Frequently Asked Questions

How do I qualify for Consolidation Plus?

Consolidation Plus is an invitation-only loan for eligible borrowers who are currently enrolled in select debt relief or debt settlement programs.* To qualify for a loan from Consolidation Plus, you must demonstrate an ability to make deposits to your debt settlement program’s special purpose account, in addition to other factors.
How do I sign up for Consolidation Plus?

After a Consolidation Plus loan consultant contacts you to discuss your loan options, we will offer you a loan application. Once you complete the application and send it back to us along with information about your bank and income, we will review your application over the next 2-4 days and determine if you are eligible for a loan.

If you qualify, a loan consultant will contact you with your loan offer that has a rate and term customized to fit your financial situation. All you have to do is accept the offer, then we contact your debt settlement company and work with them to accelerate your debt settlement program and consolidate your debt.
Is there a fee or balloon payment when I finish paying off my loan?

No, there is no fee or balloon payment when you finish paying off your Consolidation Plus loan. While there is an origination fee of 4.9% that covers your loan application and processing fees, we clearly outline this fee before you take out your loan with us.

When you get a Consolidation Plus loan, there are no penalties for paying off your loan early. Since Consolidation Plus loans are fixed-rate loans, your rate will never increase as long as you make your payments on time.
Why should I work with Consolidation Plus?

As a proud member of Freedom Financial Network, we are committed to helping our clients get out of debt and achieve their financial goals. Since 2011, Consolidation Plus has consolidated over $1 billion in debt for qualified borrowers who were formerly working with debt settlement companies. Learn more about how our debt consolidation program works.
Will you still lend to me if I have bad credit?

Even if you have bad credit, you could be eligible for a Consolidation Plus loan. Credit score is not a major factor that we consider when deciding who to lend to. However, your commitment to your debt resolution program is an important consideration in determining your eligibility for a Consolidation Plus loan. If you qualify for our loan, one of our loan consultants will contact you.
How does your loan work if I am already enrolled in a debt settlement program?

When you take out a Consolidation Plus loan, we provide the funds your debt settlement company needs to settle all of your remaining debt and pay their settlement fees. Your debt settlement company uses the money to accelerate their negotiation process, settle your outstanding enrolled debt, and take their fee. After that, your debt settlement program is complete, and you begin repaying us for your loan instead of making your monthly deposits into your debt settlement program.
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