Streamline your debt with a loan for debt consolidation.
If you have multiple debts from a variety of sources—such as wedding expenses, credit card bills, and large purchases—we can work with you to find the best way to consolidate debt to lower your payments.
If you simply want to learn a little bit more about debt consolidation loans, that’s fine too.
Here you’ll discover what a debt consolidation loan is and answers to commonly asked questions.
You can also simply apply online for a debt consolidation loan.
What is debt consolidation?
Debt consolidation loans are a type of debt refinancing that allows consumers to pay off various unsecured debts by combining them into one loan with one monthly payment.
Most consumers consider debt consolidation for unsecured debts which yield a high interest rate, such as credit cards, medical bills, high-interest loans and other various bills.
You may qualify for a lower rate and/or a higher amount with an auto secured loan for debt consolidation. If you’re interested, see below for more information or reach out to your local branch if you have questions.
A secured loan means you are pledging something of value as an assurance that your loan will be repaid according to the agreed terms and conditions. Assets such as cars can be used as collateral, and, in some instances, the lender can place a lien on the asset, which will remain until the loan has been paid in full, including interest and all applicable fees.
It’s important to remember that if you are unable to repay a secured loan, the lender may be able to sell the pledged collateral to pay off all or part of the loan.
What are the benefits of consolidating debts?
There are many benefits of getting a loan to manage your debt. Here is a list of some common benefits of debt consolidation loans:
- You can pay off higher interest loans to consolidate your debt into one loan, which may help improve credit score over time.
- Your debt consolidation loan can result in one monthly payment.
- You may have the ability to choose a loan term that allows you to repay your loan over a longer term.
- You may be able to consolidate credit card debts or file for a credit card balance transfer
When to use a loan to consolidate your debt?
When considering whether to consolidate debt, you should always consider the total interest you are paying over the term of the debt.
However, things come up and before you know it and you may have more sources of debt than you would like.
If this happens feel free to apply for a Mariner Finance debt consolidation loan to help make life more manageable.
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What is a personal loan?
Great question. It’s a loan that may help you deal with an unexpected expense, see a new part of the world, or simply help you achieve your personal goals. We have those.
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