- 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.
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User Reviews
Star Rating
78 Reviews
Review Breakdown
Sentiment Criteria
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
i had signed up with freedom debt relief to get control of my debt and was slowly but steadily resolving my debt when i was offered the chance to settle all my debt quickly and start on a new path to better credit . i was offered an opportunity to use Consolidation Plus to settle all my debt and then have only the one payment to them and not have creditors calling me about outstanding debts it was quick and easy setup with them and have been very satisfied with their services
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 .
Robert M Roder
Excellent Customer Service Able to work with me and provide confidence and assure outcomes With me every step of the way
Kevin Wall
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..
Christina L
It's been easy to work with them and have the payment arrangement taken out biweekly to reduce my debt.
Donald E Brandt
They did exactly what they promised to do in helping us get out of debt. they even got it done sooner than we thought would happen.
Maria Echevarria
The program works. I’m happy my score is back up since last year . They are flexible n understand they work with me anytime I got stuck with a payment I can’t thank you enough for this good and smooth experience !
Reba Robinson
You helped me out in my time of need. Made my life so much easier. Very helpful, nice and knowledgeable people on the phone when I called. Honestly you saved my life
Barbara Moore
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
Karen Clevenger
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.
Judy Venske
Consolidation plus is easy to understand also very easy to work with.
Irma Estela Viale
Very helpful, professional, knowledgeable, went beyond their way to assist me and got the best option for me, also they are always in touch to see how I am doing.
Jerry Jack
Consol+ has been excellent in their service, attitude and transparency. They transitioned from my Freedom Debt Relief account to the Consol+ account seamlessly. I truly appreciate their professionalism.
Patricia Travers
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.
Anthony
Their willingness to continue to help long after paperwork was signed and long before my loan had matured. I really feel that if I needed any help or support I could ask and they would try. You don’t see that very often.
cindy m
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.
Jackie McIntyre
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!!!!!!