Debt Consolidation Loans & Debt Consolidation Solutions

If you are looking to consolidate a little or even a lot of debt, we have a solution for you.  Stop juggling multiple payments every month and consolidate everything into one easy loan payment and save money with a debt consolidation loan from Genisys Credit Union!

With one personal credit union debt consolidation solution, you can consolidate high interest debt into one easy payment.  Take a look at our different debt consolidation options to find the best solution for you!

Home Equity Loan

 

• Minimum Loan: $5,000
• Maximum Loan: $50,000
• Terms: 3 - 15 years
• Max LTV: 80-90% depending on lien position

Pros: Interest may be tax deductible

Learn more about our Home Equity Loans
 

Personal Debt Consolidation Loan
 

• Minimum Loan: $500
• Maximum Loan: $50,000
• Terms: 60 months

Pros: Quick turnaround, with minimal paperwork

Learn more about our Personal Loans
 

Debt Consolidation Loan FAQ

What are debt consolidation loans?

Debt consolidation loans are loans that allow you to pay off an existing debt, such as a credit card or other outstanding debt, with a new loan. The goal of these loans is to allow you to pay off your debt faster than you might have originally by offering different terms than your initial loan or debt might have.

How do debt consolidation loans work?

Debt consolidation loans often take the form of personal loans, in that they can be used for any financial need you may encounter. The goal of debt consolidation loans is to offer a lower interest rate and more favorable terms than the initial loan or debt, allowing you to pay it off more quickly and with typically lower payments. While you’ll still make monthly payments, these payments may be lower than your previous ones and/or will end more quickly due to the improved interest rates./p>

When should I get a debt consolidation loan?

Debt consolidation loans can come in handy in a number of different financial situations. Many people use them to combine their existing debt (such as credit card bills and car payments) into one easier-to-manage lump sum payment every month, while others use them to help sort their finances after realizing the interest rates on their existing loans or debts aren’t manageable with their current financial state. If you have a plan to pay off your debt, and your debt is significant but not out of control, debt consolidation loans can be a perfect solution to help control your payments every month.

How do debt consolidation loans affect my credit score?

While everyone’s unique credit situation is different, debt consolidation loans can begin to improve your credit score over time if regular payments are made and the loan is paid off in a timely manner.