Buyer Beware! Although there is nothing new under the sun, there has been a new push lately by online lending companies offering loans to consumers to pay off their credit card debt. And although we are not proponents of this “push,” we would like to offer you some suggestions as what to look for and what to avoid should you elect to go down this road.
As full disclosure, Nationwide Debt Reduction, Inc. is a credit card debt settlement company. We negotiate and settle debt with your creditors for less than half of what you currently owe. You can learn more about this approach by pursuing our web site at, www.nationwidedr.com
Now back to these lenders such as Prosper, Upstart, Lending Club, or Quicken loans. All of these companies can be accessed online, and typically can get you the money you want into your bank account faster than any traditional bank could…or would. However, there are “strings attached.” One is that you have to allow them to access your bank account and take money out of your account each month to pay off the loan.
Then there are the fees that these lenders charge you upfront, maybe ongoing fees, and finally interest rates, the biggest factor. If your loan charges you more interest than the creditors are charging you, why bother taking out a debt consolidation loan?
To begin with, you are probably in financial straits if you have to go online to take out a loan to pay off your credit cards. Either you have lost your job, you had unexpected expenses or you do not live within your means or within a budget. We get it! Stuff happens. However, how you resolve the problem is what we are about.
Therefore, BEFORE you think about taking out an online loan, please contact us toll free at 800-890-6658 PST or visit our web site at Nationwide Debt Reduction, Inc. and take a look for yourself.