What does VERSARA LEND mean on my credit report?
Learn about VERSARA LEND, an creditor offering loans for financial assistance. Check the impact to your credit report and financial status.
What is VERSARA LEND?
VERSARA LEND is shorthand for Versara Lending, with the company name being Versara Lending Inc
The Versara debt negotiation loan program is currently available to qualified borrowers who are enrolled in a debt resolution program. The debt negotiation loan provides borrowers with the funds to pay off their existing debts and consolidate them into a single monthly payment. predictable monthly payment With fixed rate loans, your monthly payment stays the same for the entire loan term, whether interest rates rise or fall. This may help make it easier for you to set a budget. No prepayment fees.
VERSARA LEND is a Creditor provider. They could be on your report for a number of reasons, for example:
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⚫ You missed a repayment.
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⚫ You opened an account with Versara Lending.
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⚫ You opened a credit card / loan / mortgage with this company.
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⚫ Someone fraudulently opened a credit line under your name.
About the account
The account is classified under the following METRO2 categories:
- ⚫ Unsecured
How do I contact them?
Here is the current contact details for Versara Lending:
Address:
- 711 3rd Avenue 6th Floor New York, NY 10017 United States
Website:
Email:
Phone:
Payments
Borrowers can make payments semi-monthly or monthly, and can also prepay in full without penalty. Applying for a Versara Consolidation loan is by invitation only, and the entire application process can take anywhere between 3 business days to 2 weeks. Other payment options such as using a check or money order are available to applicants who are invited to apply for a loan. There are penalties for late or missed payments.
| Question | Answer |
|---|---|
| Do they offer a monthly payment plan? | No |
| Can I make payments over the phone? | No |
| Can I make payments online? | Yes |
| Do they offer a discount for automatic payments? | No |
| Can I make a payment using a mobile app? | Yes |
| Can I make a payment using a prepaid debit card? | Yes |
| Can I make a payment using a wire transfer? | Yes |
Forgiveness and Cancellation
they do not offer loan forgiveness. they offer loan consolidation. To qualify for loan forgiveness, Borrowers must be enrolled in a qualified Debt Resolution Program. Loan amounts, interest rates, and APRs vary based on the state of residence and origination fees range from 0-5% of the financed amount. There is no prepayment penalty, and payments are due semi-monthly or monthly. Loans are reported to credit bureaus and Borrowers can increase the on-going draft amount or pay more than the recurring amount at any time.
| Question | Answer |
|---|---|
| Do they offer loan forgiveness? | No |
| Do they offer loan consolidation? | Yes |
How to Apply
You cannot apply for a Versara Debt Consolidation Loan online, over the phone, or in person. You must be invited to do so, and the entire process from start to finish can take up to 2 weeks. You can, however, apply for a loan with a cosigner if you are enrolled in a qualified Debt Resolution Program.
| Question | Answer |
|---|---|
| Can I apply for a loan online? | No |
| Can I apply for a loan over a phone call? | No |
| Can I apply for a loan in person? | No |
| Can I apply for a loan using a mobile app? | No |
| Can I apply for a loan with a cosigner? | Yes |
SmartCredit Report Example
- This is an example of what this creditor will look like on your SmartCredit report.
Will this affect my credit score?
Whether this account affects your credit score depends on a variety of factors, such as:
- Account Open Date: If you opened this account recently it will impact your credit, the only way to prevent this from impacting your credit score is to remove the account from your report.
- Derogatory Markings: If this account has any derogatory markings such as:
Lates, Charge Offs, Collections and others.
However, there are could be some potential positive aspects to this account which could lead to improving your credit score, such as:
- Account Age: If your account is quite old, then the age of it will positively impact your credit score
- Repayment History: If the account has no
Late Payments, Charge off Payments, then it may reflect a positive impact onto your credit score.
Can it be removed from my credit report?
Yes, with the right strategy, you will be able to remove any account from your report. But you have to be careful to ensure that the account is negative to begin with, or it will negatively impact your credit score.
However, removing a negative account will positively impact your credit score, allowing you to open new credit lines and potentially removing bad debt.
How do I remove VERSARA LEND from my credit report?
You can send a dispute letter to the credit bureaus to remove this account from your report. You must send a dispute letter to all three credit bureaus, as they are legally required to remove the account from your report if it is found to be inaccurate. For best results you should send a dispute letter to the credit bureaus via certified mail, this will ensure that you have a legal record of the communication.