consolidation loan

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Also found in: Financial.
Related to Consolidation Loans: Debt consolidation

consolidation loan

n
(Banking & Finance) a single loan which is taken out to pay off several separate existing loans
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Consolidation loans allow those who have racked up multiple debts, especially the ones who are neck-deep in credit card dues, to lump all their borrowings into a single loan with lower annual interest rates and manageable monthly instalments.
The central bank of UAE has imposed a ban on consolidation loans.
Many people are also attracted to debt consolidation loans for the significantly lower monthly payments they could be making by spreading the loan over a longer period.
com, consolidation loans can be an extremely useful way for people to manage multiple debts by lowering monthly outgoings.
Consolidation loans are for students or parents seeking to combine multiple Federal loans into one monthly payment.
Sydney's been through $90,000 in debt consolidation loans and a $20,000 equity line of credit on top of her $297,000 first mortgage on a house that had a $100,000 mortgage when she inherited it.
The federal government could potentially save billions of dollars by restricting consolidation loans to the Federal Direct Loan Program.
Under the Federal Family Education Loan Program (FFELP) and the Federal Direct Loan Program (FDLP), the government guarantees and makes consolidation loans to help borrowers manage their student loan debt.
Perhaps MPs could also cast an eye over the advertising of consolidation loans.
Debt charity the Consumer Credit Counselling Service welcomed the news, warning that taking out debt consolidation loans could have disastrous consequences for people who were over-indebted.
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