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Debt Advisor Review

Bradley Schnitzer Bradley Schnitzer Last update:
Minimum debt
$10,000
Credit Score
Poor +

Overview

It’s no secret that a lot of people are in more debt than they can handle. Paying it off can be tough when the lender adds the interest to the debt balance, as is the case with credit cards.

That’s where Debt Advisor comes in. Debt Advisor helps people in debt find debt relief and other loans from various lenders and sources (it’s a marketplace) to streamline their monthly payments and escape crushing debt. Below, we’ll review Debt Advisor’s debt loans.

What are they good for? Where do they specialize?

Debt Advisor is best for those with credit card debt. Although, they do have several types of debt options, including medical and tax debt. It’s also great for people who are $5,000 to $200,000 in debt and need debt relief help.

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Debt Advisor Pros

  • Helps with a variety of debt types, including tax debt
  • Free consultation
  • American Fair Credit Council member

Debt Advisor Cons

  • Not a direct lender
  • Not much information on their site

 

Application Process

Debt Advisor’s application is entirely online and only takes a minute or so.

Simply head to Debt Advisor’s site and begin your application. You’ll first use a slider to determine how large of a loan you want.

Then, you’ll provide some basic information such as your name and mailing address. Debt Advisor doesn’t do any hard pulls at this point.

Soon after completing your application, a debt advisor will reach out to you for your free debt consultation. You’ll talk over your options, then pick the consolidation loan if that’s what you’re looking for. Your advisor will then refer you to a lender, at which point you’ll follow that lender’s application process to finish up the loan — including submitting to a hard credit pull.

Terms & Requirements

Being a marketplace, Debt Advisor doesn’t provide a whole lot of specific information regarding loans — although some are there.

Loan requirements

Debt Advisor doesn’t have a formal, set-in-stone set of requirements since it’s a marketplace. However, it does provide some general guidance on qualifying for a loan on its FAQs page.

  • Income greater than or equal to $1000/month
  • Current, valid home and work phone numbers
  • At least four weeks of employment at the time of application
  • Bank account in applicant’s name

Those are bare minimums, though. You’ll have many more options with a higher income and longer-term employment.

Also, Debt Advisor doesn’t list a credit score or debt-to-income ratio requirement or even guidance. This makes sense, as someone looking for debt relief may not yet be the strongest in those areas.

 

Repayment terms

Debt Advisor doesn’t have any information on repayment terms, as these differ per lender. That said, loans used for debt consolidation generally last for a maximum of five years. This can vary, though, as some lenders may offer even longer.

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Privacy & Security

Debt Advisor is a member of the American Fair Credit Council (AFCC), an organization that advocates for consumer rights, especially those pertaining to debt.

It doesn’t look like it has reviews on sites like the BBB and Trustpilot (which may be due to the firm’s generic name), but AFCC membership is still reassuring.

 

Customer Support

After filling out an application, you work personally with a debt advisor to dig further into your needs and determine your best option.

 

Final Thoughts

Overall, Debt Advisor can be a good option for those who need some guidance in picking a debt consolidation loan. The company provides you a debt advisor to discuss your options, which can be a big help. Debt Advisor makes the process easy by providing a simple online form that takes only a few minutes to fill out.

Just keep in mind that your final debt consolidation loan terms will vary depending on your lender.

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Address

180 Maiden Lane, 30th Floor

New York, NY 10038

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website. These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Bradley Schnitzer Bradley Schnitzer
Bradley Schnitzer is a copywriter and content writer that helps businesses gain loyal customers through informative content pieces and persuasive copy. He is passionate about personal finance and helping budding freelancers further their careers. He spends his free time reading, hitting the gym, pursuing several intellectual interests, and drinking coffee.
This review is based on the writer's personal opinion.