It’s a harsh reality that millions of Americans are extended in debt, many of which find themselves subject to payday loans with high interest rates and unrealistic repayment terms. Unfortunately, some payday loan consolidation companies exploit struggling consumers that are in such a vulnerable position. Rather than providing any real help, they in turn charge exorbitant interest rates and fees of their own, or make promises they can’t keep.

Just like anything else, not all payday loan consolidation companies are created equal, and some of them may not be looking out for your best interest. It is so important to do extensive research to find a consolidation company you can trust. This article will focus on one of the strongest indicators that a debt consolidation company is reputable: a high rating with the Better Business Bureau (BBB).

Since its inception in 1912, the Better Business Bureau (BBB) has been one of the most trusted and go-to-resources for providing the public with information about the reputation of businesses, including non-profits and charities. It also handles customer complaints and offers guidance to companies on proper practices.

What is a BBB rating from the Better Business Bureau?

Most people are familiar with BBB ratings and consider them when researching businesses. In the simplest of terms, BBB ratings represent the organization’s opinion of a company and how it is likely to interact with its customers. Ratings range from A+ down to F. Here are some of the primary factors that go into a BBB rating:

  • Complaint History: includes but not limited to the number of complaints received, if they were responded to/resolved, and resolution time.

  • Type of Business: a BBB rating is lowered if the type of company raises marketplace concerns or is believed to operate in violation of the law.

  • Time in Business: longevity has a positive impact on rating.

  • Transparent Business Practices: ratings are lowered if the BBB determines the company is not being open about its marketplace conduct.

About BSI and the Better Business Bureau (BBB)

A more comprehensive list can be found on their website: https://www.bbb.org/overview-of-bbb-ratings.

Unfortunately, there are many companies (loan consolidators included) that prey on the millions of Americans who have found themselves in an endless cycle of payday loan debt. A high rating with the BBB is a crucial indicator in determining if a payday loan consolidation company is reputable. Make it one of your first checkpoints in determining if a loan consolidation company is fair, honest, and has your best interest in mind.

BSI is a BBB A+ rated, non-profit payday relief and loan consolidation company with a national reach. We invite you to contact us for a free evaluation of your current debts and how you may benefit from our consolidation program.

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Published On: September 20, 2021 / Categories: Payday Loan Consolidations, Payday Loan Relief /

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