Debt Negotiation Loan:
Frequently Asked Questions
You Have Questions. We Have Answers.
- Question: What is the difference between the Debt Negotiation Loan and Debt Resolution Program?
- Answer: Debt Negotiation Loan is a loan program designed to accelerate the settlement of enrolled debts with the Debt Resolution Program. The funds from the loan go to pay off enrolled debts or creditors directly, so that the Borrower may graduate from the Debt Resolution Program.
- Question: What are the loan amounts, interest rates, and APRs?
- Answer: The actual loan amount will be solely based on how much funds are required to settle the Borrower’s remaining enrolled debts with the Debt Resolution Program. The interest rate, APR, and other terms will vary based on the state in which the Borrower resides.
- Question: What is the application process?
- Answer: Debt Negotiation Loan is only available to select invitees. Applicants must be enrolled in a qualified Debt Resolution Program to be eligible.
- Question: What fees do Borrowers pay?
Answer: Origination fees for Debt Negotiation Loans through Versara range between 0% and 5% of the financed amount. Borrower's origination fees vary depending on the state in which they reside, as stated on the loan application. The origination fee is added to the loan amount and included in the Borrower's APR.
No prepayment penalty. Borrowers may prepay in full or in part at any time without a fee.
- Question: Will Versara be obtaining a Credit Bureau Report?
- Answer: By applying for the Debt Negotiation Loan, the Borrower authorizes Versara to obtain credit bureau reports and updated financial information at any time. Versara reports the Borrower's Debt Negotiation Loan payment and status information to the credit bureaus.
- Question: How often are payments due?
- Answer: Loan payments are due either semi-monthly or monthly, depending on the instructions provided as part of the Loan Agreement.
- Question: What is the minimum payment amount?
- Answer: Please refer to the Loan Agreement for the minimum payment amount, as each Borrower's monthly payment amount may vary.
- Question: Can I increase my payment amount or pay off my loan early?
- Answer: Borrowers may prepay in full at any time without penalty. Borrowers can increase the on-going draft amount or pay more than the recurring amount due at any time. By increasing the payment amount, Borrowers can save on the overall interest expense over the term of the loan.
- Question: Can I change my due date?
- Answer: You can change your payment due date one time following your first account cycle. Please call Client Service at 1-855-397-3392 to change your payment due date.
- Question: What is an Origination Fee (applicable in certain states)?
- Answer: An origination fee is a one-time cost of processing a new loan, stated as a percentage of the principal amount. The non-refundable origination fee gets added to the loan amount.