consolidation loan

Definition

The replacement of multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. also called consolidation loan. also called debt consolidation.

“ You may want to try and take on a consolidation loan to make it easier to handle all of your pay offs. ”

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“ I just applied for a consolidation loan, that way I can make one payment instead of the four that I have been making each month. ”

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“ A lot of student loan borrowers continue to be unable to make payments on their loans even after obtaining a consolidation loan. ”

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