Plus, our four options can help you pay off your loans quicker and lower your existing monthly payments. We offer instant online approvals & the best in member service.The following five tips can help you figure out which credit card consolidation strategy suits you best.One of the first things you’ll want to do is check your credit reports for accuracy.View the Total Cost of Borrowing Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you.Consolidating multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner. Minimum redraw amount 0 and a redraw fee applies for each approved request. Some spend more money on college debt than they pay for groceries, utilities, or in some cases, even rent.
Approval may take longer if application is referred for further review. The comparison rate is based on an unsecured personal loan of ,000 for a term of 5 years. By extending the repayment term, you can significantly reduce the amount of money you’re required to pay each month. An Auto Loan or a Home Equity Loan could be just the right answer for your credit consolidation needs. However, rates and terms displayed do not necessarily equal all rate/term combinations.At first glance, variable rates may look appealingly low — 2.25 percent or 3.25 percent — compared to fixed-rate loans that ask for 6–7 percent interest.But, as Mark Kantrowitz warns on USA TODAY, “variable rates have nowhere to go but up.” If you sign up for that low, low rate now, you risk committing yourself to rising rates for years to come. Typical student loan repayment terms range from 5 to 20 years.Perhaps that’s one reason around 7 million borrowers are in default, according to the Consumer Financial Protection Bureau. Consolidating your student loans can be a great way to ease financial strain — and the stress that goes with it. There are repercussions to refinancing that you should know before you sign on the dotted line.