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Consolidation Plus

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LAST UPDATED: May 24th, 2022

Consolidation Plus offers unsecured personal loans that help those in certain debt settlement programs pay settlements sooner than they might have on their own. The program is available on an invitation-only basis to clients of certain debt settlement providers. Once you’ve finished debt settlement, you make monthly payments on your Consolidation Plus loan.

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The Good

  • Loan Terms
  • Loan Approval
  • Potential to Help Rebuild Credit

Loan Terms

Consolidation Plus offers unsecured personal loans to help with the debt settlement process. Unsecured personal loans have no collateral tied to them. For example, a car loan is a secured loan because the lender can repossess your car and sell it if you are unable to make payments.

Because unsecured loans have no object attached to them, the interest rates tend to be higher than interest rates for secured loans, such as on a house or car.

The loan interest rates for Consolidation Plus’s unsecured personal loans is a fixed 22.9 percent interest rate, so the rate does not change during the term of the loan. The APR will vary for each customer since the origination fee is a percentage of the loan amount, and the loan amount varies based on the amount needed to settle all your debts in the program. To get a loan, you must be invited, apply, and be approved.

Consolidation Plus loans typically have a term length of 24–60 months. The average length is 55 months. Consolidation Plus loans fall between $5,000 (varies by state) and $65,000. Loan amounts are based on what the debt settlement company needs to settle your debt. Once your settlement program is complete, you’ll need to make payments on your Consolidation Plus loan until it is paid off.

Loan Approval

If you’re in debt that has affected your credit score, you may have already had difficulty qualifying for a loan because of your credit score.

While Consolidation Plus considers your credit score, it does not weigh it heavily when approving applicants for loans. It may be easier to get approved for a personal loan from Consolidation Plus if you’ve been unable to get approval from other lenders.

Potential to Help Rebuild Credit

Not paying off debt hurts your credit score. The debt settlement process can also have a large, negative impact on your credit. Many debt settlement clients stop making even minimum payments on their debts when they enroll in a debt settlement program.

Withholding payments can incentivize creditors to settle. Generally, debt settlement clients set aside the money they would have spent on making payments into a bank account to be used to pay settlements when they are reached.

Since you’ll have a loan to pay off once you finish your debt settlement program, making timely and regular payments on your Consolidation Plus loan may help you rebuild your credit. Keeping to your loan’s monthly payment schedule shows that you’re a dependable borrower who meets your financial obligations. This will have a positive effect on your credit score.

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The Bad

  • Finishing Settlement Won’t Mean Being Debt Free
  • Limited Service Area

Finishing Settlement Won’t Mean Being Debt Free

If you take a personal loan from Consolidation Plus, you may be able to pay settlements faster. However, you won’t be out of debt because you’ll have a new loan from Consolidation Plus. You won’t be out of debt until you’ve completed repayment on your personal loan.

If your primary goal with your debt settlement program is to be debt free, it may be worth completing the program at a slower pace. However, if you’d like to work to rebuild your credit score sooner, a Consolidation Plus loan could expedite the process.

You should be aware that you’ll still have to pay the debt settlement company their settlement fees, and these fees will be rolled into the loan. So using a Consolidation Plus loan means that you’ll pay interest not only on the settlement amount to creditors, but on the settlement fees as well.

Limited Service Area

Consolidation Plus offers unsecured personal loans in 36 states and Washington, D.C. However, Consolidation Plus loans are offered by invitation only and are only available to clients of certain debt settlement companies, like Freedom Debt Relief.

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The Bottom Line

If you’re in a debt settlement program and want to complete it faster, an unsecured loan from Consolidation Plus can be a good option. It offers 2–5 year loan terms, fixed interest rates, and personal loans ranging between $5,000 and $65,000.

However, it’s important to consider how much interest you’d pay on your new consolidation loan, including interest on the debt settlement fees. Understanding both of these amounts will help you know how much money you’re spending on getting out of debt.

You should also evaluate the loan's repayment terms. Knowing the repayment terms and understanding how much you'll spend to get out of debt will help you decide whether a Consolidation Plus loan is a good fit for your financial situation.

Taking an unsecured personal loan to finish your debt settlement program faster can help you start rebuilding your credit sooner. If that’s something you’re interested in, and you’re invited to apply, it’s worth investigating further.

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Star Rating

4.9

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150 Reviews

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10%

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1%

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Review Source

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Barbara Bowyer Simi Valley, CA

My first call to Consolidation Plus redirected my financial worries into a feeling of confidence that there was a solution for my situation. Finualy, I was able to relax, and look forward to the future. Everyone I spoke with, there, was polite, and ready to answer my questions. I was disappointed that my loan payment was so high, but it also meant that I'd be able to repay it more quickly, and I have been able to manage my budget . Their advice helped me cope with a serious financial mistake, and they can help others, too, I'm sure. They don't have only one solution, they offer several, and the choice is yours.

1 year ago

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James Williams Gainesville, FL

Consolidation Plus solved all of my debt problems with their all in one consolidated affordable loan . Which totally relieved me of the heavy burden of being in deep debt. No more stressful phone calls from bothersome creditors and no more worries of how I was ever going to get them all paid off . For me this was the ultimate solution to getting my debt resolved . Their loan saved me many thousands of dollars and many years of stress . And , in less than four years , I will have my Consolidation Plus loan paid in full ! If you have found yourself in this debt rabbit hole , Consolidation Plus has a solution for you too . Do not , I repeat , do not continue to think and worry about your debt problem . Consolidation Plus can and will solve your debt problem . All you have to do is contact them and you will be on the road to being debt free !

1 year ago

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Steve Idol Brownsburg, IN

I was overloaded with credit card debt, I seen no way out of it. Making minimum payments each month was all I could do and the next 30 years looked bleak. Until I contacted Consoldation Plus. They were able to pay off my debt and offered me a way to eliminate that debt in less than 4 years. No, it is not easy but the reality of making payments the rest of my life wasn’t going to be easy either. I have 6 months left and my debt will be paid off. My credit rating has went up 100 points since starting this process. Don’t put it off any longer, let Consolidation Plus show you how they can help you get back on track financially and increase your credit worthiness.

2 years ago

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Patricia Travers Waterford, PA

Sadly, I have had several bouts of financial problems. When I first contacted Consolidation Plus I didn't qualify for a loan so I enrolled in Freedom Financial. After about a year or so, I qualified for a loan through Consolidation Plus. By that time my debts had been negotiated down and the amount of the loan was completely reasonable. It's been a great experience. When I needed to contact Customer Service the agents are wonderful and they will work with you so keep you on track, but they also realize that things happen and will offer different options to keep you on track. It is one of the best decisions I ever made.

2 years ago

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Review Source

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Cassie Banuelos Clearwater, FL

This company helped me be able to better my credit by consolidating my debt so I don’t have many debts against me. They explained everything easily and I never felt pressured.

4 months ago

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Victoria Smith

Consolidated Plus made the stress of my debt issues very easy to deal with. I never thought I would get my debt to a place were I was able to manage it again. The Associate(s), I talked with, were also very kind and knowledgeable. I appreciated the information and the immediate response to all my questions... thank you . I had the great pleasure of working with everyone. You all went above and beyond to help me out. I would definitely recommend Consolidated Plus to any friends and family without hesitation.

1 year ago

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Steven Schatzberg Miami, FL

From day one Consolidation Plus had a solid plan and was able to work with all of my existent creditors in a consolidation that worked for me and for them. It didn’t happen over night but when the plan was completed and in motion it’s accomplishing exactly what we wanted. They are easy to get in contact with when needed and I’ve found that when I need them to do something for me it gets accomplished rather quickly. So in closing my experience has been excellent!

1 year ago

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Megan Dumm Bow, NH

They are an awesome company to work with. Customer service is top notch. Everything was explained to me thoroughly from the beginning. With their help, I was able to quickly pay off my debt all while raising my credit score in the process. Trusting them to help me with my overwhelming debt was one of the best decisions I have ever made. I never would have been able to pay it all off without them. I had a terrible credit rating before I started the consolidation process with them. I have three payments left on my loan and I now have a great credit score!

1 year ago

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Stephanie Malvern, OH

From the moment I started working with Consolidation Plus, I felt a tremendous amount of relief. They resolved my debts and brought my payments down to where I could afford them. Every customer service rep that I have spoken with has been very kind and easy to talk to. I recommend Consolidation Plus to anyone who is in a financial hurt. They do amazing work

1 year ago

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Susan Deltona, FL

I was almost at the end of my debt consolidation when Consolidation Plus approached me with a final approach for the end result by offering me a closed-ended personal loan to complete my process of paying off my old debt. It gets me done quicker and it gives a boost to my otherwise low credit score. Thanks, Consolidation Plus for my no-worry loan.

1 year ago

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Jennifer Kress Alice, TX

Consolidation Plus was very easy to work with. We came to them from Freedom Debt Relief. The payments were affordable and after a year, we were able to get a loan through our local credit union at a much lower interest rate and payment with the same number of months remaining. I highly recommend anyone who is having trouble with credit card debt to reach out to Freedom Debt Relief and Consolidation Plus.

1 year ago

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Gerardo Caban Port Richey, FL

My experience with Consolidation Plus was amazing. They made me feel comfortable they also made the whole process very easy to help me pay off all my debt. I finished with the program few years back and I have to say it was the best decision I ever made joining Consolidation Plus. They also made it very easy and affordable to pay of my loan. I have at least 2 years left to go. I would definitely recommend consolidation Plus to my family and friends.

2 years ago

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Steve Saint Paul, MN

I was unsure that I was making the right decision when I contacted Consolidation Plus. I was underwater in my credit card debt. But they walked me through the process, negotiated with the creditors & set me up with one simple monthly payment. After 2 years; my debt has been cut in half! It’s simple, it’s easy to do & you’ll get that fresh start that everyone wants! Thanks to Consolidation Plus, life is a whole lot better!

2 years ago

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Eddie Rios Ogden, UT

Consolidation Plus is a wonderful service that helped get our loan debt consolidated and at better than the original rates. This cut out monthly debt expense down, allowing us to payoff sooner than expected. They have several ways to help reduce the cost of current loans, saving you money quickly. They also have insightful tools to avoid debt in the future.

2 years ago

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Sonya Clarissa Willis Columbia, MO

The process was simple to complete and quickly resolved. That part was great. My suggestion is to employ those individuals who understand that financial matters are stressful and difficult. A level of empathy and active listening skills would be a way to improve the decision making process for those people who are struggling to find solutions to these matters. I encountered a service rep that would be better suited as a car salesman. He pressured the deal, bullied through the decision making process and honestly made me feel like I was signing my life away. He was hasty, abrupt with his responses and showed no patience or empathy during the phonecall.

2 years ago

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Randy Clearlake Oaks, CA

I began using their services a few years ago. I was swimming in debt. I always made my minimum payments but it just wasn’t going away. I entered into a contract with Freedom Debt Relief and then Consolidation Plus. They negotiated my debt and helped me pay it off faster and easier than I would have been able to by myself. Their customer service is amazing. On occasion, I’ve had to change my payment date and they helped me in just a few minutes and were very friendly about it. Highly recommend.

2 years ago

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Eleanora Buchholz Verona, PA

I chose this company because I researched it and was impressed with it's ratings. I was in debt unable to continue working and searching for a solution. It's a journey I am finding a way to financial freedom. It relieved me me of stress and anxiety.

1 year ago

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Jane Moore Tampa, FL

My experience with Consolidation Plus has been amazing. From the first step through the completion to being debt free, they have been there every step of the way. Professional and courteous, always willing to help with any issue at all.

1 year ago

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Col O'grady Wellsville, NY

They were very honest and easy to understand explaining the terms of our consolidation. We felt relaxed and comfortable talking about our finances with the counselor and they explained the process of our loan and payments so we could easily understand the whole process. They really do care about their clients!

1 year ago

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Joe Joven Bakersfield, CA

Excellent choice working with them. Very Professional services they provided and good at what they do. They exceeded all my expectations and really made my life so much easier. I only wish I had went to them sooner than I did.

1 year ago

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Koren Turner Bel Air, MD

They were very professional, extremely friendly, and did exactly what they said they would do! I'm no longer in debt, my credit card are paid off, and I'm making very reasonable payments to Consolidation Plus!! They were a life saver!! All I can say is I'm glad I took the phone call!

1 year ago

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Tj Carrell Hendersonville, NC

They put all your payments into one per every two weeks. It's all automated, so you don't have to do anything. I know I got myself into this, but the interest seems a little high to me, though I suppose it could be worse. You do have the option to make additional payments whenever you wish. Their customer service is good. No complaints there. They get the job done.

1 year ago

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Amanda Drews Arlington, TX

I really like how they didn’t/don’t bombard you with calls and notifications. They set me up and the rest was up to me. I haven’t had any reason to contact them as I haven’t had any issues with my account. The only thing that doesn’t agree with me, is the new interest rate from consolidation of my debt. I expected it to be at least lower than the average of my debts interest. But it wasn’t. 😐 At least it wasn’t as high as the highest rate I had. 😁. I’d use them again, but hopefully I won’t have too! 😉😋

1 year ago

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Maria Fontanez Hamburg, PA

Consolidation Plus was wonderful in working with me during this pandemic and loss of work . They allowed me to miss some payments to help me get through the loss of work and also helped me change my pay date. Everyone I spoke with throughout my rough time was courteous , understanding, and helpful.

2 years ago

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Kevin Griggs Salt Lake City, UT

I was deeply in debt, no where to turn, and then I found Freedom Debt Relief and Consolidation Plus. They took my debt, started working on them and as long as I stayed true to my commitment they eventually assumed my debt, paid off what I owed and now I am successfully paying my loan off and feeling great.

2 years ago

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Paul R Laska Stuart, FL

My rating would have been 5 stars, except for a burp that caused some problems. A third party that Consolidation Plus used to negotiate with creditors misrepresented the nature of the settlement as complete, when it was actually understood by the creditor as a payment. When the issue arose, Consolidation Plus stood up, renegotiated the settlement, and got the matter closed with no harm to me. I appreciate all the work conducted by Consolidation Plus.

2 years ago

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Allan Miles Palmetto, FL

This company is A+ with me. It's easy to send in monthly statements and other transmissions received from creditors. They are always available to answer any questions I may have or discuss any concerns I may have. A First notch corporation.

2 years ago

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Kevin Wall Fort Walton Beach, FL

They really helped me out. I was floundering with what to do with all of my credit card debt and they showed me a way to defeat this. My credit score has already went from a 602 up to a 708 in less than a year. Thank you Consolidation Plus..

2 years ago

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Barbara Moore Hudson, FL

They helped me through a tough time in my life and I am very greatfull for all the help they had given me. Thank You Very Much for all you have done! I am also finished with my pay back and it is a WONDERFUL FEELING!!! Thank You, Barbara Moore

2 years ago

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Karen Clevenger Cary, NC

Very Honest and straight forward, very helpful, great company. Took a great weight off my shoulders . Would absolutely recommend them to friends, already have. Very pleasant to deal with, I love the positive ,we can get this done attitude. They are life savers for me.

2 years ago

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cindy m Glenwood, AR

consolidation plus gave me financial freedom after years of struggling with multiple debts. I now have one payment a month at a fixed rate that will terminate after so many months. I struggled for many years carrying a lot of debt through credit cards. Now I have an end date.

2 years ago

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Jackie McIntyre Chicago, IL

I love consolidation plus because they work with you mo matter what the problem is. There is nothing that I dislike about and I would recommend it to anyone I know. They send you a large happy birthday card and everyone is very very pleasant. YOU ROCK CONSOLIDATION PLUS!!!!!!

2 years ago

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Randy Elk Grove, CA

Consolidation plus has been there the entire time to help me through the tough times! They gave me the inspiration that I needed when other companies were so negative. I pushed forward and straightened out my finances! I got my life back on track and I appreciate consolidation Plus for helping me with it.

2 years ago

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Margaret Leeper Saint Charles, MO

Best decision I have made. I was drowning in debt. It's been a process, but I'm making progress and my credit score has made it back into the green! Everything takes time,but it's worth it. Any questions or concerns,Freedom Debt ,consolidated plus is there for you.

2 years ago

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Tania Palm Bay, FL

They explained the process in a plain and precise manner, easily to understand. Customer service always takes the time to help and never makes you feel rushed, every answer or concern is always addressed. I would highly recommend Consolidation Plus!

2 years ago

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Trina Salisbury, MD

Consolidation Plus helped me to get some perspective on my finances to move forward during a time of physical impairment and hardship. Consolidation Plus helped me to make agreements to lower my balances to card holders to continue to pay off my card holders. I am grateful for this opportunity. Thank you so much!

2 years ago

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Cynthia Gail McKinney Hopkinsville, KY

Best thing I've ever done. At age 64 I will be finally debt free. I ..cannot...wait!! Consolidation Plus picked up to accept the same payments I was paying Freedom Debt to work with my creditors. So nice and helpful and easy to reach.

2 years ago

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Margaret Daniel Adona, AR

I highly recommend Consolidation Plus. As a senior citizen I appreciate the ease of using their website. They listen to all my concerns and resolve any issue promptly. I appreciate this company. They are always their and have your best interests at heart.

2 years ago

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christine cardarelli Warren, OH

consolidation plus gave me the opportunity to get a loan to consolidate my debt based on the agreed balances by Freedom Debt Relief. It has been an easy process and my monthly payment is no more than what I was paying with FDR. I highly recommend consolidation plus they helped me see the light at the end of the tunnel

2 years ago

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Daniel Jordan Glen Burnie, MD

So far so good with the new set up, This is first time I have ever done this and I am totally satisfied with your way that you have been there for me, Keep up the way that you have been there for me when hopefully I will never get in this position in the future, Thank you for all of your help and support

2 years ago

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Barbara J Beharry Fort Lauderdale, FL

Consolidation Plus has helped me get my life on track. After the untimely death of my husband I was overwhelmed with debts. Now I am getting my life together and enjoying my life I’m almost debt free. Thank you Consolidation Plus

2 years ago

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Tammy Koch St Louis, MO

I was referred to them from Freedom Debt Relief after being a faithful customer for a while. This was a good thing because Consolidation Plus was able to help me refinance and get better terms.

1 year ago

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Review Source

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CC Buellton, CA

Consolidaion Plus made the Loan process so easy. They were polite, knowledgeable and available to answer any questions. The customer portal makes everything about my account at my fingertips.

1 year ago

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Jim Carter Denton, TX

They did everything they said they could do. After keeping my payment on time for a couple of years, they reached out to me to refinance my loan at a lower interest rate. I would recommend them to everyone.

1 year ago

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Karen

They are always informative with sending emails. It is very easy to keep track of my account. I also appreciate the other informative emails they send out. Very helpful! I just wish the interest rate was lower.

1 year ago

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Karl H Neugebauer Brewster, MA

Maximum coverage, minimum effort on my part... although I wasn’t informed about the 1099c paperwork from each creditor. I ended up paying taxes on the debt that was forgiven.

1 year ago

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JATHIXTON Joshua Tree, CA

Stellar Company. Never had difficulty contacting them or speaking with a representative. They are always helpful and willing to work with any issue that may come up. Overall, an excellent company and great experience!

1 year ago

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Patricia Andrews ,

I am happy with Consolidation Plus. They are helping me get my finances back on track and my credit back in good standing. The only thing that I am not happy about is the high interest rate on my loan repayment.

1 year ago

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Michael Coll ,

My experience with Consolidation Plus was a very good one. All staff that I had dealings with were professional. All questions were answered to my satisfaction. I would recommend them to friends and family.

1 year ago

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Martha A Arbouex San Francisco, CA

verything was xplained and they made sure that I understood everything. A payment plan was made the was very well explained and I was quite comfortable with. It is great to not have creditors calling with threats all the time.

1 year ago