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Rise Above Debt

Understanding Consolidation Loans

A Debt Consolidation Loan consolidates all your loans and credit card payments into one loan, which means you go from having several monthly payments and various interest rates to just one.

 

Benefits

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LOWER INTEREST RATE

Consolidation loans tend to have lower interest rates than credit cards, so you will pay less interest over the life of your loan.

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LOWER MONTHLY PAYMENT

Potentially lower your monthly payment by extending your repayment timeline with a loan term up to 84-months.*

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ONE EASY PAYMENT

Easily manage your monthly budget by making one payment oppose to several different payments.

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IMPROVE CREDIT SCORE

By using a consolidation loan to pay off credit cards, your credit utilization ratio might decrease and improve your score.

 

*Variable Rate: For the first 12 months, your introductory APR will be fixed. Thereafter, the ANNUAL PERCENTAGE RATE will be based on the Wall Street Journal Prime Rate and may increase or decrease during the term of

this transaction. The ANNUAL PERCENTAGE RATE will not increase or decrease more than 1 percentage point per adjustment and never fall below the initial ANNUAL PERCENTAGE RATE or exceed 17.99%. An increase or decrease will take effect every 12 months on the date of the initial loan and will be rounded off to the nearest 1/8th%. Any increase will take the form of higher payments. EXAMPLE: If your loan was $10,000 at 6.00% for 84 months and the rate increased to 7.00% after the first year, your monthly payment would increase by $4.18. You will be notified in writing 45 days before the due date of a payment at a new level. This notice will contain information about your interest rates, payment amount, and loan balance.