Bills Piling Up?
A Debt Consolidation Loan can help!
A debt consolidation loan is a form of debt refinancing, which means taking out one loan to pay off one or more other loans. By consolidating your debt you can lower your total monthly payments. A debt consolidation loan also gives you the flexibility and comfort to determine the length of time to pay off the loan and allows you to work directly with one single lender, San Francisco Federal Credit Union, rather than multiple lenders. Like the personal loan, a debt consolidation loan requires no security or collateral. However, a debt consolidation loan is used strictly to pay off debt rather than used to create new debt. The application process is easy, and funds can be disbursed quickly. There are no upfront fees and we offer flexible repayment terms with fixed low rates.
Some of the bills most commonly consolidated into a debt consolidation loan are:
- Medical bills
- Personal loans
- Credit cards
- Payday loans
- Any other unsecured debt
Four Steps to Consider Before You Make a Decision
Before you apply for a debt consolidation loan, we recommend that you take into consideration the following four points:
- Take an accurate inventory of your total debt
- Carefully evaluate the interest you are paying on your current loans
- Have a clear understanding of your financial objectives
- Know before you borrow
Consolidating multiple loans means you’ll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner. By understanding how consolidating your debt benefits you, you’ll be in a better position to decide if it is the right option for you. Learn more about pros and cons of a debt consolidation loan.
Debt Consolidation Loan Rates
|Term||As Low As APR¹ %|
1Annual Percentage Rates. For all loans, the actual annual percentage rate is determined at the time a credit decision is rendered and may be higher than the lowest rates available. Credit history, loan terms, and the amount borrowed are all factors that determine the rate. Not all borrowers will qualify for the lowest rate. There are NEVER any prepayment penalties for repaying your loan early. All loans are subject to credit approval. As of the date of this disclosure, the Prime Rate is 3.25%..
Where can I find educational resources to learn more about debt consolidation loans?
- Debt Consolidation vs. Personal Loans
- How To Consolidate Your Debt [Ultimate Guide]
- What Is Debt Consolidation (And Should You Do It)?
- Additional Financial Tips
Debt Consolidation Loan FAQs
The most common way to consolidate your debt is through a debt consolidation loan. When you apply for a debt consolidation loan, you complete a simple loan application process. During this process, we analyze your finances to determine how much you’re qualified to borrow. Your loan can be secured, meaning you put up collateral such as your home or vehicle to get the loan, or unsecured, meaning no collateral is needed. You can “pay off” all of your debt with creditors using the money you get from a debt consolidation loan. You’ll then pay one monthly bill for a specific number of months at a consistent rate until you’ve paid off the balance. So instead of making multiple payments each month, each with a different interest rate, you make one.
You can apply in one of three ways: online, call us at 415-775-5377, or by visiting one of our branches.
The term of the loan is the length of time you are provided to pay back the funds borrowed. We offer terms from 1-84 months.
Debt consolidation is for the sole purpose of consolidating debt. Because of the flexibility in terms and our competitive low rates, this product has been known to help members combine their debt into one loan, with one single payment and a foreseeable end to stress and burden that debt carries. Taking advantage of a debt consolidation loan can also save you money over time.
We offer personal loans as low as $500 and up to $50,000. The amount you are approved for will be based on several factors we review for qualification.
No, San Francisco Federal Credit Union does not charge a pre-payment penalty. We encourage our members to increase their monthly payments or make additional payments when they can. This will help reduce the balance quicker and save on interest.
Once you carefully assessed your financial situation and objectives, you are in a better position to determine if a debt consolidation loan from San Francisco Federal Credit Union is appropriate for you. Please understand, a debt consolidation loan is different than a personal loan, so any special promotions we may have available throughout the year for our personal loans does not apply to our debt consolidation loan. You can apply for your debt consolidation loan by calling 415-775-5377, by stopping into one of our branch offices or by clicking on the button to the right. All loans subject to credit approval. Read More
As a responsible financial partner, San Francisco Federal Credit Union is committed to making sure we have safe and ethical lending practices. This means that when you apply for one of our loan products, we do a thorough review to ensure that granting the loan does not put you in an uncomfortable financial situation. Your credit score and income tell a story on your ability to manage your finances and your commitment to paying money owed. It also helps us determine the amount we can lend to you and at what rate.
Some of our lending products, like closed-end loans, are available to non-permanent U.S. residents, contingent upon review of current work permit/visa. Certain loan terms will be determined by visa/permit expiration.
“I want to start by saying that this is one of the best banks that I have known, I recommend them toShawn L.
everyone, it has very good service, especially I want to thank the Burlingame Branch Manager, she is an excellent person,
very professional, very kind whenever we talk to her, my wife and I know she is always there to help us,
always very nice, her service is more than excellent, I want to say that she is one of the best, I
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“I applied for a debt consolidation loan last week, and was approved within a matter of days! The loan representativeBobby M.
was so quick to respond to moving my application forward and officially sent off the checks today to
the credit cards I wanted to consolidate. I love San Francisco Federal Credit Union as their staff always
move so quickly and their financial products tend to have great interest rates.”
“I just want to give five plus!! Thumbs up to the collection department, you have totally made my day and the end of this year bright again for me! He was so helpful and kind and very understanding of my financial dilemma, and he was kind enough to give me knowledge of what to do in the future if I ever come across a financial burden situation again. He also educated me on how to take care of my account.”Diana C.
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“We love this credit union, everyone is very kind, but what really sets them apart is the Collections Department. We were really suffering financially due to unforeseen circumstances such as getting hit by a vehicle while crossing the street and then Covid. I was unable to work for almost a year. They helped us save our home and continues to be there for us with financial advice and helping our family secure their future. We would never consider banking anywhere else!”Kurt F.