LowerMyBills.com seeks to help consumers compare monthly bills and reduce living costs. The company claims to be able to reduce borrower interest rates by 30 percent. LowerMyBills.com was established in 1999, and was bought by Experian in 2005. They offer many industries to choose from along with debt consolidation. As a note of caution, many consumers have claimed that the company saves personal information whether you submit it or not.
- Single platform to compare rates
- Funding in as little as three days
- Matching service
As a comparison platform, it’s impressive that Lower My Bills has been in business for 17 years, especially having been under fire in recent lawsuits. The company’s free services work by enabling consumers to be matched up with companies that can meet their unique needs over a broad-spectrum of financial aspects. Services include:
- Home purchase
- Reverse mortgage
- Auto & Life insurance
- Auto loans
- Solar energy connection
- Personal loans
The basis of this review will be under their personal loan services which may help indebted consumers find a solid match for consolidation needs. By clicking on the Personal Loan button on the company home page, consumers will be directed to a page providing general information about how the company can be of assistance. Lower My Bills works with partners offering rates as low as 5.50 percent APR, although the best rates are reserved for those seeking a one-year term and who also have excellent credit scores and history, among other determining factors.
- Information is taken regardless if submitted
- No credit counseling
- No accreditations
Information is Saved
Initially we believed this site to be a credible source for comparing rates and lenders; however, upon closer look, we found that during the comparison process, personal information entered into each field is saved regardless of whether or not the application was submitted. This is very troubling, as a customer at any point could change their mind and not hit submit, but still have their information taken.
Lack of Education or Counseling
On top of personal information practically being stolen, this company does little to educate consumers concerning finances. It seems their sole operation is to get personal information to sell to third-party contributors, rather than to provide any sort of real assistance to those under the crushing weight of credit card or other unsecured debt.
Prices vary. Lowermybills.com is a vendor that works to match you with third party debt reduction companies. If you decide to work with one of those companies, then you will make payments with them.
There are no up-front fees from lowermybills.com directly. However, you may have up-front fees if you choose to work with a company that they suggest. Those fees would come from the third party company.
The entire structure is a free consultation. When you complete their online forms for whatever type of debt you have, they will match you with up to 5 companies. Those companies will contact you and see if their services are a fit for your situation.
Time in Business
18 years. Lower My Bills Inc. was started in 1999 by Matt Coffin. It was purchased by Experian in 2005, and is famous for its banner ads all over the internet.
The website as a whole is a tool for finding out how to combat your debt. Other than that, the website offers free mortgage calculators on the bottom right-hand side of the home page.
Since they offer a free service, there is no money-back guarantee. If you work with one of their service providers, then it will depend on that company’s policies as to if they have a money-back guarantee.
Unsecured vs. Secured Loans
The website will try to process any type of debt that you are encountering. Customer service said to just fill out their online form, and then they will redirect you to some companies that can help, regardless of the type of debt you owe.
Lowermybills.com is not mobile friendly, so look at their website on a desktop, laptop, or tablet, if possible.
Dependent on each service provider.
6701 Center Dr W Ste 300
Los Angeles, CA, 90045 United States
They work with a wide range of companies to bring you the service you need. They work to find loans for home refinance, equity, and purchasing. They also provide service for debt consolidation, debt relief, bankruptcy, tax debt, and private student debt. Outside of debt, they will help you find lower insurance, internet, and phone bills.
Minimum Debt Accepted
Dependent on the individual service provider.
Since LowerMyBills.com connects users with third-party financial groups that help them lower their bills, it does not offer an online dashboard for their customers. All financial services are handled by their third-party partners.
LowerMyBills.com employees are not CPFC certified since all financial counseling is handled by their partners.
LowerMyBills.com is not ISO certified.
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