Combine Multiple High-Interest Debts Into A Single Payment
A debt consolidation loan is a type of personal loan that enables you to combine multiple high-interest debts into a single loan with a single monthly payment. This can help you to save money on interest and pay off your debt more quickly. How?
- The higher your interest rate, the more you pay over the life of your loan, making it difficult to get out of debt.
- The less you pay in interest, the more you may be able to pay towards your balance, and the faster you’ll be out of debt.
Debt consolidation is useful for managing any of your debts that have high interest rates or fees. Some of these debt types include credit cards, store cards, unpaid medical bills, payday loans and title loans.
Sometimes it's not just how much you owe, but how many creditors you need to pay. Consolidating multiple payments into one monthly payment can save time and reduce the risk of late payments.
Why Is This The Best Loan For Me?
Beach Municipal FCU's Debt Consolidation Personal Loan features:
- Low, fixed interest rates.
- Fixed payments.
- Terms up to 60 months.
- Borrow up to $20,000.
- No penalty for early payoff.
- No application fees.
Save Even More!
We can even reduce our already low rates up to an additional 1/2% APR* if you have any two of the following:
- Direct deposit of net pay.
- $5,000 or more in a Beach Municipal FCU Share Certificate.
- Payroll Payment, ACH Payment or Automatic Transfer.
- Online loan application.
- eAccounts.
Consolidating debt is a tool you can use to help pay off your balances, but it may not be the right tool for everyone — especially when it comes to credit card debt.
If you have a history of overspending, you may quickly find yourself in an even worse financial situation than you were before you consolidated your debts. This is because consolidating debts does not address the underlying issue of overspending. It simply means that you are now paying one larger debt instead of multiple smaller debts. If you do not change your spending habits, you will eventually end up in the same or worse financial situation than you were before. People in this situation often return to carrying a balance on their credit cards within months of paying them off, meaning they now owe the consolidation loan and the new debt.
To help avoid this, make yourself a realistic budget and stick to it. You should also start building an emergency fund that can be used to pay for financial surprises so you don’t have to rely on credit cards.
You may also want to consider Bank On Hampton Roads. This free financial education program combines financial management classes, personalized coaching and an incentive-matched savings challenge to help you take control of your finances once and for all.
| Type of Loan | Annual Percentage Rate* |
|---|---|
| Apply for a loan online | |
| Unsecured Personal Loans | 8.95% - 17.95% |
| Line of Credit Loans | 8.95% - 17.95% |
| Overdraft Line of Credit Loans | 9.95% - 17.95% |
| Share Secured Loans | 3.00% above share dividend rate in effect at the time of loan |
| Certificate Secured Loans | 2.00% above share dividend rate in effect at the time of loan |
*APR=Annual Percentage Rate. All loans are subject to approval. Some restrictions may apply. Rates are subject to change without notice. Rates are accurate as of the effective date above. Relationship discounts may apply; however, a floor rate of 2.75% APR is in effect. Floor rate does not apply to Certificate or Share Secured loans. Rates, terms and conditions are subject to change and may vary based on credit score, qualifications and collateral conditions. Please contact us for details. | |
With Credit Life and Credit Disability coverage, you’ll have peace of mind knowing you can:
- Reduce your financial burden.
- Protect your income, your collateral and your credit rating.
- Receive coverage at home and at work.
While credit insurance is not required to obtain a loan, the policies will lessen the financial burden on your family. In the event of your death, Credit Life Insurance pays the balance of your loan. Credit Disability Insurance makes your loan payments, up to the policy maximum, if you were to become disabled by a covered sickness or accident.
For more information on how Credit Life and Credit Disability coverage can protect you, contact us at 757.333.7787 or through our secure Contact Us form.
*APR=Annual Percentage Rate. All loans are subject to approval. Some restrictions may apply. Please see a Loan Officer for details.
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