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Nonprofit Payday Loan Consolidation |‌ KashPilot

Nonprofit payday loan consolidation might be a good option if you are struggling to pay your credit card debt. Debt consolidation loans do not provide direct payment to creditors.

Non-profit debt relief organizations work with credit card issuers to lower interest rates. This will result in lower monthly payments until you have paid off your debt.

You will only have to pay one monthly fee rather than multiple credit card payments. However, you will have to stop using your credit cards during this time.

A debt consolidation loan offers a rate reduction in exchange for direct payment to creditors.

These are some factors to consider to determine if debt consolidation is right for you.

What’s nonprofit debt consolidation?

A financial counselor at a non-profit debt consolidation company will help you set up a debt management program that’s more affordable for you. Your counselor will work with credit card companies to reduce the interest rates on your credit cards.

Instead of paying your credit card companies directly, your debt management plan will require you to make one monthly payment to the nonprofit debt consolidation organization. The company uses this money to pay your creditors.

Katie Ross, executive vice president of Consumer Credit Counseling, says that a non-profit debt consolidation is a good option for people who feel overwhelmed by multiple due dates and payments. “With debt consolidation, you only make one monthly payment for the day that works best for your needs.

You’ll also pay less interest because the interest rate you negotiate on your credit cards is lower. This will allow you to pay off your debt faster and make more affordable monthly payments. Repayment can take between two and five years.

Also, you will need to agree to close all credit cards to avoid accruing more debt. However, you might be able to keep your credit card in an emergency.

You don’t need to take out another loan to consolidate your debt. This is unlike other options you might consider.

Types and services of debt provided by non-profit debt consolidation companies

Non-profit debt management firms focus on helping with unsecured debt. Credit card debt is the most common. They can also assist with other unsecured debts, such as student loans or medical debt.

Ross says that non-profit debt management firms will often help students explore their options when it comes to loans. These options include loan cancellation, consolidation, or income-driven repayment plans.

Many options are available depending on whether the client is a borrower of federal or private student loans. Federal student loans offer different repayment plans.

Non-profit debt management counselors are available to help with medical debt. They can analyze your financial situation, offer financial management resources, and suggest a range of options to resolve the debt.

Why should you work with a non-profit debt consolidation company?

When they help you, non-profit debt relief organizations don’t seek to make a profit. Because a large portion of their funding comes through grants from foundations and individuals, this is why they are so popular. They also receive voluntary contributions from creditors. These agencies are there to help you improve your financial position.

Amy Maliga, Take Charge America’s financial educator, says that non-profit credit counseling agencies are committed to helping consumers get out of debt, make better financial decisions, and save for the future. “Nonprofit credit counselors are given extensive training and support to be able to assist people with a wide range of financial difficulties.”

However, these companies charge fees to cover expenses. Bruce McClary is the senior vice president of communications for the National Foundation for Credit Counseling (NFCC). This national nonprofit credit counseling agency is the oldest and most established in the country.

The setup fee for a debt management program should be $50. Monthly payments will vary depending on the debt enrolled but should range between $25 and $35. However, fees may not be charged if you are in severe financial distress.

The fees charged vary depending on whether the state has laws or a debt relief agency.

What should you look for in a non-profit debt consolidation company

Look for a non-profit debt relief company that has been accredited by an independent agency when you are looking for one.

The Council on Accreditation (COA) must be accredited to NFCC member businesses. This independent organization accredits over 1,600 social service agencies in the United States and Canada. Financial counselors at NFCC are certified.

The Better Business Bureau can also help you check the rating of a non-profit debt relief organization.

Consumers should research any agency that offers credit counseling services before they choose to work with them. Take Charge America’s Maliga says that consumers should search for longevity in the sector.

Trustpilot and other sites can provide valuable information when choosing an agency. Maliga suggests that you also check the company’s social media presence to determine if they are active in financial education.

Nonprofit debt consolidation vs. for-profit debt relief

There are many ways that nonprofit credit counseling agencies and non-profit debt relief organizations differ from one another. Because other sources fund nonprofit credit counseling agencies, they can offer their services for loans at a low cost.

A nonprofit debt consolidation agency will often provide educational materials for free to help with financial planning, including budgeting, college, and retirement planning.

When they help you, for-profit debt settlement firms are looking to make a profit. They don’t usually provide ongoing financial education for their clients. These are the main differences between these two types of businesses that you should be aware of.

Nonprofit debt consolidation

Your financial counselor will work with credit card companies to lower your interest rates. You’ll also continue making monthly payments to the nonprofit debt consolidator company.

Credit card companies then get the money. This means that you can still make your monthly payments on time, and your debt will be lower each month. This will improve your credit score.

A for-profit debt relief firm will advise you to stop paying your bills and instead transfer money into escrow. The company may offer to help you with your creditors if the debt becomes too high. Non-payment of creditors can lead to several problems.

Ross, American Consumer Credit Counseling, says that not paying your creditors can lead to collections, additional late fees, and even legal action.

There is also no guarantee that creditors will accept the debt relief agreement that the for-profit debt relief firm ultimately negotiates. You’ll have more financial problems if the settlement is rejected.

Even if you accept the settlement offered by the for-profit debt relief firm, your credit score is going to take a big hit since you haven’t been paying your bills.

While nonprofit debt consolidation might affect your credit score because you had to close credit cards, it will not have the same impact as not paying your bills.

For-profit debt relief

A for-profit debt relief business’s goal is to make money. Companies might try to sell products or services.

The Federal Trade Commission offers insight into these for-profit debt relief companies. They will usually try to negotiate a debt settlement with your creditors. This means that the company will attempt to deal with credit card companies to reduce your debt.

One of the significant problems with for-profit debt relief businesses is the requirement that you stop paying your creditors. Instead, you will deposit money each month into an escrow account.

When the balance reaches a specified amount, the company may settle with your credit card company. A portion of your money is donated to the non-profit organization.

Your accounts may be reported to the authorities as delinquent.

The bottom line

While a for-profit company might claim that it can settle your debts for a fraction of all of the amount you owe them, there is no guarantee that your creditors will agree to the proposed settlement.

Your obligations will continue to grow because you won’t be able to pay your bills for several months. Credit card companies may also call you endlessly.

A nonprofit debt consolidation company will pay your debt slowly over time at a lower interest rate. Your credit rating won’t be affected. You will also be protected from costly late fees and bill collection calls.

Fast personal loans can help you pay for car repairs, unforeseen medical bills, and relocation costs.

You must have a working and home phone number, as well as an email address. As a non-profit credit counseling organization, we assist you regardless of your financial situation.

We may also recommend you to government and charity credit counseling agencies that might assist you in bettering your financial status.


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Author: Julie Snearl

Editor and writer for over a decade , she has written and edited finance for both national technical and consumer readership, Julia Snearl is the editor for Personal Finance in KashPilot. Her experience in editing business books also includes working as the editor of charts of Ahead of the Curve. More than 3 years' experience in editing content for finance on KashPilot, Julie is interested in learning about how to use digital content to assist people make better financial choices.

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