consolidation loan


Also found in: Financial, Wikipedia.
Related to consolidation loan: Debt consolidation

consolidation loan

n
(Banking & Finance) a single loan which is taken out to pay off several separate existing loans
References in periodicals archive ?
Contract notice: granting a consolidation loan in the amount of pln 5 806 500.00
The federal government specifically offers a consolidation loan tailored to student loan borrowers.
A grand jury indicted Perry Pettus on 29 counts related allegedly to fraudulently attempting to obtain a mortgage on a North Carolina home and to secure a debt consolidation loan with forged paperwork, according to Nassau County District Attorney Madeline Singas.
Effective immediately, all students who have attended any institution are eligible to consolidate student loan debt with an iHELP Consolidation Loan. "The prospect of paying for college and figuring out the best way to manage repayment can be overwhelming.
To provide a relief to debt-laden consumers, banks are offering borrowers a chance to opt for a "debt consolidation loan."
EDvestinU, the nonprofit private student loan program of the NH Higher Education Loan Corporation (NHHELCO), recently introduced a change in its consolidation loan that offers borrowers the ability to consolidate both federal and private student loans into a single new loan.
The union's consolidation loan product, which came out in July last year, won an award for best new product/service at the UK social Enterprise Awards in December.
"A debt consolidation loan can not only potentially reduce people's outgoings, but reduce the total amount of interest they pay and help clear their debt sooner."
What is not pointed out in the ads is the fact that paying off credit card debt with a consolidation loan or meeting an unexpected expense with a payday loan does not make the debt or expense go away.
Some debt management companies also charge fees that add to a person's debt and may simply suggest a consolidation loan - where all the consumer's unsecured loans are paid off with a larger loan secured on a property.
They explained their situation to the lending officer, who told them they could have a consolidation loan.
If you have a very high debt load and a low credit score, you might not qualify for the best interest rates on a consolidation loan. Another drawback of debt consolidation is that it makes it appear as if you have less debt.
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