‘Cancel Loan’ button. You’ll be prompted to confirm your cancelation, and once you do, your loan will be officially canceled. That’s all there is to it!
Should you trust Debthunch mail offer?
They lure you in by sending you direct mail and offering a ridiculous 0% interest rate to consolidate your high-interest credit card debt. But what they don’t tell you is that this offer is only good for a very short period of time, and then the interest rates skyrocket. So basically, Debthunch is operating a typical bait and switch scheme – but not for themselves – for their lead buyers.
So if you get one of these mail offers from Debthunch, just know that it’s too good to be true, and don’t waste your time or money on it. There are plenty of other reputable companies out there who can help you consolidate your debt at a much more reasonable interest rate.
Debthunch BBB Reviews
As with any company, it’s important to do your research before working with them. This is especially true when it comes to companies that are handling your finances. You want to be sure that they are reputable and will treat you fairly.
So, what does the BBB have to say about Debthunch? They give the company an A+ rating. However, something doesn’t feel right. It seems like Debthunch collects their reviews early on in the process before consumers have had a chance to experience any negative aspects of the service.
If you read some of the reviews on Trustpilot, you’ll get a different picture. There are quite a few complaints from people who feel they were misled or taken advantage of. It’s important to take all of this into consideration before making a decision about whether or not to work with Debthunch.
Here are some Debthunch Trustpilot reviews:
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Is Debthunch legit?
When it comes to debt consolidation companies, Debthunch is definitely not one of the good ones. They use bait and switch tactics to lure customers in, hidden fees are everywhere, and their interest rates are through the roof. If you’re considering using their services, beware – you might end up in a worse position than you were before.
In short: avoid Debthunch at all costs! There are much better options out there. Do your research and pick a company that will actually help you get out of debt, not deeper into it. Trust us, it’ll be worth it in the long run.
What are your experiences with Debthunch? Have you had any success with their services, or were you bait and switched like so many others? We want to hear from you in the comments!