Considering Non-Profit Debt Consolidation Loans

October 22, 2011 by  Filed under: Debt 

Non-profit debt consolidation loans can free you from unmanageable debt loads or they can be your biggest financial nightmare, depending on the quality of the company you choose to work with. You have probably figured out by now that not every non-profit company has high-minded intentions. However, a good non-profit company that specializes in consolidating debt will help you get a loan with an affordable interest rate and repayment plan in place.

Again, non-profit does not mean high-minded. It merely describes the type of tax and licensing registration that a company has. Some non-profit companies that are specializing in debt consolidation may act like charities with good intentions of helping people out of debt, but the most nefarious ones try to pass themselves off as charities too. Ignore the non-profit designation in these companies; they are not the type of companies you should look to help you get out of debt and rebuild your credit.

That said, take reputation, not branding, as your first consideration when you are looking at non-profit companies that can help you consolidate your debt. Find out what people are saying about various companies. Regardless of price, if people are primarily reporting that they are receiving good debt consolidation loans from a particular company, that company is worth putting on your list for consideration. Try to separate the good companies from the bad ones first. Once you have a list of reputable non-profit debt consolidation companies, make sure you do your due diligence on each company.

Look out for specialty debt consolidation loans. The last thing that someone who is unable to manage debt needs is a quirky loan, such as a balloon loan or an adjustable rate loan. Non-profit debt consolidation loans should almost always be fixed rate loans since these loans provide you with a very predictable payment schedule from start to finish. Surprises are the last thing you need at a time like this.

Don’t sign anything until you are absolutely sure of the set repayment schedule of the debt consolidation loan and any fees that will or may be imposed. When in doubt, take the agreement to a financial planner or accountant for further advice before signing anything. You need everything to be clearly in writing. You also need to have a clear concept of what is expected of you before you sign for any non-profit debt consolidation loans. Basically, if there is anything in the agreement that you are not clear about, do not sign off on it. Get things sorted out first before you do.

Do you need help in rebuilding your credit, lowering your monthly interest rates, and making a new repayment schedule? You can get non-profit debt consolidation help from NonProfitDebtConsolidation.info.

Copyright © Sherry Ann Smith

Article Source:
http://EzineArticles.com/?expert=Sherry_Ann_Smith

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