See how much you could save by consolidating your loans into one manageable payment. Compare options and find your best financial solution.
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Based on your inputs, consolidation could save you $0.00 over the loan term!
Simplify your finances by combining multiple payments into one easy-to-manage payment each month.
Secure a lower overall interest rate, reducing the total amount you'll pay over time.
Extend your repayment term to lower monthly payments and improve cash flow.
Loan consolidation involves combining multiple loans into a single new loan, typically with a new interest rate and repayment term. This can simplify your payments and potentially lower your overall interest rate.
Loan consolidation can save you money if you secure a lower interest rate than your current average rate. However, extending your repayment term might result in paying more interest over time even with a lower rate.
There may be a temporary small dip in your credit score due to the hard inquiry when applying for a new loan. However, consolidating can ultimately help your credit by making payments more manageable and reducing the chance of missed payments.
Common loan types that can be consolidated include credit card debt, personal loans, student loans, and other unsecured debts. Mortgage and auto loans typically require different refinancing approaches.
The process typically takes between 2-6 weeks, depending on the lender and your financial situation. This includes application processing, verification, underwriting, and fund disbursement.
Debt consolidation can be a smart financial move if you're struggling with multiple high-interest debts. It's particularly beneficial when you can secure a consolidation loan with a significantly lower interest rate than your current average rate. This strategy works best for individuals with good credit scores who qualify for favorable terms.
Consolidation makes the most sense when you're committed to changing spending habits and can avoid accumulating new debt. It's also ideal when the monthly savings help free up cash flow for other financial goals or necessities.
Read more about debt consolidation timing →