Shop around - ridiculous interest rates
Credit 9 gave me a $20,000 loan after I had gone through a debt settlement program withAdvantage Law. Advantage Law talks about reducing your debt and giving you out of credit card debt and helping you. However, I think they should use a different loan company. If I could have found a nonprofit debt settlement company I would have. I only saved about $6000 on a $40,000 debt. But I will say that they stopped the interest and I don’t regret doing that part. Part of the plan is after you have settled with all of your creditors, they have a loan company help you pay that off so that your credit can start to go back up. Advantage Law uses a company called Credit 9. Credit 9 gave me a $20,000 loan to pay off the remainder of my debt with a 25% APR and I also had to pay a $1200 origination fee. I understand they’re in the business to make money, but I do think that is a ridiculous and predatory interest rate and I wish I would have shopped around for a different loan company. They wanted to put me on a three-year payment plan of almost $1000 a month and I would’ve paid almost $10,000 in interest had I stayed with their plan. They paid off my debt with it Advantage Law before they even sent me the paperwork to sign. Then I was stuck with that stupid origination fee. It feels like they’re doing you a favor, but they are making a lot of money off of you. Shop around.