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.

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

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38 Reviews

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Reba Robinson

March 28th, 2020 Grove, OK DETAILS arrow_drop_down
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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

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Barbara Moore

March 26th, 2020 Hudson, FL DETAILS arrow_drop_down
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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

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Karen Clevenger

March 26th, 2020 Cary, NC DETAILS arrow_drop_down
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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.

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Judy Venske

March 26th, 2020 Sartell, MN DETAILS arrow_drop_down
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Consolidation plus is easy to understand also very easy to work with.

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Irma Estela Viale

March 14th, 2020 Manassas, VA DETAILS arrow_drop_down
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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.

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Jerry Jack

March 12th, 2020 Ada, OK DETAILS arrow_drop_down
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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.

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Patricia Travers

March 1st, 2020 Waterford, PA DETAILS arrow_drop_down
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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.

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Anthony

March 1st, 2020 Kalamazoo, MI DETAILS arrow_drop_down
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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.

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cindy moore

February 26th, 2020 Glenwood, AR DETAILS arrow_drop_down
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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.

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Jackie McIntyre

February 25th, 2020 Chicago, IL DETAILS arrow_drop_down
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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!!!!!!

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Randy

February 24th, 2020 Elk Grove, CA DETAILS arrow_drop_down
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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.

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Grace Yvonne Tisdale

February 19th, 2020 Conway, AR DETAILS arrow_drop_down
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I didn't know something like this was available to ME. It was easier than I thought it would be. I feel like I accomplished something.

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Tania

February 19th, 2020 Palm Bay, FL DETAILS arrow_drop_down
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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!

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Margaret Leeper

February 19th, 2020 Saint Charles, MO DETAILS arrow_drop_down
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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.

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Carlos Rios

February 12th, 2020 San Antonio, TX DETAILS arrow_drop_down
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The company delivered the results I needed. They provided the help to get rid of a strangling debt. I would recommend them to anyone in need of help with a consolidation loan.

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Kathleen Hartman

February 11th, 2020 Belleview, FL DETAILS arrow_drop_down
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We are so pleased with Consolidation Plus! We make one low payment a month and they took care of dealing with all our creditors. They saved us alot!! Thank you so much!

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Eddie Rios

February 10th, 2020 Ogden, UT DETAILS arrow_drop_down
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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.

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Elaine Lucero

February 7th, 2020 Las Vegas, NV DETAILS arrow_drop_down
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I recently retired and when I needed to make some adjustments to my account. I was treated professionally, courteously and with respect. They made the necessary adjustments in no time. Thank you!!

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Gwennette Preston

February 6th, 2020 Lancaster, CA DETAILS arrow_drop_down
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They are very helpful and professional. There is nothing really to complain about.

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Bettye Chambers

January 31st, 2020 Dallas, TX DETAILS arrow_drop_down
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They are helping me with paying off my cards soon as to if I was making monthly payment it would take much longer and I am thankful for that. The fee and interest are a bit much but that life.

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Linda Schubbe

January 22nd, 2020 , GA DETAILS arrow_drop_down
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It’s been a great benefit to me. It’s helped my credit score and has lessened my stress.

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Sharon

January 15th, 2020 Salisbury, MD DETAILS arrow_drop_down
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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!

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Cynthia Gail McKinney

January 15th, 2020 Hopkinsville, KY DETAILS arrow_drop_down
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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.

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Barbara J Beharry

January 14th, 2020 Fort Lauderdale, FL DETAILS arrow_drop_down
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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

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Daniel Jordan

January 14th, 2020 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

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Randy

January 14th, 2020 Clearlake Oaks, CA DETAILS arrow_drop_down
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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.

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Carrie Duvall

January 14th, 2020 Louisville, KY DETAILS arrow_drop_down
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Consolidating and getting the debt settled quickly was a big help. They were very courteous and always ready to help. So glad to be completely paid off and out of debt!

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Valentino Cimini

January 14th, 2020 Warren, MI DETAILS arrow_drop_down
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It has been a wonderful experience. I would tell anyone in financial problems to let Consolidation Plus take over. They are helping me get back on my feet and I thank you so much

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JENNIFER

January 14th, 2020 DETAILS arrow_drop_down
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Was nerve wrecking at first. But after 5 years of payments. I am not debt free

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Jose Diaz

January 14th, 2020 Biloxi, MS DETAILS arrow_drop_down
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I've had no problems and staff is very knowledgeable with their help.

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christine cardarelli

January 14th, 2020 Warren, OH DETAILS arrow_drop_down
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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

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Ingrid

January 14th, 2020 Miami, FL DETAILS arrow_drop_down
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This is a great program! Gave me the opportunity to climb out of the debt while I was in. Easy and convenient! Always the best customer service!

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Sonya Clarissa Willis

January 14th, 2020 Columbia, MO DETAILS arrow_drop_down
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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.

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Ron

January 14th, 2020 Le Center, MN DETAILS arrow_drop_down
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The service is very good it was easy to understand and implement. Customer service is 5 stars, Ask questions they will answer them promptly.

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Lisa Kennedy

January 14th, 2020 New Haven, MO DETAILS arrow_drop_down
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They were very knowledgeable and helpful with the whole process. They answered all my questions every time I had any.

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Jack MOORE

January 14th, 2020 Kannapolis, NC DETAILS arrow_drop_down
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I have not had any problems with my account and so far I have two of them paid off out of three

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Mary Mulford

January 14th, 2020 Columbia, MO DETAILS arrow_drop_down
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I like the personal atmosphere they exhude as well their quick and timely manner responding to questions via email or phone.

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Margaret Daniel

January 14th, 2020 Adona, AR DETAILS arrow_drop_down
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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.

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