The debts of the Americans are rising due to many reasons and their debts are proving beneficial for lenders. But there are many illegitimate lenders in the US which are taking advantage of the poor financial conditions of the people and increasing their debts more. There are thousands of reviews against such lenders on the internet which are telling the real gameplay of debt consolidation loan providers.
According to the reviews on several platforms over the Internet, some lenders are contacting the consumers through mails, cold calls, and mouth-watering advertisements. The lenders are offering low-interest loans to the consumers and are compelling them to pay much higher interest rates on the monthly installments.
There are many such consumers who have increased their debts more after getting trapped due to luring offers given by the lenders. Colony Associates is also involved in debt consolidation loan lending business. And the company has gained a lot of negative reviews from the consumers for providing bad loans or illegitimate loans.
Some consumers are telling that they have spoiled their credit score after getting consolidation loans from poor lenders. They have totally ruined their savings and credit score together.
The debt consolidation loans are a great way to pay all the expenses like medical bills, educational bills, and others through a single creditor but some lenders are playing with the consumers after providing high-interest rate loans to them.