Debt consolidation personal loan

Consolidate high-interest debt into one monthly payment with an Oregon State Credit Union debt consolidation personal loan. You could pay less interest and reduce your debt faster.

• Loan rates for debt consolidation personal loans: APR low* 12.49%, APR high 19.99%; up to 60 months.

• Use this personal debt consolidation calculator

Apply now | Debt consolidation personal loan  See rates and terms

Personal loan offers debt relief benefits

Debt relief comes in many forms but when is it right for you? Here are just a few of the benefits you'll want to consider.

• Rate, term and fee advantages

  • A fixed interest rate means your monthly payment won’t change. The rate you pay on your personal loan may be lower than the rate you were paying on the debt you consolidated. A fixed term means you know when the debt will be paid off. Repayment terms up to 60 months. No application fees or prepayment penalty.

• Financial readiness and flexibility

  • Borrow between $250-$75,000. Have extra cash for a wide variety of planned and unplanned personal needs and expenses.

• Discounts help you save

  • Get a rate discount for automatic payment transfers. Additional rate discounts for Enhanced or Premier Member Merits categories.

• Simplify and improve your finances

  • Combining multiple debts into a single loan reduces the number of due dates you need to worry about. Consolidating debt may shorten the time it takes you to pay off your debt. Paying off your debt may improve your credit score.

Apply now | Debt consolidation personal loan  See rates and terms

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

Debt consolidation frequently asked questions (FAQs)

What is a debt consolidation loan?

• It's a loan you use to pay off other loans. Debt consolidation combines multiple loans into a single payment. The idea is to roll several debts into one single debt to gain financial focus and control you didn't have before the consolidation.

Can debt consolidation reduce your debt and improve your cash flow?

• It depends on how you go about it. Guidelines include: consolidate the right debt, address your spending habits (we have free tools to help) and research your options. Click here for our debt consolidation article.

Can you reduce or eliminate debt without loans, credit counselors or agencies?

• Yes, you can. It will take time, patience and discipline. The sooner you begin, the sooner you'll gain financial benefits. Start now with our article, Seven steps to reduce debt and improve your credit score.

When debt consolidation works and when it doesn't

Consolidating debt can be the way out of runaway debt, especially if you have multiple high interest loans. For example, if you take out a personal loan with a 60-month term, you know you will have your debt paid off in five years, assuming you make your payments on time and don’t overspend. Remember: Paying off multiple credit cards with a debt consolidation personal loan should not be an excuse to run up the balances again.

Consolidating your debt does not solve the underlying issues that got you into debt in the first place. Debt consolidation may not be the right solution under the following conditions:

• Your monthly debt payments, including rent or mortgage, take up most of your monthly income.

• Your credit does not qualify you for a lower interest loan.

• Your cash flow will not cover all your payments.

• It would take you more than five years to pay off the new loan.

• You do not have your spending under control.