If you’re struggling with debt, you might consider working with a debt relief company to get back on your feet financially. JG Wentworth is one debt consolidation company that offers personal loans and helps individuals reduce their debt. To determine if this is the right lender for you, have a look at JG Wentworth personal loan reviews online. We’ve compiled reviews and ratings here to help you make a smart decision based on your individual needs.
What Is JG Wentworth?
JG Wentworth is a financial services company owned by the investment firm Stone Point Capital. It has been helping individuals reduce or get rid of their debt for more than 30 years. JG Wentworth’s services include:
- Debt relief
- Personal loans
- Annuity purchasing
- Structured settlement payment purchasing
JG Wentworth is known for its “cash now” slogan and approach to helping people who need immediate debt relief. The company is licensed to do business in 30 states and districts, including:
- New Mexico
- New York
- North Carolina
- South Dakota
- Washington D.C.
The company is headquartered in Pennsylvania.
How Does JG Wentworth Work?
JG Wentworth claims to reduce or eliminate individuals’ unsecured debt in two to five years. Its financial experts work with creditors to settle clients’ debts in an efficient and cost-effective manner. To work with JG Wentworth, you’ll need to first fill out an application through its website and provide the following information:
- Your name and contact information
- Your total debt
- The state you live in
After you submit these details, the site will immediately inform you whether you qualify for JG Wentworth’s services. You can then work with JG Wentworth’s representatives to choose a plan that works for you. This process can take 30 to 45 days to set up and finalize.
One of JG Wentworth’s debt relief specialists will then serve as the intermediary between you and the creditors. They’ll negotiate on your behalf to secure lower monthly payments, fees, and interest rates. In the meantime, you’ll begin making monthly payments not toward your debt but into a dedicated savings account that JG Wentworth will use to pay off the creditors. In exchange for this service, JG Wentworth charges a fee that’s typically 9 to 15% of your debt, depending on the state where you reside.
JG Wentworth Personal Loan Pros
When you work with JG Wentworth to reduce your debt, you get peace of mind knowing the company is working on your behalf to minimize the amount you owe and help you become debt-free faster than you might on your own. You simply make your monthly payments into the savings account, and JG Wentworth takes care of the rest. Other benefits of working with the company include:
- A fast and easy application and setup process.
- Positive results based on client reviews.
- Only one monthly payment to worry about.
- You don’t have to have good credit to qualify.
- You don’t have to pay any upfront fees to get started.
- Excellent customer service and communication.
JG Wentworth also gives you access to a 24/7 online portal, which you can use to check your accounts and debt payoff progress.
JG Wentworth Personal Loan Cons
You should factor in the potential downsides when shopping for a debt relief service. The cons, based on JG Wentworth personal loan reviews, include:
- Its services are not available in all states
- Aggressive marketing techniques
- Fees that can add up significantly over time
It’s also worth noting JG Wentworth has a class-action lawsuit against it in Missouri alleging the company did not follow the Missouri Structured Settlement Protection Act that protects customers from predatory debt relief practices. You can contact your attorney general’s office to determine whether JG Wentworth has any pending lawsuits against it in your state.
Be aware of the potential downsides of any debt relief program. If you skip or are late on one of your monthly payments, you might be subject to hefty late fees. Missed payments can also show up on your credit report and negatively impact your credit score. Understand these risks before enrolling in a debt relief program.
Finally, JG Wentworth can’t guarantee its program will work for everyone. And once you subtract the fees and taxes associated with the debt, the service might not save you any money. In fact, it could end up costing you more than if you’d managed your debt yourself.
JG Wentworth Personal Loan Reviews
Most JG Wentworth personal loan reviews on various rating sites are positive, notably:
- An average score of 4 stars on Consumer Affairs.
- An A+ rating from the Better Business Bureau, with an average customer review rating of 4.12 out of 5 stars.
- An average 4.8 out of 5-star rating from TrustPilot, with 88% of ratings being excellent.
- An average 4.2 out of 5-star rating from LoansReviewUSA, with 66% of recommendations being positive.
Further, JG Wentworth is an accredited member of the American Fair Credit Council (AFCC), which advocates for the rights of consumers with debt.
Who Should Get a JG Wentworth Personal Loan?
If you’re looking for relief from outstanding personal loans and unsecured debts such as student loans, car loans, credit card debt, and medical expenses, JG Wentworth might offer a good solution. It’s particularly useful for individuals who have at least $10,000 in debt. It’s also ideal for people who have exhausted all their options for paying off their debt and need a third party’s help to avoid bankruptcy. While you must pay a fee to benefit from JG Wentworth’s services, you only pay these fees as you settle your debt, potentially making them worth it in the long run.
Do your research and read JG Wentworth personal loan reviews to determine if this is the debt relief service for you. If you need immediate financial relief to get out from under your accumulating debt, this company might be a smart choice. Based on its many positive reviews, you can feel confident JG Wentworth has helped countless customers pay down their debts.
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