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The amount you can save with a debt consolidation loan depends on the interest rate(s) of your current debt payments and the new interest rate you receive on your debt consolidation loan. On a national average, the rate for a 36-month, unsecured fixed rate loan is 8.77% for credit unions and 9.85% for banks.
For example, let’s say you have a debt payment of $10,000 with a current interest rate of 20%. Without a debt consolidation loan, you will pay $2000 in interest over the life of your payoff. However, if you decide to consolidate your debt with a loan that has an interest rate of 10%, you would then only pay $1000 on the same $10,000 debt, thus saving you $1000 in the process. (All rates provided in this example are only used as examples. Rates per customer will vary.)
Do you believe one of these myths about credit unions? It's okay, because we're here to bust them! Download the full eBook or check out some of the most popular myths below.
Download Free eBook (Opens in a new Window)1 Pelican State CU membership required to close a loan with Pelican. If you are not a Pelican member, you must be eligible to open a Primary Share account with Pelican to become one. The deposit to open a Primary Share account starts at a minimum of $10 ($5 to join + $5 minimum balance). Credit approval is based on certain credit criteria and credit worthiness. Not everyone will qualify. Applicant will be charged $5 for any loan application that is denied, withdrawn, or expired. Restrictions apply. See a Pelican representative for details.
2 Scenario listed above is just an example, and savings/rate/amount and term will vary for each member and savings are not guaranteed. The payment examples listed above were calculated as follows: 2% of Credit Card balance of $6,500; 2% Department Store Credit Card balance of $4,009.54; Finance company has a rate of 36% APR, a term of 18 months, and a balance of $3,163.31. The consolidated payment of $305.82 was calculated with a rate of 12.24%, a term of 60 months, and balance of $13,672.85, resulting in 12.29% APR. APR = Annual Percentage Rate. Not everyone will qualify for the advertised APR. Estimated payment may vary if credit protection products are added to loan.