Consolidation Loan

A personal loan that's used to pay off existing debt. The goal of a consolidation loan is to combine multiple debts into a single monthly payment, which can save money and simplify the repayment process. Consolidation loans are usually unsecured, meaning you don't need collateral to secure the loan. They also have fixed interest rates and fixed repayment terms, which are generally between 12 and 60 months or longer.