Debt Consolidation Loan Calculator
Use our calculator to help figure out if debt consolidation is right for you.
Debt Consolidation Calculator
Fill in your loan amounts, credit card balances, and other outstanding debt. You can then see your monthly payment with a consolidated loan. Adjust your terms, loan types, or rates until you find a consolidation plan that fits your needs – and, most importantly, fits your budget!
Current Rates
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LOAN TYPE |
TERMS |
APR* AS LOW AS |
|---|---|---|
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*APR is Annual Percentage Rate. APR is based on an evaluation of your credit worthiness. |
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LOAN TYPE Personal Loan |
TERMS Up to 60 months |
APR* AS LOW AS 12.90% |
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LOAN TYPE 90% Share Secured Loan |
TERMS Up to 60 months |
APR* AS LOW AS 2.50% over Savings Rate |
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LOAN TYPE 90% Certificate Secured Loan |
TERMS Up to 60 months |
APR* AS LOW AS 2.50% over Share Certificate Rate |
Debt Consolidation Loan FAQs
Debt consolidation combines your debts into a single new loan. This consolidated loan allows you to pay off your accounts with one monthly payment. The loan has a fixed interest rate and term which makes your payments predictable. Personal loans are an excellent debt consolidation option.
The loan term depends on the loan amount and your monthly payment. Many lenders offer terms of 2-5 years. Paying more than the minimum monthly payment can help you repay the debt faster and save on interest charges.
Consolidating your debts into one loan may slightly lower your credit score since you closed multiple accounts. However, making consistent on-time payments will demonstrate good credit management, and your score should rebound quickly. Responsible use of a consolidation loan can improve your credit in the long run.
You can consolidate most types of unsecured debt into a debt consolidation loan. This includes credit cards, medical bills, student loans, personal loans, and payday loans.
Interest rates on debt consolidation loans are generally lower than interest rates on credit cards and other unsecured debt. By consolidating high-interest balances into a consolidation loan, borrowers can save money each month by reducing the total interest paid. However, interest rates vary considerably based on the borrower’s credit score and debt-to-income ratio.
A debt consolidation loan can simplify your finances. It combines all your separate payments into one monthly payment. Also, debt consolidation loans often have lower interest rates than credit cards. With a lower rate, your monthly payment may decrease, which can help you pay off debt faster.
Look at interest rates to see if a consolidation loan will reduce your monthly costs. Make sure the new monthly payment fits within your budget. Also, consider the loan term and confirm it will help you pay off your debts more quickly. For some, consolidation simplifies finances. For others, credit counseling or bankruptcy may be better options.