What is a Debt Consolidation Loan?
A debt consolidation loan is the process of combining multiple existing lines of credit and loans into a single account at the lowest possible interest rate. Essentially, the money from the new loan pays off all existing debt and you are left with one loan.
Features & Benefits
- go from multiple creditors to one
- lower interest rate
- extended payment terms
- stress reduction
Common Uses
Debt consolidation loans can be used to lower your monthly payments, pay off existing debt quickly or free up working capital. If you run a business there is a good chance you have multiple credit cards, lines of credit and other credit accounts. Debt consolidation removes the worry of having to pay multiple accounts each month by reducing to one account.
