- 4 min read
- Consolidation Plus offers unsecured personal loans to consumers currently enrolled in a debt settlement program.
- Innovative loan program that doesn't emphasize FICO score to qualify customers.
- Consolidation Plus has consolidated over $1 billion in consumer debt.
Bills.com Review of Consolidation Plus' Debt Consolidation Loan Program
Consolidation Plus offers a unique debt consolidation loan. The Consolidation Plus loan program is designed for consumers currently enrolled in a debt settlement program. The loan proceeds are used to pay off your debts, after the settlement program negotiates with your creditors.
Your Consolidation Plus loan gives you enough money to pay off your creditors as soon as settlements are negotiated with all your creditors. This accelerates your debt settlement program, rapidly, allowing you to clear out your debt quickly with all the creditors you enrolled in your settlement program.
You don't have to build up the funds in your debt settlement program, settling accounts one by one. Instead, your loan proceeds can pay off all of your enrolled debt rapidly and consolidate it into a single payment at a fixed interest rate.
Consolidation Plus Loan Consultants Contact You
Another unique feature of a Consolidation Plus loan is that you can't apply for a loan unless Consolidation Plus solicits you. You can't call them up and apply.
If you are eligible for a Consolidation Plus loan, a loan consultant will contact you, explain the program, and help you decide if the loan fits your needs. If you and the Consolidation Plus underwriters determine that the loan can help you, then you will be invited to submit a formal application.
Consolidation Plus,offers loans of $5,000-$65,000. The size of the loan you can get depends on how much money your debt settlement company needs to settle your debt with your creditors.
Bad Credit Score Isn't a Barrier to Applying
Unlike other debt consolidation loan programs, Consolidation Plus doesn't place great weight on your FICO score. What they look at is whether you are making timely payments in your settlement program and on your debts that are not enrolled in your settlement program, such as car loan, mortgage, and student loan payments.
The Consolidation Plus application process is simple and fast. They review your application within 2-4 business days and, if you qualify, extend a loan offer to you.
If your application is approved, you can begin your Consolidation Plus program pretty much as soon as you review, sign, and send back the loan agreement.
At the Stage of Reviewing Your Debt Relief Options?
If you are not currently in any debt relief program, look at the Bills.com Debt Navigator. It is a free tool that helps you figure out what option is best for you to use to pay off your debt, based on the specific information you provide.
Use the Loan to Pay Off Your Creditors
Your debt settlement company will use the funds from your loan to speed up your settlements and pay the negotiated amounts upfront. After you approve the settlements, the money goes straight to your creditors, paying them off and brings the amount you owe to $0.
After your debts are negotiated and settled, your debt settlement program is completed. Only then do you begin repaying your Consolidation Plus loan.
Consolidation Plus provides an easy-to-use online Borrower Dashboard, so you can monitor your progress on paying off your loan. They make it easy for you to send your payments, accepting payment by check, over the phone, or with ACH.
The length of your loan depends on how much you can afford to pay, with standard repayment terms ranging from two to six years. The average length of a Consolidation Plus loan is four years.
Consolidation Plus never charges pre-payment penalties; if you have the ability to pay off the loan sooner, it makes sense to do so, to lower your interest costs.
Benefits of Consolidation Plus Loan
The biggest benefit is that your loan makes it possible to pay off your creditors for the debts you enrolled in your debt settlement program within a very short time. Paying off those creditors means any creditor collection calls you still may be getting will cease, and a paid off debt no longer leaves you open to legal action.
Another huge benefit that sets Consolidation Plus apart as the best debt consolidation loan company available for people enrolled in a debt settlement program is that the Consolidation Plus loan reports to the credit bureaus. This helps you establish new credit in good standing that will springboard building a healthy credit score.
Strong Track Record
Consolidation Plus has consolidated more than $1 billion in consumer debt since 2011, helping more than 70,000 people accomplish their goal of getting out of debt.
Debt is used to buy a home, pay for bills, buy a car, or pay for a college education. According to the NY Federal Reserve total household debt as of Q2 2023 was $17.06 trillion. Auto loan debt was $1.582 trillion and credit card was $1.031 trillion.
A significant percentage of people in the US are struggling with monthly payments and about 26% of households in the United States have debt in collections. According to data gathered by Urban.org from a sample of credit reports, the median debt in collections is $1,739. Credit card debt is prevalent and 3% have delinquent or derogatory card debt. The median debt in collections is $422.
Collection and delinquency rates vary by state. For example, in New Hampshire, 18% have student loan debt. Of those holding student loan debt, 5% are in default. Auto/retail loan delinquency rate is 2%.
To maintain an excellent credit score it is vital to make timely payments. However, there are many circumstances that lead to late payments or debt in collections. The good news is that there are a lot of ways to deal with debt including debt consolidation and debt relief solutions.