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.


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 today

Apply online | Debt consolidation Personal Loan


Personal Loan rates
Effective Date: Monday, November 28th, 2022
Loan typeAPR (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 10.49% 19.24% 12-36 months
Personal Loan 14.74% 19.24% 37-60 months
Payday Advance 18.00% 18.00% Up to 30 Days
Personal Line of Credit (PLOC)** 10.00% 18.75% $25 or 2.50% of the total balance, whichever is greater.
Savings-secured loans:
  • The APR is set at 3% above the secured savings account's earning rate. There is a minimum periodic rate of .013699% which equals an Annual Percentage Rate of 5.0%. The credit union may offer other rates in the future. We may be able to match rates from other lenders. All loans are subject to approval.
Certificate-secured loans:
  • The APR is set at 3% above the certificate's earning rate. Advances secured by credit union certificates are made at a rate based upon the earning rate of the certificate. The Periodic Rate and the Annual Percentage Rate are set at the time of the advance that is the earning rate on the pledged certificate, plus 3%. For example, if you pledge an account earning 5.00% your Periodic Rate would be .021918% and your Annual Percentage Rate would be 8.00%. The actual rate will be disclosed on the Disbursement Receipt at the time of the advance.

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.

Payment examples

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:

  • A $5,000 Personal (Signature) Loan with 10.49% APR for 36 months has a monthly payment of $162.49.
  • A $5,000 Personal (Signature) Loan with 14.74% APR for 60 months has a monthly payment of $118.27.
  • If you delete your automatic payment request or the credit union terminates your automatic payment request due to insufficient available funds, this interest rate may be increased by one-quarter of one percent (0.25%) for the remaining term of the loan. This rate change will be reflected on your credit union statement.


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?

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

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.

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