Reduce your interest by combining multiple loans under a new, lower rate.
Simplify your budget by bundling all debt into one easy payment.
Plan your path to debt-free living with a local advisor you can trust.
No one-size-fits-all offers here.
We create personalized loans made with your needs in mind.
From application to final payment, we make sure your path to debt reduction is smooth and simple.
As a not-for-profit institution, we help you pay off loans faster with low rates you can’t get at big banks.
| Monthly Payments Before Loan | |
| Credit Card | $130.00 |
|
Department Store
Credit Card
|
$80.19 |
| Finance Company | $230.00 |
|
TOTAL DUE:
|
$440.19
|
| Monthly Payments After Loan2 | |
|
Pelican
Loan Payment
|
$305.82
|
|
TOTAL DUE:
|
$305.82
|
Take control of your financial future with direct support from our Nationally Certified Credit Counselors.
Discover how much money you can save through consolidation with our free online calculator.
How do debt consolidation loans work?
Debt consolidation loans help alleviate debt by allowing you to combine all of your debt under a new, lower interest rate with only one monthly payment. For example, instead of paying a car note, credit card payment and medical expense loan separately each month with three different interest rates, you could use a debt consolidation loan to pay off all three — allowing you to then pay the total down with one low interest payment.
How much can I save with a debt consolidation loan?
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.)
Is a debt consolidation loan right for me?
If you are struggling with debt payments — whether from high interest rates, too many separate payments or a combination of both — a debt consolidation loan could be the best option to help you reduce your debt and save money in the process. If you have any questions, feel free to speak with a Pelican debt specialist for more information.
Will consolidating my debt hurt my credit?
In the short term, consolidating debt under a new loan does cause a slight dip in credit due to the loan application process. This is common for any loan. However, over time debt consolidation actually helps customers raise their credit score because it provides an easier path for them to pay off debt completely.
As the largest state-chartered credit union in Louisiana, we proudly serve more than 60,000 members nationwide with personalized financial services, resources, and guidance.
Over 750,000 Louisiana residents qualify for membership—are you one of them? If you or a family member meet just one of the following criteria, you qualify for membership!
You also qualify for membership if your immediate family member meets any of the criteria above!
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.