Quick Answer: LoanRatePal appears to be a legitimate lead generation company that connects consumers with lenders rather than providing loans directly. However, their terms require customers to create Facebook accounts and grant social media access, which raises privacy concerns about their business practices.
Question:
Dear Steve,
Please check this company loanratepal.com I have received numerous robocalls qualifying me for a loan.
Each weekday I send one short email: one money story that caught my attention, why it might matter to you, and one manageable thing you can do with it. A couple of minutes, and a dad joke.
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I can find not much information on the company, except they are owned by CT International, vidadebtrelief.com, and truvento.com on the BBB site.
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Answer:
According to the LoanRatePal website, they appear to be a lead generation marketing company. Their site says, “Loanratepal.com is not acting as a lender or broker and does not make loans, loan commitments or lock-rates. The information provided by you to Loanratepal.com is not an application for a mortgage loan, nor is it used to pre-qualify you with any lender. All credit decisions, including loan approval and the conditional rates and terms you are offered, are the responsibility of the participating lenders and will vary based upon your loan request, your financial situation, and/or other factors and criteria determined by the lenders to whom you are matched. Loanratepal.com does not offer its matching services in all states. Not all consumers will qualify for the advertised rates, programs and terms.” – Source
The terms and conditions presented on the website have a very strange section.
“The customer must have or create a Facebook page in order to participate in the Loanratepal product. The customer must have or create all included social accounts that they would like utilized as part of the Loanratepal product. The customer must grant Loanratepal access to their Facebook page in order for page optimization and ads to be performed/created. The customer must grant Loanratepal access to post on their behalf through our “My Market Info” app.” – Source
I can’t understand how that makes any sense. Based on that clause alone, I would not do business with a company that required access to Facebook and social media accounts. But you should do what you are most comfortable with.
According to the BBB
The BBB says the company has an A+ rating and is located at 4540 Campus Dr, Newport Beach, CA 92660-1815.
Google street view shows a sign in front of that location for virtual office space.
ESDI says they offer “Our Virtual Office Program allows you to pay for the presence, space, products and services on an as needed basis with professional enhanced telephone answering services, voicemail and network access to offices and meeting rooms. The Virtual Office Program can provide your business the image without the high cost of commitment of leasing an office space.” – Source
If the company only uses this as a maildrop, it is unclear where they are actually located.
A search of the State of California registered business records could not find any company under the name LoanRatePal or Loan Rate Pal.
You are correct. The BBB provides this additional information.
- CT International Inc
- CT International Inc Which Will Do Business In California As Vida Debt Relief Inc
- Mr. Adrian Malerbe, President
- Mr. David Diaz, Manager
I recommend that anyone considering using such a company read the following free guides.
- The Ultimate Consumer Guide to Checking Out a Debt Relief Company Before You Sign On the Line
- 10 Must Do Steps to Find the Best Counseling or Settlement Company for You
- How to Check Out a Business or Company to Avoid Getting Scammed or Ripped Off
If you feel the company is calling without your permission, you can report unwanted calls to the FCC here.
Before You Sign Anything: Run any debt relief contract through the free Contract Decoder to spot hidden fees and unfair terms. Check the company’s complaint history with the Scam-O-Meter.
Compare Your Real Options: Most debt relief companies won’t tell you about all your options — especially the ones they can’t profit from. Credit counseling has a 21-27% completion rate. Settlement resolves about 1% of enrolled debts fully. Bankruptcy has a 95% discharge rate — and protects your retirement. Take the Find Your Path quiz for a recommendation based on your actual numbers.
I also received a call from LRP also known as loanratepal.com https://www.nomorobo.com/lookup/949-844-3199 From a spoofed phone number in California asking me to call a number in Florida. Seems they operate from Costa Rica https://cr.linkedin.com/in/angel-mairena-tenorio-50a36514b. Beware people of these robocalls coming from other countries with spoofed phone numbers.
Looks as though loanratepal.com has been very busy. https://800notes.com/Phone.aspx/1-689-208-2888 Robocall. They keep calling me even though I’m on the National Registry of don’t call. And they have been calling others as well. they are located in Costa Rica. As the previous comment shows. I will investigate further and report my findings. Thank you Steve for all you do keeping us safe from bad actors.
I also have received numerous calls from loan rate pal. I told them I’m on the National Register of robo calls, but they keep calling. I checked into there company and found that they seem to be located in Costa Rica https://empleo.cari.co.cr/empleo/loan-rate-pal https://empleo.cari.co.cr/empleo/loan-rate-pal. I will report them to the FTC and BBB. Beware of this company