Panther Lending is a lending company that offers title loans, personal loans, and debt consolidation. They have a limited online presence and no physical locations, so it can be difficult to find reviews of their services. But we have still discussed each aspect of it in the panther lending reviews blog post.
Table of contents
What is Panther Lending
Panther Lending is a company based in Bloomfield Hills, Michigan, that offers debt consolidation loans as a solution to help individuals manage and pay off their credit card debt with high-interest rates.
Debt consolidation is a financial strategy where multiple high-interest debts, like credit card balances, are combined into a single loan with a lower interest rate, making it more manageable and potentially saving the borrower money over time.
Panther Lending Reviews: What Are Customers Saying?
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Negative Reviews
The interest rates and fees at Panther Lending are very high. I ended up paying more in interest than I borrowed. – Michael Brown
The terms and conditions of my loan were very confusing. I didn’t understand what I was signing until it was too late. – Sarah Green
I had a very difficult time reaching customer service at Panther Lending. I waited on hold for hours, and I never got a call back. – David Williams
Positve Reviews
We have not found any.
How Does It Work?
Panther Lending’s process involves several steps:
- Application: Applicants provide basic personal and financial information through an application form. They emphasize that this step doesn’t impact the individual’s credit score.
- Consultation: Within an hour of submitting the application, applicants are connected with a personal financial consultant. This consultant discusses the individual’s situation, answers questions, and presents the best consolidation loan options.
- Choice and Payments: After reviewing the options, the applicant chooses the consolidation loan that suits their needs. The chosen loan involves a single fixed-rate payment, which can be up to 50% less than their current payments, depending on factors like total debt and household income.
The company asserts that using their service will not negatively impact the individual’s credit score. They also provide a savings calculator to estimate potential savings by consolidating debt.
PROS:
- They offer a variety of loans, including title loans, personal loans, and debt consolidation.
- They may be able to offer you a loan even if you have bad credit.
- They have a quick turnaround time, so you can get your money quickly.
- They may be able to offer you a loan with a lower interest rate than a traditional bank.
CONS:
- They have high interest rates and fees.
- Their terms and conditions can be confusing and difficult to understand.
- They have been accused of aggressive and deceptive marketing practices.
- They have a poor BBB rating.
- They are a new company with no track record.
Red Flags
- The company is new. Panther Lending was only registered in 2023. This means that they have no track record and that there is no way to know how they will handle your loan.
- There are no reviews from customers. Panther Lending has no reviews on any of the major platforms, such as Yelp, Trustpilot, or Google. This is a red flag because it means that there is no way to know what other customers have experienced with the company.
- The company has no Facebook page. Panther Lending does not have a Facebook page. This is another red flag because it means that the company is not transparent about their business practices.
- High interest rates and fees. If the interest rate on a loan is much higher than what you would expect for a similar loan, it is a red flag. Also, be wary of lenders who charge high fees, such as origination fees, processing fees, or late payment fees.
- Unclear or confusing terms and conditions. If you don’t understand the terms and conditions of a loan, it is a red flag. You should be able to read the terms and conditions carefully and understand what you are signing up for.
- Aggressive or deceptive marketing practices. If a lender is using aggressive or deceptive marketing practices to get you to take out a loan, it is a red flag. For example, if a lender is calling you at all hours of the day or night, or if they are making promises that sound too good to be true, it is a good idea to walk away.
- Difficult to reach customer service. If you have a problem with your loan and you can’t get in touch with customer service, it is a red flag. A reputable lender will have customer service that is easy to reach and that is responsive to your concerns.
Is Panther Lending Legit
Panther Lending is a new company that was registered in 2023. They offer title loans, personal loans, and debt consolidation. They have a limited online presence and no physical locations, so it can be difficult to find reviews of their services. However, the reviews that are available are generally negative.
Complaints about Panther Lending include:
- High interest rates and fees
- Unclear and confusing terms and conditions
- Aggressive and deceptive marketing practices
- Difficult to reach customer service
Tips for Choosing a Legitimate Lender
Here are some additional tips for choosing a legitimate lender:
- Get quotes from multiple lenders before making a decision.
- Read the loan terms and conditions carefully before signing anything.
- Ask questions if you don’t understand something.
- Be prepared to walk away if you don’t feel comfortable with the terms of the loan.
From what I read online, it seems they pull a bait-and-switch. They offer you an absurdly low interest rate in the mailer, then say you don’t qualify. However, it’s your lucky day! They offer debt settlement, too. Then they try to sell you that instead. I wouldn’t use them for settlement simply due to their deceptive business practices.