Simplify your life and take control of debt

Debt consolidation is the act of taking out a new loan to pay off other debts. Multiple debts are then combined into a single debt, such as a loan, usually with more favorable payoff terms such as a lower interest rate, lower monthly payment, or both.

Learn more: What Is Debt Consolidation & How Does It Work?

Yes, and debt consolidation can affect your credit score both positively and negatively. While consolidating debt can lower your monthly payments, it can cause your credit score to temporarily decrease. However, debt consolidation can increase your credit score in the long term if you make consistent on-time payments.

Learn more: How Personal Loans Can Affect Your Credit Score

Every lending company has different requirements when it comes to qualifying for a debt consolidation loan. A lender will consider factors such as your credit score, your income, and your debts when reviewing your debt consolidation loan application. Have 5 minutes? You can see if you prequalify for a debt consolidation loan online with our free loan prequalification application. Prequalifying for a loan will not affect your credit score.

Seeing if you prequalify for a loan will not affect your credit score. Applying for a personal loan can affect your credit score, but typically only for a short period of time. Credit scores are determined using several factors.

It only takes 5 minutes to prequalify online. If you are prequalified, you can reach out to your local branch OR your local branch will call you within 24-48 hours. As soon as you bring the required documents to the branch and sign your loan documents – you can receive your check that day!