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* 11.99%, APR high 19.24%; 12-36 months
Apply online | 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 range from 12-60 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 online | Debt consolidation Personal Loan
Apply for a debt consolidation Personal Loan at a branch near you.
|Loan type||APR (Low)*||APR (High)||Repayment terms|
Apply online: Personal loan or Personal Line of Credit || Choose a branch to apply for a loan || Call 800-732-0173
|Personal Loan||11.99%||19.24%||12-36 months|
|Personal Loan||16.24%||19.24%||37-60 months|
|Payday Advance||18.00%||18.00%||Up to 30 Days|
|Personal Line of Credit (PLOC)**||11.50%||20.25%||$25 or 2.50% of the total balance, whichever is greater.|
About these Personal Loan rates
* APR (Low) indicates the lowest annual percentage rate you may qualify for on the loan. The annual percentage rates shown in the table are reflective of a range of rates available. All loans are subject to approval. You may qualify for the lowest rates published depending upon your credit qualification, the amount financed, receiving a 0.25% APR reduction by maintaining an automatic loan payment each month and 0.25% APR reduction for qualifying for the Premier Member Merits category. The Member Merits rate discounts are subject to change.
** Personal line of credit is not eligible for the Member Merits or automatic payment decrease in APR. The Periodic Rate and corresponding Annual Percentage Rate for the Personal Line of Credit loan is calculated by adding a graduated margin (the margin is based on a risk based pricing tier) to the month end Prime Rate for the previous calendar month as published by the Federal Reserve. The Annual Percentage Rate will never be more than 18% or the maximum rate allowed by applicable law.
The following examples illustrate the expected monthly loan payments for members who qualify for the prime rate, premier member merit status and enroll in automatic monthly payments:
Debt consolidation loan calculator at Oregon State Credit Union
Debt is stressful — we get it! Let's start with this debt consolidation loan calculator to give you an idea of where you stand.
- Enter your information, including the consolidation loan rate you're considering and the loan(s) you want to consolidate.
- Calculate your results, consider your options. Revise your information if desired.
- Email your results to yourself for your records.
When you're ready, apply for your debt consolidation loan or call us at 800-732-0173 to talk about your loan options. We're here to help you eliminate high-rate debt.
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.