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National DR In-Depth Review

In a nutshell: Recognized as one of the top debt consolidation services, National DR has an excellent track record of helping its customers live a debt-free life.

National DR In-Depth Review

In a nutshell: Recognized as one of the top debt consolidation services, National DR has an excellent track record of helping its customers live a debt-free life.

National DR In-Depth Review

In a nutshell: Recognized as one of the top debt consolidation services, National DR has an excellent track record of helping its customers live a debt-free life.

Overview

Recognized as one of the top debt consolidation services, National DR has an excellent track record of working with clients to customize debt settlement solutions. Despite only being around since 2009, it has already helped more than 400,000 families and individuals resolve their debt.

Application Process

National DR makes it extremely easy to begin the process of consolidating debt. Its simple application form only asks you for your debt amount and basic contact details including your name, email, and phone number. After submitting these details, a certified debt coach will be in touch with you to guide you through the next steps of the process. After receiving a quote, you can choose to accept the plan provided or take your time to think it over.

Debt Services

National DR makes its services available to a wide range of clients. To qualify for its program, you need a minimum debt of $10,000 and to be located in one of the 46 states it covers.

Typical fees run between 18% to 25% of enrolled debt and customers can usually resolve their debt in 24-48 months. On average, National DR claims to save clients approximately 46% before fees, or 25% including fees, though actual saving numbers vary greatly from case to case.

Types of Debt Covered

Though the lender doesn't cover all kinds of debt, National DR has a comprehensive list of the types of debt it covers. This includes, but isn't limited to credit card debt, personal debt, line of credit, collections, repossessions, business debts, medical bills, and more. The lender may also be able to assist with private student loan debt.

Customer Support

In addition to their helpful debt articles and calculators, National DR makes it easy to get in touch with a company representative. Its phone hours are Monday to Friday from 8:00 am - Midnight EST, Saturday from 10:00 am - 10:00 pm EST, and Sunday from 10:00 am – 9:00 pm EST. It also offers a general email for contacting the company with any questions or concerns you may have.

Pros

No upfront fees and no obligation
Get rid of debt in 24-48 months
Free savings estimate

Cons

Fees can run as high
No mobile app

Our Top 3 Picks

Freedom

National DR

JG Wentworth

Application process

9.0

The documentation requirements are reasonable, and the process is relatively easy and can be completed online

Customer support

9.0

Phone and online support Monday through Friday from 10:00 AM to 8:00 PM EST, very responsive

Eligibility criteria

9.0

Flexible eligibility requirements, accepts broad range of debts, available in all states except Oregon, Vermont and West Virginia

Customer rewards

8.0

Active clients can participate in sweepstakes promotions

Financial tools and resources

9.0

Offers some access to legal assistance, financial calculators and educational resources.

FAQs About Debt Consolidation Loans

Looking to improve your financial well-being and simplify your monthly payments? In addition to comparing some of the best debt consolidation loan companies, we've compiled some of the most commonly asked questions about debt consolidation loans to help you make an informed decision.

What is a Debt Consolidation Loan?

A debt consolidation loan is a financial tool that allows borrowers to combine multiple high-interest debts into a single, fixed-rate loan with one monthly payment. Debt consolidation loans often offer lower interest rates than credit cards, making them a practical option for managing debt more effectively. By consolidating debt into a structured loan, you gain better control over your finances and can work toward becoming debt-free on a predictable timeline.

How Does a Debt Consolidation Loan Work?

Borrowers typically have two primary options for consolidating debt:

• Balance transfer credit card: A 0% interest balance transfer credit card allows borrowers to transfer multiple debts onto a single card and pay off the balance within a promotional period.
•Debt consolidation loan: A fixed-rate personal loan designed for loan consolidation, where the borrower receives a lump sum to pay off existing debts and then repays the new loan in fixed monthly installments.

Choosing the best debt consolidation loan depends on your financial situation, credit score, and interest rates offered by different debt consolidation loan companies.

Does debt consolidation affect credit?

A debt consolidation loan can impact credit in both positive and negative ways:

• Potential benefits: Making consistent, on-time payments can improve your credit score over time. Additionally, consolidating multiple accounts may help lower your credit utilization ratio.
•Potential drawbacks: If a borrower continues to accumulate new debt after consolidating, their credit score could suffer. Late or missed payments on the new loan can also negatively affect credit scores.

Choosing the best debt consolidation loan depends on your financial situation, credit score, and interest rates offered by different debt consolidation loan companies.

What is the Best Debt Consolidation Loan Option?

The best debt consolidation loan for you will depend on several factors, including:

• Total debt amount and type of debt (credit cards, personal loans, medical bills, etc.).
•Financial history and credit score (affects loan eligibility and interest rates).
• Total debt amount and type of debt (credit cards, personal loans, medical bills, etc.).
•Repayment terms and interest rates (compare lenders for the best offers).

Borrowers should compare the best debt consolidation loans by reviewing different lenders, loan terms, and interest rates. Our comparison tool provides insights into the best debt consolidation loan companies, helping you find a lender that fits your needs.

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