Debt Free Galaxy.

Say goodbye to debt

Find the best debt consolidation loan programs!

Ready to leave debt behind? Compare leading consolidation programs now!

Speak to a Specialist
About Program

What is a Debt Consolidation Loan Program?

A debt consolidation loan program is simply a process by which you use one source of money to pay off the balance owed to multiple debtors. So, for example, you could have three credit cards with outstanding balances, a student loan, and a personal loan, all with balances that need to be partially paid out each month. A debt consolidation loan takes care of all of these debts and rolls them up into a single, more manageable monthly payment that is often lower than the previous payments you were making combined. When done right, debt consolidation loans can help clear up your debt and improve your credit over time.

What are APRs, and How Will a Lower One Help Me?

APR is the single most important factor to consider when comparing and considering debt consolidation loans. APR refers to an annual percentage rate, and it's not exactly the same as interest rates. Here's the main difference:

  • Interest rate: The percentage you’ll be charged by a lender for supplying you with a loan
  • APR: Includes the interest rate AND any fees charged by a lender when taking out a loan

So, an APR really gives you a broader scope of how much it’ll cost you to take out a loan. What this means is that the lower the APR you can get, the less you’ll be paying out over the life of your loan. In short, a lower APR means less money paid out of your pocket. That’s good news for the borrower.

Reduce Your Total Credit Card Payments by up to 30% to 50%.