What is a Debt Consolidation Loan?
Debt in the United States
There are several reasons for this prominent level of debt. One reason is the continued increase in the cost of living in the United States. A nationwide increase in housing cost, food cost, and more many Americans are struggling with saving money and establishing good saving habits.
Utilizing a debt consolidation loan can help you achieve lower monthly payments by bundling all your debts into one loan.
What is a debt consolidation loan and how does it work?
Debt consolidation loans typically have a lower interest rate than the interest rates on your individual debts. This means that you can save money on interest over the life of the loan. Debt consolidation loans also have a fixed interest rate, which means your monthly payment will not change over the life of the loan.
To qualify for a debt consolidation loan, you will need to have good credit and a steady income. You will also need to prove that you can afford the monthly payments. The amount of money you can borrow and the interest rate you will pay will depend on your credit score and income.
Why is a debt consolidation loan helpful?
Second, it can help simplify your finances by consolidating multiple payments into one. Instead of making multiple payments each month, you will only have to make one payment. This can help you stay organized and on top of your debt.
Third, it can help you pay off your debt faster. By consolidating your debt into one personal loan with a lower interest rate, you can pay off your debt sooner than if you continued to make multiple payments each month.
Who should consider debt consolidation?
Personal Loans at Neighborhood Credit Union
To learn more about our personal loans, visit our website or call us today. We would be happy to help you find the right loan for your situation.
Rates Effective: January 20, 2023. Personal Loan: Credit application is required. Must be 18 years of age or older and a member of Neighborhood Credit Union. Terms from 0 months to 60 months. Rates range from as low as 7.99% APR up to 17.99% maximum APR. Rates, terms and conditions are subject to change and may vary based on credit worthiness. Interest begins accruing the day the loan is funded. Restrictions may apply. The payment on a $10,000 loan would be $207.50 per month at a non-variable interest rate of 8.99% APR with a 60 month term. This equates to $2,449.41 over the life of the loan. Membership required with a $25 minimum deposit. Equal Opportunity Lender.
|Unsecured Line of Credit|
|Revolving||As low as 7.99% APR|
|Unsecured Personal Loans|
|36 months or less||As low as 7.99% APR|
|37-60 months||As low as 9.99% APR|
|Quick Cash Loan||Fixed rate of 28.00% APR|
|Overdraft Loan||Fixed rate of 18.00% APR|
|Projects Plus Home Loan||View Rates|
Payday Loans at Neighborhood Credit Union
Who We Are
As an active part of the community for 92 years, Neighborhood Credit Union is a not-for-profit financial organization serving the state of Texas with branch locations in Collin, Dallas, Denton, Ellis, and Tarrant counties. With assets topping $1 billion, Neighborhood Credit Union has a continuously growing membership of 60,000. For more information, call (214) 748-9393 or visit our homepage.