Debt Consolidation Loans | Greater Nevada Credit Union

Explore strategic ways to pay off your debt with a local and trusted financial partner in Greater Nevada Credit Union. From personal loans to lines of credit, we’re here to help with options that fit your life. Learn more about our options for debt consolidation loans today.

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What is Debt Consolidation?

Stressed about debt? When you’re juggling multiple sources of high-interest debt (and consequently, multiple monthly payments) it’s hard not to be. Fortunately, at Greater Nevada, you’ll find options for managing those loan amounts more strategically.

Debt consolidation is exactly what it sounds like: using a new personal loan, personal line of credit, or home equity line of credit to pay off other debts and switch to one simple monthly payment–no juggling involved.

If you’ve accumulated equity in an asset like a home or vehicle (including recreational ones, like RVs), then another option to consider is a cash out refinance. It could be a simple way to tap extra cash and use it to help consolidate your debt.

Ideally, consolidating your debt will help you secure better loan terms and interest rate, but it’s not guaranteed–especially for applicants with less-than-perfect credit history. Keep in mind that no two situations are exactly alike when it comes to debt consolidation. Just know that Greater Nevada is here to help you explore and understand your options.

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Debt consolidation is just one of the ways we help our members Live Greater. Learn more about our loan options, and you can easily apply online to get started.

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Does consolidation affect my credit score?

Combining multiple sources of debt is a great way to improve your credit score, especially as you make payments on time. You might see a temporary dip in your score at first for a new credit inquiry and the opening of a new loan or line of credit should you find an option that suits your needs (this is common and normal), but give it some time–in the long run, with regular on-time payments, your score should improve.

What is the minimum credit score for a debt consolidation loan?

Unfortunately, there is no single minimum credit score that applies in every debt consolidation scenario. Every borrower is different, and so is every “ideal” credit score.

Less-than-perfect credit? Interested to see where you stand with your credit report? Members can take advantage of our free My Credit Health feature within Digital Banking offering a powerful one-stop-shop to access your credit score, credit monitoring, credit score simulator, financial tips, and more. All of this without impacting your credit score, and all online.

Is debt consolidation a good reason to get a loan?

If multiple debts are causing you stress and financial hardship, consolidating may help simplify your life. Depending on what avenue of consolidation you choose–a personal loan, a personal line of credit, or a home equity line of credit, for example–you may even be able to get a better rate than what you’re currently paying on your existing debt.

When is debt consolidation a good idea?

There are lots of good reasons to consolidate your debt. You may have several or just one. For example, if some of your debts come with high interest rates, you may be able to get a better rate when you consolidate.

If improving your credit is your first priority, consolidation can help with that, too. Just keep in mind that if your debt is more than half of your income, consolidation may not be the best way forward. Contact our lending team to explore your options–we’re happy to help.

Take control of your financial wellness by exploring Greater Nevada’s debt consolidation options. Apply online or contact us through our lending hotline to learn more.

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Debt Consolidation

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