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 ?
: 1 the subject of the contract is the provision of 3 long-term consolidation loans to the city of sokolw podlaski in the total amount of pln 23,218,188.72 for the repayment of liabilities under loans contracted in previous years.
Through its personalized, tailored approach that includes debt consolidation loans and debt resolution programs, Strategic Financial Solutions has successfully resolved more than a billion dollars in debt for over 100,000 clients.
According to the National Endowment for Financial Education in the United States, consolidation loans typically have a longer term, so borrowers can have affordable monthly payments.
In addition to private student origination and consolidation loans, LendKey has begun expanding into other loan products.
The Federal Direct Loan Program has about $220 billion in loans, including $58 billion in subsidized Stafford loans, $59 billion in unsubsidized Stafford loans, $20 billion in PLUS loans and $83 billion in consolidation loans.
If you're juggling multiple debts in the form of credit cards, personal loans and overdrafts, it may be simpler to consolidate your debts into one with a debt consolidation loan. This is a simple option for people with a good credit record and a regular income.
The consolidation loan can be in the form of a home equity loan, a second mortgage or via a credit consolidation company that provides the loan.
The interest paid on student loans--Federal Stafford, PLUS and Perkins loans; federal and direct consolidation loans; federal loans for health care professionals; and private education loans issued by schools, banks and nonprofit associations--may be tax-deductible up to $2,500.
Rising levels of unsecured debt also helped, increasing demand for debt consolidation loans, while the sector also benefited from increased consumer spending.
* Consolidation Loans: These are a means for borrowers to combine multiple loans into a single loan, often with lower monthly payments.
But despite an apparent readiness and ability to amass more debt, 31 per cent of those who took out consolidation loans said they felt either trapped by the amount they owe or that their finances were spiralling out of control.

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