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What is a
consolidation loan
A debt consolidation loan allows you to pay off multiple existing debts with one new loan. Although some loans are marketed specifically as debt consolidation loans, personal and home equity loans can be used for debt consolidation too. The process for a loan consolidation begins by securing a new loan—ideally at a lower interest rate than you’re currently paying on your debt. You use this money you’ve borrowed from your new lender to repay your existing creditors. A consolidation loan can simplify your life by giving you one payment to make instead of many. Depending on the terms of your new loan, consolidation can often reduce your interest rate and total repayment costs too. While debt consolidation has advantages, it’s not right for everyone.
This will not affect your credit score
What is a
consolidation loan
A debt consolidation loan allows you to pay off multiple existing debts with one new loan. Although some loans are marketed specifically as debt consolidation loans, personal and home equity loans can be used for debt consolidation too. The process for a loan consolidation begins by securing a new loan—ideally at a lower interest rate than you’re currently paying on your debt. You use this money you’ve borrowed from your new lender to repay your existing creditors. A consolidation loan can simplify your life by giving you one payment to make instead of many. Depending on the terms of your new loan, consolidation can often reduce your interest rate and total repayment costs too. While debt consolidation has advantages, it’s not right for everyone.
This will not affect your credit score
Is a
consolidation loan right for you
Whether a consolidation loan is right for you depends on factors such as what your finances look like, what you hope to accomplish and the lenders you qualify for. Consolidation loans can be a good solution if you want to reduce your cost of repayment, free up cash flow or just simplify repayment. Debt consolidation is a bad idea if it will only cause you to rack up more debt. For instance, if you pay off credit card debt with a new loan but continue charging up your credit cards, you’ll only dig yourself deeper into debt. Further, if you only qualify for a high-interest debt consolidation loan, then it might not make sense to consolidate, as you could end up paying far more with your new loan.
How we help you
find the best
solution
By considering the specifics of your situation, our quick and easy questionnaire can give you an honest assessment of your best course of action and even pre-qualify you for consolidation options without impacting your score. This way you can understand what you are eligible for without the credit impact or obligation of a traditional application. Best of all, there’s no charge to you.
Build Your Credit
Increase Monthly Savings
Make Faster Progress
How we help you
find the best
solution
Our tools and advice make it easy to expertly pay off debt, choose the best financial products, and tackle major financial decisions. We take the time to listen to your specific needs and give you an honest assessment of your best course of action. By considering the specifics of your situation, our professional consultants can help you weigh the risks and benefits of all available options to provide you clarity. Best of all, there’s no charge to you.
Our Benefits
Finding the right debt solution can be time-consuming. By doing all the research, we help match you with the perfect solution to become debt-free. No hassle. No credit impact.
