Recently, I received an intriguing offer in the mail: a pre-approved personal loan from Ladder Loans, up to $44,000 at 5.49% APR. This interest rate seemed competitive, prompting me to delve deeper into what Ladder Loans offers and its standing in the financial world.
Let’s look at what’s available about this company on the Internet.
Table of Contents
In-Depth Analysis of Ladder Loans
Ladder Loans, starting operations in 2022 as an LLC in Lake Forest, CA, specializes in installment loans aimed at helping borrowers with high-interest debts. Their appeal lies in lower interest rates and a single monthly payment system, simplifying debt management for borrowers.
Their loan amounts range from small sums to a maximum loan amount of $44,000. To qualify for a loan with Ladder Loans, a borrower’s credit score is considered, and eligibility is determined based on verification of personal and financial information.
Investigating the Company’s Credentials
Based on the company’s website data, the company is relatively new, having started in 2022, and is a Limited Liability Company (LLC). Their physical address is in Lake Forest, CA.
Despite their claims, details about Ladder Loans’ terms and hidden costs remain elusive. Intriguingly, while Ladder Loans itself isn’t registered in California, their associated loan brokerage, Evvo Financial, commenced operations in mid-2023.
Currently, we know only that Ladder Loans is a lender providing loan referral services.
All loan brokerage is provided by Evvo Financial, 17220 Newhope St, Suite 222, Fountain Valley, CA 92708.
Company Registration Information
At the same time, the Secretary of State California database does not have any information about Ladder Loans businesses registered in California:
At the same time, Evvo Financial as a company had been registered in the middle of 2023:
Web Presence and Customer Feedback
The digital footprint of Ladder Loans traces back to 2010, initially redirecting to a UK-based website. A significant shift occurred in March 2023, when Ladder Loans launched its current website, closely followed by Evvo Financial’s registration.
The first working website version popped up only in March 2023 (a month ahead of Evvo Financial had been registered):
Customer Ratings and Reviews
With three one-star reviews, Ladder Loans’ reputation on BBB is concerning. However, the company’s size and transaction volume should be considered in this context.
Currently, neither Ladder Loans nor Evvo Financial has a LinkedIn presence. So it is impossible to validate them there.
A Google Maps search reveals that Ladder Loans’ listed address is shared with Incredible Marketing, raising questions about their physical presence.
A 2.8/5 star rating on Trustpilot paints a mixed picture, with several negative reviews.
- Founding Year: Research indicates Ladder Loans was founded in 2022, but legal documentation is lacking.
- Location Confirmation: The company asserts it’s based in Lake Forest, California.
Ladder Loans Alternatives
Given the negative reviews and unclear company history, I advise caution with Ladder Loans. For those in need of debt consolidation, consider alternatives from reputable lenders. Here are some trusted names:
- Wells Fargo: As one of the largest financial services companies in the world, Wells Fargo offers a wide range of services, including banking, insurance, investments, mortgage, and consumer and commercial finance.
- Goldman Sachs: This global investment banking, management, and securities firm provides various financial services, making it a potential alternative to Liberty 1 Financial.
- American Express: Known for its charge cards, credit cards, and traveler’s cheques, American Express also offers financial services that could meet your needs.
If Ladder Loans is your only choice, scrutinize their loan agreement thoroughly, inquire about hidden fees, and compare their terms with other lenders to ensure you’re making an informed decision.
When was Ladder Loans founded?
Based on the company’s website information and search results, Ladder Loans was founded in 2022. However, we could not find any legal entity associated with this name in the Secretary of State of California.
Given the negative reviews and unclear company history, I advise caution with Ladder Loans. For those in need of debt consolidation, consider alternatives from reputable lenders.
Here’s my list of such companies for you to get started:
If Ladder Loans is your only choice, scrutinize their loan agreement thoroughly, inquire about hidden fees, and compare their terms with other lenders to ensure you’re making an informed decision. Remember, when you receive an offer, always review the terms, especially the interest rate, and consider how it might affect your credit report.