Resolve Debt

What is an acceleration loan and how could it help you?

Updated Jun 25, 2024

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Written by

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Reviewed by

Key takeaways:

  • It may be possible to complete your debt resolution program early with a unique loan designed to pay off your remaining enrolled debts.

  • An acceleration loan is an invitation-only loan for people who are currently enrolled in select debt resolution programs.

  • Consolidating your enrolled debts could help you fast-forward your debt resolution program and reach your financial goals faster.

You've been working hard, chipping away at your debt, and making smart financial moves—like getting started in a debt resolution program. Give yourself a pat on the back. Now, an acceleration loan could be the turbo boost you need to resolve your debt fast—so you can focus on your next financial goal.

An acceleration loan is a special type of loan designed to help people who've already rolled up their sleeves and started tackling their debts in earnest through debt resolution. If you’re in good standing in your resolution program, you may qualify for an acceleration loan. When you’re invited to apply for an acceleration loan, it’s a vote of confidence in your financial comeback story.

Let’s look at how it works. 

Acceleration loan explained

An acceleration loan is a tool that helps your debt resolution program work faster. It isn't available to the general public. It’s an invitation-only debt consolidation loan offered exclusively to eligible debt resolution customers. 

If you’ve been making your program deposits on time, you might receive an invitation to apply. The loan is offered to people who have demonstrated their commitment to resolving their debts. The loan is uniquely tailored to help you complete your debt resolution program faster. 

How an acceleration loan works

If you are currently in a debt resolution program and you’ve been making consistent monthly deposits, you may qualify for an acceleration loan. Once eligible, you’ll receive a personal invitation to apply for the loan. Here’s what'll happen when you respond to your invitation:

  1. You’ll speak with a loan consultant. They’ll explain your loan option and answer all your questions. If you choose to apply, they’ll guide you through the application process.

  2. If you are approved and decide to move forward, the loan funds will be deposited into your dedicated account to expedite your debt resolution program.  

  3. Expert negotiators will negotiate settlements with your creditors to resolve your remaining enrolled debts. Over 90% of members have all of their enrolled debts settled within 90 days. Some creditors may not agree to settle the debt for less than the full amount owed.

  4. To pay the settlements, your debt resolution program will first use the funds you’ve already deposited into your dedicated account. Once those funds are used up, your acceleration loan funds will cover the remaining amount to fully resolve your enrolled debts. That way, you only borrow what you need. Your loan is for exactly the amount of money required to settle all of your enrolled debts. 

  5. Once all your enrolled debts are settled, you’ll have completed your debt resolution program. Then you’ll have one fixed monthly payment for your new loan, and you’ll be able to tackle your next financial goal.

Acceleration loan benefits

Imagine pulling back the curtain on your financial dreams. Here are some of the benefits of an acceleration loan:

Reported as an installment loan. An acceleration loan is an installment loan, and the monthly loan payments will be reported to all three major credit bureaus. An installment loan could help you rebuild your financial profile if you make consistent, on-time payments (one of the most important factors in your credit score).

Helps stop creditor calls. Once a negotiator is actively working out an agreement with your creditors, they may stop hounding you. And resolving a debt puts a stop to calls from creditors. Imagine getting to that point sooner rather than later!

Stops the rising cost of your enrolled debts. While a debt remains unpaid, it often continues to grow larger. Settling it out halts creditor interest, penalties, and fees.

No collateral required. You don’t have to own something valuable that you can borrow against. You get invited to apply for an acceleration loan because of your responsible deposit history in your debt resolution program—not because of your assets or credit score. 

No prepayment penalty. As you get back on your financial feet, you might want to put the pedal to the metal and pay off your loan ahead of schedule. No problem! You won’t be penalized for paying off your loan early.

Meet your financial goals sooner. Unresolved debts could get you an automatic rejection for some financial opportunities Using an acceleration loan to pay accounts off could open doors that are currently closed.

No cost or obligation. There is no fee to apply, and even if you’re approved, you’re not obligated to take the loan. So applying is risk-free. 

We can’t make any guarantees about what will happen to your financial profile or credit standing. Everyone’s situation differs. Your financial profile is based on a number of factors besides your bill-paying history and your current unpaid debt, including the number and type of loan accounts you have, and how long you’ve had your loan accounts open.

Who can get an acceleration loan?

An acceleration loan is for people currently in an eligible debt resolution program who have been making consistent monthly deposits. It’s for people who are ready to consolidate their enrolled debts and move on to their next financial chapter. It’s essentially a high-five for your efforts and a way to help you move forward on your path to a better financial future.

Author Information

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Written by

Kimberly is Achieve’s senior editor. She is a financial counselor accredited by the Association for Financial Counseling & Planning Education®, and a mortgage expert for The Motley Fool. She owns and manages a 350-writer content agency.

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Reviewed by

Julien is Achieve’s Lending Brand and Product Marketing Manager. He has been working in the financial services industry for 10+ years, helping build and message consumer-centric loan and payment solutions.

Frequently asked questions

Yes. An acceleration loan is an unsecured personal loan for debt consolidation. It’s a tool that could help you resolve your enrolled debts faster. You only take out the loan for the amount you need to pay all your negotiated settlements—which may not be the full amount of the debts you enrolled.

An acceleration loan is different from other debt consolidation loans. Credit scores aren't a major factor in deciding whether an applicant is eligible. The minimum credit score required is only 350. People who have made all of their debt resolution program deposits on time may be offered an invitation to apply.

You must be currently enrolled and in good standing in an approved debt resolution program for a loan consultant to reach out to you. If you aren’t yet in a debt resolution program, find out how it works or get a free debt assessment to learn more.

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Resolution is available through our affiliate Achieve Resolution (NMLS ID # 1248929). All estimates for Achieve Resolution’s services are based on prior results, which will vary depending on your specific enrolled creditors and your individual program terms. Not all Achieve Resolution clients are able to complete their program for various reasons, including their ability to save sufficient funds. Achieve Resolution does not guarantee that your debts will be resolved for a specific amount or percentage or within a specific period of time. Achieve Resolution does not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Achieve Resolution’s services are not available in all states, including New Jersey, and their fees may vary from state to state. Please contact a tax professional to discuss potential tax consequences of less than full balance debt resolution. Read and understand all program materials prior to enrollment. The use of Achieve Resolution services will likely adversely affect your creditworthiness, may result in you being subject to collections or being sued by creditors or collectors and may increase the outstanding balances of your enrolled accounts due to the accrual of fees and interest. However, negotiated settlements Achieve Resolution obtained on your behalf resolve the entire account, including all accrued fees and interest. C.P.D. Reg. No. T.S.12-03825.

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