Got Questions?

Frequently Asked Questions

Welcome to our FAQ section! Here you’ll find answers to common questions about our debt relief programs, including the application process, benefits, and usage. For further assistance, our loan consultants are ready to help.

• What is the minimum credit score needed to be approved?

  At New Start Capital, we take an individualized approach to reviewing applicants. We look to understand the person, their situation, and your ability to make on-time, consistent payments. Many of our clients have been approved for various programs with credit scores ranging from 450 – 700. No matter your credit score, we invite you to apply!

• How quickly will I get a decision?

  Once you apply, we will personally review all your details and then reach out to you with a decision normally within 24-48 hours after submission. We may need to reach out to you to confirm details prior, which can happen within a few hours. We look forward to working with you!

• What if I don’t like the terms of the offer?

  In most cases, we have several options for our clients that would allow for varying monthly payments depending on the term. We look to work with you to find a monthly payment that you are comfortable with. If you are still not comfortable with the terms, you can decide not to proceed. At any time, feel free to reach out to us to see if new offers are available.

• Will an application affect my credit score?

  An application will not have an impact to your credit score. Our application process runs a soft credit check, so there wouldn’t be any affects to your credit score when you apply.

Will a debt consolidation loan hurt my credit?

Credit scoring companies use many factors to establish a credit score. The most impactful are on-time payments, your debt amount, and the debt-to-balance ratio (also known as the credit utilization ratio).

Debt consolidation loans transfer debts to a single loan but do not immediately reduce the amount you owe. Your credit should improve as you pay down your loan balance, provided you do not charge additional purchases on your recently paid-off accounts. Closing accounts can also negatively impact your credit score.

The credit impact of the actual loan application is very low.

• How hard is it to qualify for a debt consolidation loan?

  Lenders rely on credit bureaus to review your credit report and credit score to determine eligibility.

  Traditional lenders like banks tend to require excellent credit with higher minimum credit scores and lower debt-to-income ratios, making it harder to qualify if you have high debt levels. However, many online lenders do not require excellent credit and will work with you even if you have fair to poor credit. The loan origination fees, annual percentage rates, and loan terms offered are impacted by the quality of your credit score, credit history, and debt-to-income ratio.

• How can I roll over all my debt into one payment?

  Debt consolidation loans can allow you to roll over all your debt into a single payment. These fixed-rate loans have a set payment and set repayment terms, making it easier and more efficient to eliminate your unsecured debts.

• What are the advantages of a debt consolidation loan?

  Credit card debt consolidation can convert multiple high-interest-rate debts into a single loan. With set repayment terms, it is easier to manage your bills and could help you pay off credit card debt faster and for less money than making loan payments on your credit card bills.

• How do debt consolidation loans work?

  Debt consolidation loans are a debt relief option that helps you pay the entire balance owed by transferring multiple debts into a single loan. To qualify, you must receive a loan approved based on your credit and income. You can then transfer existing balances to the debt consolidation loan. The new loan will have a fixed payment, fixed interest rate, and set repayment terms, making it easier to eliminate your debts.

   

   

What is Debt Modification?

Debt negotiation is a legal way to reduce unsecured debt balances like credit card debt, medical bills, and personal loans, enabling you to eliminate the debt without paying the full amount owed.

• How do I qualify for debt negotiation?

  To qualify for debt negotiation, you must experience a financial hardship preventing you from paying your balances in full. You must also have enough income to pay something toward your debt each month.

• Can debt relief really help me?

  If you are overwhelmed with your debt and are struggling to pay off your credit cards because of high balances and exorbitant interest rates, we can help.

• How does debt modification work?

  Debt negotiation can help you pay off credit card debt faster and for less money because we negotiate the amount you owe, potentially saving you thousands of dollars.

• Is debt negotiation better than bankruptcy?

  In nearly all cases, debt negotiation is better than bankruptcy. You can eliminate debt without repaying creditors under court supervision. The negotiation process is private and not a part of public records, and it will not affect your credit score for ten years, like some forms of bankruptcy.

• Can I afford debt negotiation services?

  When you register with New Start Capital, you do not have to pay any upfront fees. We get paid after we successfully negotiate a debt settlement.

• Can you negotiate credit card debt?

  Yes, Credit card companies will work with debt negotiation companies and accept a lower payoff on your existing debt.

What is a debt consolidation loan?

A debt or credit card consolidation loan allows you to merge multiple high-interest debts into one manageable loan with a fixed monthly payment. This streamlined approach simplifies your finances, replacing the chaos of multiple payments with a single, predictable plan, and offers a clear path to financial freedom.

• What are the benefits of consolidating debt with a personal loan?

  Debt consolidation gives you more control over your finances by simplifying the debt payoff process. Once approved, you will have a fixed interest rate and a set loan term with a single monthly payment.

• What types of debt can I consolidate?

  Debt consolidation loans can help you consolidate high-interest debt into a single loan with a fixed payment and term, giving you more control over your debt. Common bills you might eliminate include credit card bills, unsecured loans, lines of credit, medical debt, or title loans.

• Can I qualify for a debt consolidation loan?

  Application decisions are generally based on your credit quality, income, job history, and overall debt. Each personal loan lender has different loan approval requirements, with some online lenders specializing in those with high debt levels and even fair or poor credit.
  Once you apply, you can review the interest rates and terms various lenders offer to determine which best meets your needs.

• Are there personal loans for people with fair credit?

  Some lenders focus on consumers with fair credit, understanding that high debt levels affect your credit score even if you never miss a payment. We work with several companies that specialize in helping consumers in these circumstances and are able to get application approvals even for consumers with fair credit.
  Our application process does not affect your credit score, giving you the freedom to explore lender offers without affecting your credit score.

• How does a personal loan for debt relief affect my credit?

  When you check your rate to review offers, we conduct a soft credit inquiry, which has zero impact on your credit score. If you accept your offer and proceed with a debt consolidation loan application, the lender performs a hard credit inquiry, which could affect your score by a few points.
  The most significant credit score factors are on-time payments and debt balances. A personal debt consolidation loan can help improve both factors, which should raise your score over time.