Credit card debt is a significant problem for many people with an average family or household has about $6,200 in charges. If you struggle to make those monthly payments due to the high interest rates, know you are not alone.
Suppose you are finding that making those high-interest payments each month difficult. Paying bills on time while managing many credit cards can be a huge pain.
On the bright side, debt consolidation may be the ticket out of the financial jam you’ve been searching for, and interested in finding out how it may make your life easier.
Debt consolidation rolls your various credit debts into one new consolidated loan with a lower fixed interest rate and single monthly payment. This can reduce your rates, help you pay off debt faster, and simplify your finances.
One company providing debt consolidation services is Simple Solutions. In this blog post, we’ll take a close look at real Simple Solutions debt consolidation reviews to help you determine if they’re the right fit for your needs.
You’ll learn how their process works, see customer feedback, and compare the pros and cons.
Let’s start by quickly understanding the ins and outs of debt consolidation.
How Does Debt Consolidation Work?
The concept behind debt consolidation is simple – take out one new loan to pay off multiple existing debts. This loan consolidates what you owe into a single account.
The main benefits of debt consolidation loans are:
- Lower interest rate – Usually much less than high credit card rates.
- Single payment – Instead of tracking multiple payments, you have one monthly bill.
- Save money – Lower rate saves on interest over time.
- Pay off debt faster – More of your payment goes to principal each month.
- Improve credit – Responsible payments can boost your credit score.
However, debt consolidation also comes with some risks, like:
- Closing accounts – Can temporarily lower your credit score.
- Rack up new debt – The convenience can lead some to overspend.
- Loan denial – Those with very poor credit may not qualify.
- Origination fees – Adding to the total payoff cost.
Overall though, it’s an effective strategy used by many people seeking debt relief. Now let’s look at consolidation with Simple Solutions specifically.
An Overview of Simple Solutions Debt Consolidation
Simple Solutions offers fixed-rate personal loans for consolidating credit card balances and other unsecured debts. Here are some quick facts about their program:
- Loan amounts from $5,000 up to $35,000
- Interest rates from 5.99% to 35.99% APR
- Loan terms of 3 to 5 years available
- Minimum credit score requirement of 580
- No application or origination fees
To start, you’ll fill out a short online form with basic personal and financial details. This prequalifies you for loan offers without affecting your credit score. If eligible, you can select a loan offer and complete the full application.
Simple Solutions focuses on quick, streamlined applications. Many customers appreciate their fast approvals and funding.
Walking Through the Application and Consolidation Process
If you decide to move forward with Simple Solutions, here’s an overview of what to expect:
- After picking a loan offer, you’ll fill out an online application with your information, debts, income, and assets. This is followed up with documentation.
- The Simple Solutions underwriting team will verify details and evaluate your creditworthiness. An approval decision is typically reached within 1 business day.
- If approved, you’ll need to e-sign your final loan agreement outlining all terms, rates, and the payment schedule.
- Simple Solutions sends payments to each of your creditors to pay off your consolidated card/loan balances in full.
- You now just make one monthly payment to Simple Solutions going forward. Manage debt easier!
The company aims to make the process as quick and seamless as possible. Many customers report getting loan funds deposited within a week of approval.
Reviews on Simple Solutions debt consolidation
Simple Solutions generally earns positive feedback, especially praising their responsive customer service and fast funding times. Here are examples of real customer reviews on Simple Solutions debt consolidation:
“The loan officer was incredibly helpful in explaining every step and paperwork needed. We got the funds within 5 days of approval.” – Sara D.
“Super easy application process. I applied on my phone on a Wednesday and had the money by Friday! My credit score improved too.” – Mark A.
“I had a lot of doubts and questions when applying. But their staff always had answers and made me feel at ease.” – Danielle G.
“I wish the interest rate was a little lower for excellent credit borrowers. But still saved substantially compared to credit card rates.” – Monica V.
Across major consumer sites, Simple Solutions averages around 4 out of 5 stars. They take customer feedback very seriously to improve services.
The Top Benefits of Simple Solutions Debt Consolidation
Based on Simple Solutions reviews and product details, here are some of the critical upsides borrowers can enjoy:
- Many customers get funds within days of approval, thanks to efficient underwriting.
- Simple Solutions’ fixed rates are drastically less than variable credit card APRs.
- Single payment streamlines payoff rather than minimum credit card payments.
- Choose a repayment term of 3 to 5 years.
- You aren’t charged to apply or take the loan.
- Responsible consolidated payments can improve your credit score over time.
For those needing quick debt consolidation, Simple Solutions is an appealing choice.
Potential Disadvantages to Note
No lender is perfect, though, so here are a few potential downsides to keep in mind:
- Those with credit scores under 600 will get less ideal rates.
- Some prefer longer repayment terms, but Simple Solutions maxes out at 5 years.
- Consolidation can cause a short-term drop in credit scores.
- Simple Solutions does not allow co-signers if you don’t qualify alone.
- You must wait 60 days after a previous consolidation loan application.
For many borrowers, the pros still outweigh these cons when debt relief is needed urgently.
Conclusion
Simple Solutions provides a legitimate and reliable option for consolidating high-rate credit card balances or personal loans under one new fixed-rate installment loan. Customers praise their ultra-quick process and funding times.
Just be aware of the shorter repayment terms and potential credit score impacts in the short run. Simple Solutions is a smart pick for those seeking fast, fuss-free debt consolidation.
If you’re troubled by ballooning monthly payments, visit Simple Solutions’ website to check your rate and learn more about their consolidation process. It could be your first step to finally taking control of your finances.
Check Out:
- Debt Consolidation Loans for Healthcare Workers
- Credit Associates Debt Consolidation: Debt Consolidation Process
- ESL Debt Consolidation Loan: What is ESL Federal Credit Union?
