Q: Where Can I Get A Non Profit Debt Consolidation Loan?

A: I'm sorry to say, but a non profit debt consolidation loan does not exist. Is it possible that you are confusing "non profit debt consolidation" with a consolidation loan? If so, the two are quite different. Or perhaps you may be thinking of a loan from a "not-for-profit" credit union. If you are, keep in mind that these institutions are not charities and do not rely on donations.

"Non Profit" Does Not Mean Trustworthy Or Free

People often inquire about "non-profit" agencies and institutions when they are searching for debt help, and there is nothing wrong with that. What is wrong is that many of these people equate the "non-profit" status of a company with trustworthiness and discounted costs. But the reality is that just because a company is non profit does not mean its services are offered cheaper, or it is inherently more "honest" than a for-profit company. Therefore, I can only assume that when people search for a non profit debt consolidation loan they envision receiving a less costly loan in terms of the interest. Unfortunately, there are no such mainstream charitable lenders.

Are You Interested In Non Profit Debt Consolidation?

As I mentioned above, perhaps you are confusing a non profit debt consolidation loan with non profit debt consolidation (or debt management as it is also known). I wouldn't be surprised, as many people are unaware that there is a difference. Debt consolidation does not involve a loan of any kind. Instead, a debt consolidation company works on your behalf to negotiate lower interest rates with your creditors, and tailors your monthly debt obligations to fit within your budget. Their purpose is to help people who are having trouble managing their debts through financial counseling, budgeting assistance and negotiating more favorable terms with creditors. What they do not do is loan money.

Investigate Your Other Options

Debt consolidation and consolidation loans are just two out of several debt relief options that you may want to investigate. To see a complete list of these options along with a thorough explanation of each, see my article on getting out of debt - your options explained.