consolidation loan

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Related to Consolidation Loans: Debt consolidation

Consolidation loan

A loan that is used to combine and finance payments on other loans.

Consolidation Loan

A loan that pays off two or more loans. A consolidation loan often comes with a lower monthly payment and/or interest rate than the previous loans, as well as a longer repayment period. The process is usually called debt consolidation, and is often used for student loans.

consolidation loan

A new loan that pays off two or more existing loans or indebtednesses, usually resulting in lower payments.Home equity lines of credit are often marketed as consolidation loans, urging consumers to pay off high-interest-rate credit cards and automotive debt for lower-interest-rate, tax-deductible, mortgage debt.While the practice does reduce monthly payments significantly, it replaces relatively short term debt with long-term debt and results in higher total interest payments over time.

References in periodicals archive ?
However, alarming new research by the price comparison website revealed 62 per cent of people with consolidation loans had borrowed more money.
In most cases, debt consolidation loans are actually secured against the consumers home and if the consumer struggles to make payments on time and to manage their finances, any loan secured against the consumers home could put the consumers home at risk.
The central bank of UAE has imposed a ban on consolidation loans.
Borrowers can now comparison shop for student loan refinance or consolidation loans for both Federal and private student loans
Despite recognizing the benefits of consolidation loans, Berkley is still unsure whether she will combine her loans in hopes of a lower rate.
Providing consolidation loans exclusively through FDLP in fiscal year 2006 could yield estimated budgetary cost savings of about $3.
The Office of Fair Trading announced last night it was launching a study into the rapidly growing debt consolidation industry, amid concerns that consumers often do not understand what they are signing up to when they take out a debt consolidation loan.
Federal PLUS (parent and graduate/professional) Loans, and Federal Consolidation Loans.
The article further delves into the concept of debt consolidation loans with the following: "If you're carrying a lot of debt, that probably means you're also carrying a lot of stress: Maybe you've amassed so much debt that each month, you find yourself performing a juggling act just to try to cover all the amounts due, and a simple trip to the mailbox pushes your nerves to the limit.
And consolidation loans only work if you use the new loan to clear your debts, once and for all.
We offer Stafford loans with no origination fees, private loans with no fees, and repayment incentives with all loans, including Federal Consolidation Loans.

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