Beyond Finance reviews (i.e., complaints and positive reviews) collected from all across the internet were all extensively analyzed by our team of debt experts. In addition, we researched the Beyond Finance debt relief program, comparing its traits to similar companies in the industry.
We concluded that Beyond Finance is one of the three largest debt settlement companies. Beyond Finance also offers more than one debt relief option. They offer both debt consolidation loans and debt settlement.
In fact, by providing qualified debt settlement clients a loan, these clients can graduate from the program faster by having this additional cash flow to fund settlements. This procedure helps their program perform with a much higher client retention and success ratio than more than 98% of the other companies in the industry.
For example, clients’ payment history on the Beyond Finance debt settlement program could get attributed as positive payment history to help them qualify for the loan, allowing applicants to get a loan that would usually get rejected for a bank loan.
To help you evaluate the Beyond Finance debt settlement program, we researched and gathered information about Beyond Finance certifications and accreditations, details about costs and fees, pros and cons to consider, and frequently asked questions about credit card debt relief. Additionally, we share ratings and reviews about overall customer satisfaction that our team at NoMoreCreditCards.com uncovered while doing extensive research about the company.
About Beyond Finance
Website: www.beyondfinance.com
Industry: Financial Services company specializing in Debt Settlement
Address: P.O. Box 660442, Dallas, Texas 75266-0442, with offices in Chicago, Illinois, Houston, Texas, and San Diego, California.
Corporate Office: 281-801-4515, or 800-282-7186
Licensed? Yes. Beyond Finance is a licensed debt management company with options for customers in all 50 states.
Certifications and Accreditations:
- American Fair Credit Council (AFCC)
- BSI Group Certification
- International Association of Professional Debt Arbitrators (IAPDA)
What is Beyond Finance?
Beyond Finance is a financial services company founded in 2010, specializing in debt settlement and consolidation. Their mission statement: “To help people save money, gain control of their finances and borrow responsibly.”
Beyond Finance offers personalized debt programs to clients with unsecured debt. Their debt settlement programs reduce a client’s monthly bill payments by consolidating them into one lower monthly payment. This single monthly payment is not disbursed to creditors monthly but in lump-sum payments after creditors settle for a reduced amount.
Beyond Finance offers exemplary customer service and advanced technology like a Client Dashboard to individualize debt payoff plans. In addition, they have access to an extensive network of lenders, resulting in more consolidation loan options for clients enrolled in the program.
Using a consolidation loan to fund settlements, which results in clients getting out of debt faster, is a distinctive feature that few debt negotiation companies offer.
What type of accounts qualify for Beyond Finance program?
Beyond Finance only settles unsecured debts (debts that do not have collateral attached to them). This type of debt generally includes credit card accounts, personal loans, medical bills, and payday loans.
Accounts with small balances may not be eligible for a debt relief program. Instead, you can focus on clearing a particular small debt on your own and potentially keeping a credit card open. By keeping a card open and leaving it out of the program, you may be able to establish a positive payment history. This will help as you come closer to graduating from a program and your concern shifts toward rebuilding your credit score.
How does Beyond Finance work?
Beyond Finance negotiates for you, the client, with creditors to reduce the principal balance, interest, and late fees that you owe.
- You join the program.
- After joining the program, you will discontinue making monthly payments to your creditors and stop communicating with them.
- From this point on, the Beyond Finance debt negotiators will be the only ones communicating with your creditors.
- You’ll make monthly payments into an escrow account called the “Dedicated Account.” This FDIC-insured dedicated account is similar to a bank savings account. The client maintains full control of this new account.
- While accumulating funds in your dedicated account, Beyond Finance negotiates with your creditors.
- Your debts get settled and paid as funds accumulate in your dedicated account.
Often, creditors are willing to accept around 55% of the balance as “settled in full,” reflecting a zero-dollar balance.
How Long Will it Take to Get out of Debt?
On average, you can complete a Beyond Finance debt relief program within 12 to 48 months. How long the program takes depends on different factors, including how much debt is originally enrolled and how much money you deposit in your account every month. You can start paying off debts when you’ve saved enough money to cover the amount negotiated for each debt settlement. The more money you can add to your Dedicated Account, the quicker your debts can be settled.
Making all program deposits consistently and on time is the most important thing you can do to ensure a successful debt relief plan. Missing payments towards your debt resolution program can stall your negotiation process as there won’t be enough funds in your Dedicated Account to leverage negotiations.
Is Beyond Finance Legitimate?
Yes. Beyond Finance LLC was founded in April 2010 and is a well-established company with offices in Chicago, Houston, and San Diego. It currently has approximately 1,400 employees.
Beyond Finance is accredited and certified through professional councils and associations such as the American Fair Credit Council (AFCC) with a BSI Group Certification and the International Association of Professional Debt Arbitrators (IAPDA).
Is Beyond Finance Licensed?
Yes. Beyond Finance is a licensed debt management company with options for customers in all 50 states.
Is Beyond Finance BBB Accredited?
Yes, Beyond Finance has been BBB Accredited since May 2021 and has received the highest rating, A+.
Beyond Finance Debt Relief Program Pros
- Known for excellent customer service
- Client Dashboard allows you to track program progress, see upcoming settlements and manage your deposit schedule
- Individualized debt relief plans
- Known for transparency and clear communication
- Provides an average saving of 50% of the original debt amount (not including fees)
- Success-based fees mean they don’t earn money until they save you money
- A+ rating from BBB
- Staff includes IAPDA debt specialists
- Member of AFCC
- Debt consolidation loans offered to some qualified clients
Beyond Finance Debt Relief Program Cons
- Fees and the program cost range from 15 to 25% of a consumer’s debt at enrollment
- Settlements will vary; there are no guarantees creditors will settle at a certain percentage or amount
- Like all debt relief programs, your credit score may decrease during initial negotiations early in the program due to not paying your current debts
- Settlements could result in potential tax consequences, as the IRS will want to get a portion of the savings on a forgiven debt
Does Beyond Finance hurt your credit?
Participating in any debt resolution program can negatively impact a person’s credit score.
Many of Beyond Finance’s clients report a completely recovered FICO score when they graduate, compared to when they first enrolled in the program.
DID YOU KNOW?> Because 30% of a credit score is based on “Amounts Owed,” each time you settle an account, that debt is removed as an active line of credit, and your score should continue to move up. “Missed payments” — the reason a credit score drops in the first place — carry less and less weight on your credit score over time, eventually disappearing altogether.
When contemplating debt settlement, remember: credit scores can get rebuilt, but the interest you pay to credit card companies is gone forever.
Does the Beyond Finance program work?
Yes. The Beyond Finance program works for the majority of its clients. You see, Beyond Finance offers a performance-based debt settlement program. That means the company only charges fees after settlements occur. So, in other words, if they don’t perform for a client and settle their debt, they don’t get paid.
Checking Beyond Finance customer reviews on Google will also verify that their program works effectively. Consider that they are one of the largest debt relief companies in the nation and have over 5,000 five-star reviews between Trustpilot and the BBB, with a small number of negative reviews found online from its clients. And additionally, the company is licensed for debt settlement, AFCC and IAPDA accredited and certified.
How much does Beyond Finance cost?
Beyond Finance collects 25% of the total amount owed on each settlement as a debt settlement fee. The cost and fees for Beyond Finance equal 15-25% of the total balances enrolled in the plan. And to reiterate, Beyond Finance will not charge these fees until after a debt gets settled and paid, ensuring clients only pay if the Beyond Finance debt settlement program works.
For a client that finishes the Beyond Finance debt settlement program, the total they will end up paying to their creditor and including fees to the company, comes out to a significant amount less than the total debt balance owed. So, for example, a client could save $2,000 or more on $10,000 of debt (i.e., $5500 to creditors, $2500 to Beyond Finance fees). And if they have $20,000 in total debt, their savings could equal $4,000 or more.
Let’s look at one more example:
$25,000 of enrolled debt could be reduced by around 50%. Beyond Finance would collect 25% of the initial debt, or $6250, as their fee. Meaning the client pays $18,750 instead of the original $25,000.
Beyond Finance also offers debt consolidation loans to qualified clients, with annual percentage rates (APRs) ranging from 4.9% to 35.99%. These loans can be used to help fund settlements, allowing clients to get out of debt faster.
BBB reviews on Beyond Finance
The Better Business Bureau (BBB) gives Beyond Finance 4.45 stars out of five based on an average of 1,398 customer reviews.
Customers overwhelmingly stated their satisfaction with the company’s customer service. Reviewers in this category praised the ease of contacting customer service, professionalism, and ability to help customers promptly.
Lack of support when working with “aggressive” creditors dropped the star rating with Beyond Finance reviews. Some BBB reviewers rated it one star due to their frustration with decreased credit scores. Also, many customers expressed dissatisfaction with Beyond Financial’s “additional fees.”
Beyond Finance complaints at BBB
Customers who registered complaints with the BBB against Beyond Finance cited 71 complaints about poor customer service and communication difficulties. In addition, 26 complaints are related to billing and collection issues, three are from advertising or sales issues, and one is focused on the company’s guarantee. The company has closed 148 complaints in the last three years.
Can I cancel Beyond Finance?
Yes. Customers can cancel Beyond Finance before completing their program by contacting customer service.
Upon cancellation, the customer retains the remaining funds in their Dedicated Account. However, this account may still receive deductions from banking and settlement fees.
Depending on a customer’s unique situation, Beyond Finance will work with clients to reduce or pause monthly payments if possible or make other adjustments to help clients finish the program successfully instead of canceling.
Anything else I should know about Beyond Finance?
Beyond Finance clients may eventually qualify through the program for a debt consolidation loan from Above Lending. This amount is used to settle any remaining debts. The Above Lending loan has an annual percentage rate (APR) ranging from 4.9% to 35.99%.
Clients can also qualify for extra cash for immediate personal use. This can be enormously helpful if you have unexpected expenses such as home repair or needing to purchase a vehicle.
Bottom Line:
Beyond Finance is known for its excellent customer service and user-friendly client dashboard.
Disclosure: NoMoreCreditCards.com aims to provide the most factual information about debt relief, settlement, and consolidation reviews. Please email us at info@NoMoreCreditCards.com if any of the above information needs to be corrected. We are not responsible for the results of any program you choose to join. Therefore, always do your own research without relying on this or any single third-party review. Other reputable sources to check reviews about Beyond Finance include the BBB, the Attorney General’s office, Consumer Affairs, Supermoney and Reddit.
