- Consolidation Plus
Consolidation Plus
check_circle VerifiedConsolidation 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.
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.
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.
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.
User Reviews
Star Rating
93 Reviews
Review Breakdown
Sentiment Criteria
Valerie ceron
Experience has been great! Always willing to help
Sara Dana
They have really helped me to pay off my debt with the best interest rate and a monthly payment I can afford
T.A. Hines
Above and Beyond Customer Service and Professional Agents. Most outstanding for sure...!
Laine
I'm glad I got in the program. I'm really enjoying it. My score have improve a lot even though its jumping up and down but still improving. I really appreciate the help you have given me. Thanks so much!
Ronald Zillmann
They were very helpful and managed to shorten debt payoffs
Tamara Herrera
We appreciate the opportunity to build our credit rating. We dislike the lack of ability to get assistance to log in to our account to veiw our statements. Have tried several times to log in and to get help to no avail.
Craig Malwitz
Friendly support. Quick to resolve issues. Fantastic people.
Stephanie
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
Tj Carrell
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.
Helen Brydon
They have always been very courteous and helpful.
Rebecca D Jones
This company is great to work with. Everyone has been pleasant and professional to work with.
Susan
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.
Amanda Drews
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! 😉😋
Jennifer Kress
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.
anabelleb.wilson
It was a pleasure of getting help from the consolidation plus. The person who helped me was very knowledgeable.It was a very good relief on my financial part. Thank you so much.
Janie Avery-Rivas
They took care of everything, answered all my concerns. Walked me thru the entire process. Very Happy with the results. Saved me a lot of money.
Anne Gago
They are fair in their letting you know if you were approved for a loan.
Prince
They have been extremely helpful though out this COVID experience. I will be forever great full
No Name
Good Company, very good service, and employees are very helpful when contacting them!
Roy Garcia, II
Consolidation Plus made me feel like I was their only customer. Michelle C was courteous, extremely helpful, sincere, and professional. Thank God Consolidation Plus was able to work with me and meet my needs. 🙏🏼
Maria Fontanez
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.
Eric Sparks
I like everything except the exorbitant interest rate and a plummeting credit score! Lol
Deborah Johnson
Consolidation Plus is very easy to work with. The representatives I have dealt with have been helpful, friendly and sympathetic to my situation.
Gerardo Caban
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.
Shari Hunsaker
This company has worked diligently as my partner in reestablishing my credit health. Without exception every employee with whom I have interacted has been professional and compassionate.
Joel Gilbert
Clear, easy to understand loan information and easy access to support when needed.
Mary Cuevas
This company has been very helpful for us I really appreciate them. Thank you for all your help. Would recommend it to family and friends.
JLB
All employees are always very kind and courteous.
Stephen Gastineau
My wife and I had a credit card debt, which became unmanageable due to age and illness. Consolidated Plus loaned us the money to pay banks. In a few more payments, I will be debt free.
Kevin Griggs
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.
Lisa
Very professional but, also very caring and easy to work with.
Daisy May
The customer service representative was very professional and nice during our phone conversation.
Ed Hansell
They helped shorten the time to get my debt load with my creditors by providing the funds needed to settle with them and then made an payment plan for me to repay easily
Tony Bell
very helpful. Easy to talk with. Always available
Amaripino castro
I have excellent experience. Good customer service. Thank you.
BEVERLY SPENCER
Affordable payments. Very kind and professional representatives. Very knowledgeable emplyees.
Christine Andrejko
Customer Rep. was very knowledgeable, professional and polite. I understood all that she was telling me. She made my day!!!
RACHEL M MAILLOUX
This is an excellent company. They did what they said they would. They are helping me get out of debt. They get the creditors to lower there balances & then they pay them off for yu.
Deborah
What I like about this company is it understand your situation and really try’s helping to the best ability of your and there’s
Steve Idol
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.
Paul R Laska
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.
Clark R Eveland
EASY TO DEAL WITH, ABLE TO UNDERSTAND THE PROCESS, VERY HELPFUL, AND WILL ANSWER ALL QUESTIONS
Peter P Soares
as far as personal contact I had a close contact with FDR and that is what I want with consolidation plus. anything on my mind or any questions I have I just send an email or just get on the phone and speak to a rep. I need a quick response . Thank you.
grimvann
They are very understanding of my concerns and answers my questions very clearly even if they need to repeat them. They also help guided me through the process and make sure I understood each steps.
Cara Stallman
This company helped me face by debt and in 2 short years I have a promising financial future.
Julie Reed
They got me the financial help I needed very quickly!!
Steve
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!
Allan Miles
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.
Ricardo Gutierrez
What I like the best is that they make it really easy to understand everything about my account
Lolah Pease
Things were taken care of Fast and done in no time at all I’m a very Happy person , All the people that I talk with was so understanding and Explain everything I needed to do and Know . Thank You .