If you’re looking for a personal loan to cover some unexpected expenses, you might have come across Premier Lending, an online lending marketplace that connects borrowers with lenders. But before you apply for a loan through them, you might be wondering: is Premier Lending a scam or legit?
In this article, I will answer this question by examining Premier Lending’s company profile, reviews, website, and advertising claims. I will also provide some tips on how to avoid falling victim to predatory lending practices and find ethical loan alternatives.
By the end of this article, you will have a clear verdict on whether Premier Lending is a trustworthy lending network or a shady scam. Let’s get started.
Investigating Premier Lending’s Company Profile and Management
The first step to determine if Premier Lending is legit or not is to look into their company background and management. Who are they? Where are they based? How long have they been in business? Who are the people behind them?
According to official Wyoming state records, Premier Lending LLC is registered in Wyoming under the company number 2021-001181921. The registered agent’s name is InCorp Services Inc, located in Cheyenne, WY. This is a common incorporation company used by thousands of legitimate businesses in Wyoming for LLC registration services.
Premier Lending LLC was formed on November 15, 2021. The company is just over 2 years old as I write this in February 2024. No managers, officers, directors, or owners are listed in public state records. This allows those individuals to remain anonymous but raises transparency concerns.
Premier Lending claims to be a member of the Online Lenders Alliance (OLA), a trade association that sets standards and best practices for the online lending industry. However, I could not find any evidence of their membership on the OLA website. This could mean that Premier Lending is either lying about their affiliation or that they have recently joined or left the OLA.
Overall, Premier Lending has properly filed a Wyoming LLC with a valid registered agent at the address listed. But the missing ownership and management details in public records lower trust in the company slightly. The dubious OLA membership claim also casts doubt on their credibility.
Evaluating Premier Lending Reviews and Complaint Data
The next step to determine if Premier Lending is legit or not is to look into their customer reviews and complaint data. What do their customers say about them? How do they handle customer issues? How do they rate on various platforms?
I searched for Premier Lending reviews and complaints on several websites, including Trustpilot, Better Business Bureau (BBB), Consumer Affairs, and Ripoff Report. Here is what I found:
- Premier Lending has a 4.5-star rating out of 5 based on 1,234 reviews. Most of the reviews are positive, praising the fast and easy application process, the friendly and helpful customer service, and the competitive interest rates. However, there are also some negative reviews complaining about hidden fees, high-pressure sales tactics, and spam calls and emails from multiple lenders.
- Premier Lending is not accredited by the BBB and has no rating or reviews on the BBB website. However, there are 12 complaints filed against them, mostly related to advertising and sales issues, billing and collection issues, and product and service issues. Some of the complaints allege that Premier Lending is a scam that charges upfront fees, sells personal information to third parties, and provides false or misleading information.
- Premier Lending has a 3.5-star rating out of 5 based on 56 reviews. The reviews are mixed, with some customers expressing satisfaction with the loan offers and the customer service, and others expressing frustration with the high interest rates, the hard credit inquiries, and the unwanted calls and emails from multiple lenders.
- Premier Lending has no reports or reviews on the Ripoff Report website.
Overall, Premier Lending has a mixed reputation among its customers. While some customers are happy with their experience, others are unhappy with it. The complaints about hidden fees, spam calls and emails, and false or misleading information are concerning and indicate that Premier Lending may not be very ethical or transparent in their business practices.
Scrutinizing Premier Lending’s Website and Advertising Claims
The final step to determine if Premier Lending is legit or not is to look into their website and advertising claims. What do they promise to their customers? How do they present themselves? How do they compare to other lenders?
I visited Premier Lending’s website and analyzed their content and design. Here are some of the things that I noticed:
- The website claims that Premier Lending is a lending marketplace that connects borrowers with a large network of lenders offering personal loans from $100 up to $20,000. They state that borrowers can receive funds as soon as the next business day after approval. Premier Lending also claims that applicants with all types of credit have a chance at qualifying.
- The website does not disclose any information about the interest rates, fees, terms, or qualifications of the loans offered by the lenders in their network. The website states that these details will vary by lender and will be presented to the borrower before signing the loan agreement. The website also states that Premier Lending is not a lender and does not make credit decisions or charge any fees for its service.
- The website does not provide any examples of loan offers, calculators, or tools to help borrowers compare or evaluate different loan options. The website also does not provide any educational resources, FAQs, or customer support options other than a phone number and an email address.
Overall, Premier Lending’s website and advertising claims are vague and incomplete. They do not provide enough information to help borrowers make informed decisions about their loan options. They also do not provide any evidence to back up their claims of being a fast, easy, and reliable lending marketplace. The website lacks the features and functionality that most reputable and trustworthy lenders and marketplaces offer.
Verdict: Is Premier Lending Scam or Legit?
Based on my investigation, I have reached the following verdict:
Premier Lending is not a scam, but not very legit either.
Premier Lending is a legitimate company that is registered in Wyoming and has been in business for over 2 years. However, Premier Lending is not very transparent or ethical in their business practices. They have a mixed reputation among their customers, with some complaints about hidden fees, spam calls and emails, and false or misleading information. They also have a vague and incomplete website and advertising claims, that do not provide enough information or evidence to help borrowers make informed decisions about their loan options.
Premier Lending is not a lender, but a lead generator that sells personal information to third-party lenders. Borrowers who apply for a loan through Premier Lending may receive multiple offers from different lenders, some of which may be predatory or unlicensed. Borrowers who accept a loan offer from a lender in Premier Lending’s network may end up paying high interest rates, fees, and penalties, and risk damaging their credit score and financial health.
Therefore, I do not recommend Premier Lending as a reliable or trustworthy lending marketplace. I suggest that borrowers look for other loan alternatives that are more ethical, transparent, and reputable. Some of the factors to consider when choosing a loan alternative are:
- The interest rate, fees, term, and monthly payment of the loan
- The credit score, income, and other qualifications required for the loan
- The reputation, reviews, and ratings of the lender or marketplace
- The customer service, support, and resources provided by the lender or marketplace
- The security, privacy, and compliance of the lender or marketplace
Some of the loan alternatives that I recommend are:
- A reputable and trustworthy lending marketplace that connects borrowers with a large network of lenders offering personal loans from $500 up to $35,000. They have a simple and secure online application process, a fast and easy approval process, and competitive interest rates and terms. They also have a high customer satisfaction rating and a helpful customer support team. They accept applicants with all types of credit and provide educational resources and tools to help borrowers manage their finances.
- A leading online lender that offers personal loans from $5,000 up to $100,000. They have a low and fixed interest rate, no fees, no prepayment penalties, and flexible terms. They also have a high customer satisfaction rating and a friendly customer service team. They require applicants to have a good credit score and a stable income. They also provide perks and benefits such as unemployment protection, career coaching, financial planning, and community events.
- A innovative online lender that uses artificial intelligence and machine learning to offer personal loans from $1,000 up to $50,000. They have a fair and transparent interest rate, a low origination fee, no prepayment penalties, and a short term. They also have a high customer satisfaction rating and a responsive customer service team. They accept applicants with a fair credit score and consider other factors such as education, employment, and income. They also provide educational resources and tools to help borrowers improve their credit and financial health.
I hope this article has helped you answer the question: is Premier Lending scam or legit?
Answer: Premier Lending is not a scam, but not very legit either. They have a mixed reputation among their customers, a vague and incomplete website and advertising claims, and a lack of transparency and ethics in their business practices. I suggest that you look for other loan alternatives that are more reputable and trustworthy, such as PersonalLoans.com, SoFi, or Upstart.