This is not a loan or a future promise of a loan!

I have told by consumers that the only reason they signed up for a Debt Settlement program was because they were told by the salesman that they were guaranteed to get a cash in hand loan in 3 to 6 months… This is false.

The Way It Really Works

When a client enters our program, we ask them if they would be interested in allowing one of these finance companies to contact them in the future about a loan. If the client agrees the finance company will contact us asking for a list of all clients who have made 6 consecutive payments without missing a payment and opted into hearing about a loan. These finance companies are completely independent from us.

At that point the finance company will invite the consumer to apply for a loan. Everyone knows that applying is very different than receiving a loan. After you apply, the underwriter from the finance company will go through your loan documents. His underwriting will include everything that anyone who applies for a loan will go through. The only thing the underwriter will not look at is your credit score. They understand that you are enrolled in a debt settlement program so your credit score will be below average.

They typically will ask for 3 months of bank statements, if you have any NSFs you probably will be declined. They will look at your auto payment history and your rent or mortgage history. If you have fallen behind, you will probably be declined. After all of that is done, they will do an audited budget with you. If you can’t show enough disposable income to pay your loan monthly, you will be declined. There are no guarantees.

If You Get The Loan

Now if you do get the loan, the funds will be used to settle with your creditors. The funds never come directly to you. Loans are great for someone who wants to get done with this program and on to fixing their credit. But you need to pay the loan back. Sometimes the monthly payment is much more than what you were depositing for your debt settlement program. So, these loans are not for everyone.

If you have heard something that you do not understand or doesn’t make sense to you. Please give us a call at 844-440-7654 or email us at info@signatureservicing.com. We will be glad to help. No matter what your decision is, you need to know all the facts before making it.

Thank you.