consolidation loan

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Related to consolidation loan: 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 ?
The subject of the order is the service of granting a long-term consolidation loan for the town and commune of drobin in the amount of pln 9 239 000 (in words: Nine million two hundred and thirty nine thousand zlotys zero grosz) for the repayment of liabilities under the title.
Raju, however, points out that with credit card debts racking up 40 to 50 per cent per annum in interest liability, it may be worth pursuing a consolidation loan.
Private student loan consolidation is the process of having one or more existing private loans paid off by the creation of a new single consolidation loan with new terms and conditions (such as repayment length, interest rate, repayment benefits, etc.
Trading Standards officers advise people to look closely at the duration of the consolidation loan and the total amount payable.
When you're looking at your finances, you may decide that a debt consolidation loan would help you to plan for the future more effectively.
95), suggests, "When looking for a consolidation loan, tap into your existing bank and credit union relationships.
The group said 85 per cent of people who took out a debt consolidation loan were not asked by their lender about using it to pay off their existing debts and it called on banks to at least warn people about the dangers of not doing this.
Her concern is whether she can get a six-month grace period from repayment on a consolidation loan after graduation.
5 billion in FFELP consolidation loans, and an estimated gain to the federal government of $620 million if the projected FFELP consolidation loan volume of $25.
Perhaps MPs could also cast an eye over the advertising of consolidation loans.
All too often a consolidation loan simply compounds the problem.

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