Payday Loan Consolidation Companies

What are Legitimate Payday Loan Consolidation Companies?

Legitimate Payday Loan Consolidation Company

When you struggling to clear your debts, you may consider debt consolidation. There are several debt consolidation companies. Although there are many companies to choose from, it is important to check the companies and make sure they meet your requirements before you decide to work with them. Here is a list of the highest rating debt consolidation program in the United States.

InCharge Debt Solutions

this company offers free debt counseling and also offers debt management plan services. You can only access the services of this company if you have a minimum debt of $1000. The entire process lasts from 36 to 60 months. The set up this company charges varies but it can be up to $75 and the monthly fee is also up to $55 depending on the percentage of your payment.

Incharge will help you to develop a budget and many customers have commended this company for its extensive efforts in an attempt to improve financial literacy among clients. If you are looking for a reputable company, Incharge will be a good option. This company has been accredited by the Better Business Bureau.

Wells Fargo

You can also consider Wells Fargo is you are looking for a company that can help you to consolidate your debt. This financial institution will offer you secured and unsecured personal loans to clear all your debts. This payday lender charges an origination fee of $75 and the loan period ranges from 2 to 5 years. You can receive funds that range from $3,000 to $250,000.

The APR on this loan varies. The unsecured loans have APR that range from 7.5% to 20%. The secured loans, on the other hand, has an APR that range from 6.5% to 8.5%. Wells Fargo is the third largest bank with regards to assets in the United States.

It has several branches and this financial institution is easily accessible throughout the country. If you make late single payment, you will pay a penalty of $37. Wells Fargo is also accredited by the Better Business Bureau.

National Debt Relief

This company is based in Portland and it is a certified member of the American Fair Credit Council. This council ensures that consolidation programs do not charge exorbitant fees. This company takes account of all your debts and negotiate with the payday lenders.

The minimum debt they work with is $7,500 and the settlement ranges from 24 to 36 months. This firm charges from 18% to 25% of the amount settled. National Debt Relief is accredited by the Better Business Bureau. Although National Debt Relief does a good job on helping you to settle your debt, there are some limitations.

Debt settlement has a long-term damaging effect on your credit scores. Fortunately, this agency mentions this on their website. This means that you should only consider this agency if you do not have a problem with your credit score being damaged. This company’s services are only available via phone.


Avant offers you a personal loan to sort out your debts. They charge an origination fee that ranges from 0.95% to 3.75%. The term for the personal loan ranges from 2 to 5 years.

You can receive an amount that ranges from $1,000 to $35,000 at an interest rate that ranges from 9.95% to 36%. This firm was established in 2012 and it has offered over 1 billion loans to customers in the first year. One good thing about this lender is that the loan application process is simple. You can easily apply for this loan online and the funds will be transferred into your bank account when you are approved. Avant is also accredited by the Better Business Bureau.

Even if you have a bad credit score, you can still apply for a loan to settle your debts. The interest rate on such loans will, however, be high. Unfortunately, these payday loan lenders will charge a penalty if you do not pay your loan on time. Late payment attracts a $25 fee and if there are insufficient funds in your account, the lender will charge a fee of $15.

Prosper Funding

Prosper Funding can help you to consolidate your debt through a personal loan. You will pay an origination that ranges from 0.5% to 4.95% when you apply for the personal loan.

Depending on your debt, you can access funds that range from $2,000 to $35,000. The interest rate they charge on the loans varies and you will pay a rate that ranges from 5.99% to 35%.

You will be expected to pay back the loan in 3 to 5 years. This firm is not a lender; it is an online lending service that matches you with the investor. The minimum credit score requirement is 640. You will pay a 15% late fee or $15 as a late fee. This lender is accredited by the Better Business Bureau.

Lending Club

Lending Club can also offer you a personal loan to clear your debts. The loan amounts range from $1,000 to $40,000 at an interest rate that ranges from 5.99% to 35%.

The payment term ranges from 3 to 5 years. The application process is simple and you can access funds in no time. You will need a minimum credit score of 660 to apply for a personal loan. Lending Club charges a $7 processing fee. Their origination fee also ranges from 1% to 6%. You will also pay a 5% late fee or a fixed $15 fee for making late payments. Lending Club is accredited by the Better Business Bureau.When you want to choose a company, check the credibility of the firm.

The Better Business Bureau can help you to decide if the company is reputable. They rate and offer accreditation to such companies. You should also check their fees and rates. The minimum qualification requirements and the amount the lender is willing to offer. You should also check the loan term the lenders are willing to offer.