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Nickel Advisors Isn’t Approving Personal Loans for Debt Consolidation

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Nickel Advisors has begun flooding the market with debt consolidation and credit card relief in the mail. The problem is that the terms and conditions are at the very least confusing, and possibly even suspect. The interest rates are so low that you would have to have near-perfect credit to be approved for one of their offers. Best 2020 Reviews, the personal finance review site, has been following Nickel Advisors, Coral Funding, Neon Funding, Ladder Advisors (also known as Carina Advisors, Corey Advisors, Pennon Partners, Jayhawk Advisors, Clay Advisors, Colony Associates, and Pine Advisors, etc.).

According to recent studies, people’s most commonly cited reason for taking out a personal loan was debt consolidation. A study by Bankrate in April collected answers from more than 160,000 participants on why they seek personal loans.

Almost 40% of participants stated that they took out personal loans for debt consolidation in quarter one. Similarly, another 5% of the participants from the study cited credit card refinancing as the primary reason behind seeking a personal loan.

Another report by LendingTree, an online lending marketplace, stated that almost 36% of people seeking a loan were doing so to consolidate debt in December of 2019. Moreover, more than 30% of loan applicants gave the reason of credit card refinancing as their primary motivation behind seeking a loan.

Both sources also showed loans requested for debt consolidation to have the largest dollar amounts. These amounts were quite higher than loans requested for other purposes such as emergency funds, special occasions like weddings, vacations, and even home-related expenses.

What is the Difference Between Credit Card Refinancing and Debt Consolidation?

As shown by the studies mentioned above, the two most common reasons why people seek out a personal loan are either for debt consolidation or credit card refinancing, such as for APR on a high-interest debt. Sometimes, it was even both reasons together. But what exactly is the difference between the two?

To consolidate debt means to combine several different kinds of loans or liabilities into one to make it easy to pay it back. For instance, if you have several credit cards and instead of paying each back separately, you combine them so that you must pay only one monthly bill.

One way to do this is through a personal loan. You can borrow one large personal loan and use that to pay off all your other debts. After that, you just have to focus on paying back that one personal loan every month.

An American usually has around four credit cards, and if each card has different rates, monthly payments, due dates, as it usually does, it can be quite a hassle to keep track of all of them. Therefore, debt consolidation through a personal loan is a good way to make your life easier.

While debt consolidation helps to simplify things for you, credit card refinancing can help you save money by lowering the interest rate on your debts. When you need more time to pay off the balance of a certain debt, but the high interest rates keep pulling you back, you can go for credit card refinancing to get ahead on your payments.

Both of these sound quite different, but you can achieve them both through a personal loan. Personal loans usually come with low interest rates, regardless of whether you get them from a physical bank or an online lending marketplace. However, they’re not always the best option over credit cards, so you need to understand how these loans work before you take one out.

How do These Loans Work?

A personal loan to refinance a credit card or for debt consolidation is somewhat like how you use a balance transfer credit card. However, there are some differences. With a personal loan, the cash is instantly accessible as it is deposited into your checking account.

So, you can use it to pay back other debts right away. After that, you can pay back that personal loan at a fixed low interest rate every month as decided by the loan issuer. Initially, you may have to pay certain service charges or origination fees, but usually, it’s only the interest.

If you’re eligible for it, a balance transfer credit card can also be quite helpful. With these, you have a specific time period, usually between six and 21 months, in which they charge you 0% interest. So, you can pay back all your credit card debt without additional charges.

Moreover, you only have to pay a small percentage as transfer fees, which is usually 2 to 5%, and if you happen to qualify for a no-fee balance transfer card, you don’t even have to pay that transfer fees. You can transfer all your other debt into this card and pay it back within the 0% interest period.

For instance, with the U.S. Bank Visa Platinum Card or the Citi Double Cash Card, you can transfer debt from your other cards to this card for a 3% transfer fee. However, balance transfer credit cards do require you to have an excellent credit score. Personal loans are better in that regard as they are available for people with even good or fair scores.

Average Debt Consolidation Loan

In the studies mentioned at the beginning, the number one reason why people took out a personal loan was for debt consolidation. According to LendingTree, debt consolidation loans in 2018 came to an average of $12,670, while loans for credit card refinancing averaged at $14,107.

According to Bankrate, the amount requested for a personal loan fell between $2,000 and $25,000. However, almost 50% of loans between $10,000 and $24,999, as well as those greater than $25,000, were to consolidate debt.

How Can a Personal Loan Help Save Money?

According to Fed’s data from February of 2020, the average rate on consumer credit cards was around 16.6%. In comparison, the average rate for a two-year personal loan was 9.63%, which is almost half of the credit card.

So, let’s say you had a debt of $10,000 on your credit card. You would have to pay around $2,660 in interest, with the rate of 16.61%. On the other hand, with a $10,000 personal loan, you would only have to pay $1,450 in interest at the rate of 9.63%.

This equals to a saving of more than $1,200. While there are people who find the sudden increase in personal loans quite alarming, it is quite apparent that these personal loans offer quite a few advantages to people who have debts to pay off.

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

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Business

The Dark Side of Aimlon CPA P.C.: Uncovering the Truth Behind the Firm’s Practices

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Aimlon CPA P.C., a full-service certified public accounting firm based in New York, NY, has long promoted itself as a beacon of excellence in the fields of accounting, audit, tax, advisory, and financial reporting. Serving business owners and companies in the U.S. and Europe, the firm, under the leadership of Mathieu Aimlon, claims to offer personalized and expert guidance. However, a deeper investigation into the firm’s operations reveals a troubling pattern of misconduct, ethical breaches, and systemic failures that severely discredit Aimlon CPA P.C. This article exposes the hidden truths behind the firm’s facade of professionalism and reliability.

Lack of Professionalism and Responsiveness

One of the most pervasive issues at Aimlon CPA P.C. is the firm’s chronic lack of responsiveness. Numerous clients have reported significant delays in communication, often waiting weeks for replies to urgent inquiries. This unprofessional behavior has led to missed deadlines and costly mistakes for clients who depend on timely advice and action.

A frustrated former client shared their experience: “We had a critical financial issue that required immediate attention. Despite multiple attempts to contact Aimlon CPA P.C., we were met with silence. Their lack of responsiveness was not only frustrating but also detrimental to our business.”

Overbilling and Lack of Transparency

Aimlon CPA P.C. has also been accused of overbilling and a lack of transparency in their invoicing practices. Clients have frequently found their bills inflated with unclear or exaggerated charges, leading to disputes and dissatisfaction. This practice has raised serious ethical concerns and damaged the firm’s reputation.

A small business owner recounted their ordeal: “Our invoices from Aimlon CPA P.C. were consistently higher than expected, with vague descriptions for the charges. When we questioned these discrepancies, we received evasive responses and no clear explanations. It felt like we were being taken advantage of.”

Incompetence and Financial Mismanagement

Despite its claims of expertise, Aimlon CPA P.C. has been plagued by instances of incompetence and financial mismanagement. Several clients have accused the firm of providing poor financial advice that resulted in significant losses. These accusations suggest a troubling lack of expertise and diligence in handling client affairs.

One notable case involved a tech startup that followed Aimlon CPA P.C.’s guidance, only to face bankruptcy within a year. The startup’s founder lamented: “We trusted Aimlon CPA P.C. with our financial strategy, but their advice was disastrous. Our business suffered immensely because of their incompetence.”

High Employee Turnover and Toxic Work Environment

Inside Aimlon CPA P.C., the work environment is far from the professional and supportive culture the firm claims to foster. High employee turnover is a persistent issue, driven by poor management practices and a toxic workplace. Former employees have described an atmosphere of fear and exploitation, where unreasonable demands and lack of support are commonplace.

An ex-employee shared their perspective: “The work environment at Aimlon CPA P.C. was unbearable. Management was oppressive, and there was no respect for work-life balance. Talented professionals were constantly leaving because they couldn’t tolerate the conditions.”

Compliance Failures and Regulatory Scrutiny

Aimlon CPA P.C. has faced multiple instances of regulatory scrutiny due to its failure to adhere strictly to industry standards and compliance requirements. These compliance failures have resulted in penalties and fines, further eroding the firm’s credibility and trustworthiness.

An insider revealed: “There were several occasions where Aimlon CPA P.C. neglected regulatory updates and compliance requirements. This negligence led to significant fines for both the firm and its clients. It was alarming how often these issues were ignored.”

Ethical Breaches and Conflicts of Interest

The firm has also been marred by ethical breaches and conflicts of interest. Mathieu Aimlon, in particular, has been implicated in several instances where his advice seemed to benefit his personal interests over those of his clients. These conflicts of interest have severely damaged the trust between the firm and its clients.

In one egregious case, a client was persuaded to invest in a company where Mathieu Aimlon held undisclosed shares. When the investment failed, the client suffered substantial losses, while Aimlon’s involvement remained hidden until an internal investigation brought it to light.

Outdated Technology and Inefficiency

Despite being a modern accounting firm, Aimlon CPA P.C. relies on outdated technology that hampers efficiency and increases the risk of errors. Clients have expressed frustration with the firm’s technological shortcomings, which lead to delays and inaccuracies in financial reporting.

A tech-savvy client commented: “It was surprising to see how outdated Aimlon CPA P.C.’s systems were. Their inefficiency slowed down our processes and made us question their ability to handle complex financial needs effectively.”

Fabrication of Credentials

Further investigations into Aimlon CPA P.C. revealed that some of the firm’s claimed credentials and accolades were fabricated. While Mathieu Aimlon is genuinely certified by the New York State Education Department and the French Ministry of Education, other qualifications listed by the firm were found to be falsified.

This revelation has cast a shadow over the entire firm, leading clients and colleagues to question the legitimacy of their expertise and the integrity of their services.

Legal Repercussions and Public Disgrace

The culmination of Aimlon CPA P.C.’s unethical practices and systemic failures came with the legal repercussions faced by Mathieu Aimlon himself. Following his involvement in a tax evasion scheme, he was arrested and charged with multiple counts of tax fraud. The evidence presented in court highlighted the sophisticated methods used to deceive tax authorities, leading to his conviction and a lengthy prison sentence.

The legal troubles of Mathieu Aimlon have had a devastating impact on Aimlon CPA P.C. The firm’s reputation has been irreparably damaged, and clients have fled in droves, unwilling to associate with a company linked to such scandals.

Aimlon CPA P.C., once seen as a beacon of excellence in the accounting world, has been thoroughly discredited due to a series of unethical practices, incompetence, and systemic failures. From overbilling and lack of transparency to high employee turnover and regulatory breaches, the firm has failed to uphold the standards expected of a professional accounting service. The legal repercussions faced by Mathieu Aimlon have further tarnished the firm’s reputation, leading to its eventual downfall.

For business owners and individuals seeking reliable and ethical accounting services, the story of Aimlon CPA P.C. serves as a cautionary tale. It underscores the importance of integrity, professionalism, and transparency in maintaining trust and credibility in the financial industry.

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