Frequently Asked Questions
Do you charge any additional fees?
No, there are no fees associated with submitting a loan request to Consolidation Now. We work on a commission basis with our lending partners and may earn a fee if your application is approved. However, you can rest confident that Consolidation Now will not charge you anything for submitting an inquiry.
What is the definition of a payday loan?
A payday loan is used to meet short-term and emergency costs; the concept is that you receive the funds in one lump sum and then repay the loan in full within a couple of weeks on your next ‘payday.’
You can borrow between $100 and $35,000 with Consolidation Now, based on your credit score, income, and affordability. You can repay the loan over a period of one to sixty months, depending on the loan amount. When you submit a loan request, monies can be successfully sent to your bank account in as little as 24 hours.
Am I a candidate?
The following requirements apply to Consolidation Now:
Be a citizen of the United States
Over the age of 18
Possess an active checking account for the purpose of receiving payments
A consistent monthly income of at least $800
Consideration of poor credit
Capable of repaying
Will this have an effect on my credit score?
No, submitting a loan application will not have a negative effect on your credit score. Credit checks will be conducted as part of the approval process, but they will have no adverse effect. Your credit score will only deteriorate if you are approved for a loan and are unable to make timely repayments, resulting in your account falling into arrears. Equally, if you make timely payments, your credit score may rise; however, payday loans should not be viewed as a means of improving your credit score.
How long does it take for a loan inquiry to be submitted?
Consolidation Now accepts loan requests entirely online, and you can get started here. You can complete the application form in less than five minutes and receive an instant decision on the screen. If the transaction is successful, monies will be transferred within 24 hours or the following business day.
Do I have to provide my bank account information?
Yes, we will want your bank details in order to send the funds to your back account after you have been accepted. We guarantee that your information is secure and that we will not share your bank account information or any other information with third parties without your permission.
How long will it take for monies to be deposited into my account?
Within 24 hours, funds can be transferred to your bank account (or sometimes just a few hours). As a general rule, we state that funds should be available the following working day.
What happens if I pay my bill late?
If you are late or miss a planned repayment, you may be charged a late fee, which may have a negative effect on your credit score.
If you believe you will have difficulty repaying this month or next, it is critical to contact your lender immediately – as they can typically assist you and help you avoid late fines or damage to your credit report.
How are repayments handled?
Payments are deducted automatically from your bank account on the agreed-upon date with the lender. You will receive reminders in the days preceding payments to avoid any surprises. Monthly payments are paid for a period of one to sixty months, depending on the magnitude of the loan.
Kimberly Chantal Parkes is a former contributor to Consolidation Now. Kimberly Chantal is a freelance copy editor and writer with a specialization in personal financial planning. After having graduated from Kansas State University with a bachelor's degree in journalism, she began her career in media wearing many hats for community newspapers within the Kansas City area: writer as well as copy editor, photographer and coffee runner among other things.