Clay Advisors Debt Consolidation Review [2024]

If you have a lot of high-interest credit card debt, you may want to consolidate it with a lower interest rate loan to make repayment easier and save money. Clay Advisors is a debt relief company that offers consolidation services to help those with over $15,000 in debt.

However, like with any other debt relief program, it’s important to weigh your options carefully and pick the right company to work with. In this Clay Advisors review, we’ll explore how the company works, the services it offers, customer reviews, and the pros and cons.

How Does Clay Advisors Work?

Clay Advisors is a debt consolidation lead generation company. This means that the company doesn’t offer debt consolidation loans, but it connects you with up to four participating financial institutions. The company offers consolidation services for credit card debt.

We would also like to point out that the company’s website (www.clayadvisors.com) wasn’t functional at the time of writing this article, but we were able to access an archived copy of the website.

Clay Advisors Debt Consolidation

You can try the calculator on the company’s website to see how much you can save and fill out an application form to get started. You’ll then be connected with a personal financial consultant who will answer your questions and provide information on how the process works.

Clay Advisors will then connect you with lenders that offer loans for your credit profile. The company states that you need at least $15,000 in credit card debt to qualify for the program. You may be able to qualify with a FICO score of 420 to 740. Clay Advisors also claims that once you consolidate your debts, your new payment can be up to 50% less than what you’re currently paying.

Pros and Cons of Clay Advisors

Before you contact the company to consolidate your credit card debts, it’s important to weigh the pros and cons carefully to ensure the program will fit your needs.

Pros

• You’ll have a single monthly payment instead of multiple.
• Fixed interest rates provide predictability.
• Ability to connect with up to four financial institutions at once.
• You may qualify for debt consolidation with credit scores as low as 420.

Cons

• Not BBB accredited.
• The company website is not functional.
• Concerns about unsolicited communications and spam.
• Low customer reviews.
• No clear information about how the program works or how much it costs.

Services Offered by Clay Advisors 

Clay Advisors only offers debt consolidation services. While it doesn’t offer any debt consolidation loans, it can connect you with lenders that do. Here’s a detailed look at how to get in touch with the company and the costs of enrolling in their program.

Costs and Fees

Clay Advisor’s website offers no details about its fee structure, so it’s best to research thoroughly or get in touch with the company directly to inquire about it. In addition to the interest you’ll pay once you borrow the consolidation loan, there may also be a fee that the company charges to connect you with the lenders it works with.

Customer Service Options

There are three ways to get in touch with Clay Advisors: through an online phone on their website (which isn’t currently working), phone, or mail.

Phone Number: 888-859-6157

Address:

PO Box 51572

Livonia, MI 48151

Clay Advisors Reviews and Feedback

Whether you’re planning to enroll in a debt management plan (DMP) with a credit counseling agency like Money Fit, borrow a loan from a lender like SoFi, or enter into a debt settlement program, it’s always important to check the reviews of the company you plan to work with.

Clay Advisors Reviews on Google

Clay Advisors does not have a Google Business Page. It also doesn’t exist on many other independent review sites like Trustpilot.

Clay Advisors Reviews on BBB

Clay Advisors is not BBB accredited. Better Business Bureau investigated the business practices of the company based on customer inquiries in 2020 but received no response from Clay Advisors after multiple attempts to communicate.

According to its files, Clay Advisors is not registered in the State of Michigan, and customers with concerns are encouraged to contact the Michigan Attorney General’s Office for complaints.

Clay Advisors has 1 star out of five from eight customer reviews. Reviews mention that the company sends unsolicited junk mail and has discriminatory practices. Here are a few reviews we could find on BBB:

“This company refused to even consider me because I have oral communication issues and couldnt speak on the phone. What kind of discriminatory practice is this? They refuse to serve someone with a speech issue? They literally told me they were closing my file if I couldnt speak on the phone.”

“This company is a scam. I work in finance and received an unsolicited consolidation letter from Clay Advisors. I immediately realized they did not include any disclosures or verbiage that is required by federal regulations. No legitimate company would send out communications without disclosures due to penalties and fines. Such a scam. Do not give this company your personal information.”

Clay Advisors Reviews on Reddit

There aren’t many reviews of Clay Advisors on Reddit. However, one review mentioned that customers were unhappy with the company’s services due to the hefty sum they charge in exchange for unsatisfactory services. Here’s what the review says:

“Reviews of Clay Advisors from reputable websites provide unbiased opinions. Many of their consumers expressed satisfaction with their services. But in 2020, there were a ton of complaints filed. The approach in which debt problems were resolved accounted for the majority of the clients' unfavorable assessments. The clients believed that Clay Advisors merely offered answers that were well known to the average person for decades, such as saving 25% of one's monthly income, setting up and managing an emergency fund, meticulously organizing one's monthly spending, etc. The customers believed that Clay Advisors offered nothing unique or novel in comparison to other debt consolidation companies. However, they charge a hefty sum for their services.”

How Clay Advisors Compare to Other Debt Consolidation Companies 

There are several different ways to consolidate your debt, such as by borrowing a personal loan or enrolling in a debt management plan (DMP) with a nonprofit credit counseling agency. Here’s a look at how Clay Advisors stacks up against both these options.

Is Clay Advisors Worth It?

Clay Advisors is not BBB accredited, and the few reviews that exist about the company raise worrisome issues such as unsolicited communications, selling personal information to other debt consolidation companies, bait-and-switch tactics, and discriminatory practices.

There’s no transparency about how the company works or the fees it charges. We recommend looking for other debt consolidation programs that are highly rated.

Take a look at these reviews for debt consolidation options from companies like Wells Fargo, United Club Lending, and Point Break Financial before making any decisions. These reviews can give you valuable insights to help you pick the best option for managing your debt.

There are other debt-relief options available if consolidation isn’t right for you, such as credit counseling, debt settlement, and even bankruptcy as a last resort.