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For many consumers who are looking to take maximum advantage of their creditworthiness, a debt consolidation loan can be an excellent option for achieving financial success and stability. If you are seeking to pay less per month on any existing debt you already have, a debt consolidation loan from a top-tier lender like The Federal Savings Bank is an excellent way to combine some of your debt into one monthly payment, ideally at a lower interest rate, so you will pay less overall. 

 

Why Should I Try to Consolidate Debt? 

Consolidating your consumer debt can be a good idea if you are tired of losing money each month to multiple high-interest credit cards or high-interest private student debt. A good loan officer, like a member of the team at The Federal Savings Bank, should be able to help you calculate how much money you can save by combining these obligations into one lower-interest monthly payment. Doing so can save you thousands or tens of thousands of dollars over time, and according to the Consumer Financial Protection Bureau, could also help you improve your credit score by reducing the total usage on your credit accounts. 

Personal loans at The Federal Savings Bank are not just for consolidating debts. If you are interested, you may also apply for a personal loan of up to $35,000 that can be used towards additional costs such as renovating your home or purchasing a vehicle. Many home loan borrowers choose to take out a personal loan alongside their mortgage to assist with closing and moving costs. Whatever your needs, a TFSB personal loan is designed to afford you the financial flexibility to help you get to the next chapter of your life. 

 

Qualifying for a Debt Consolidation Loan 

If you’re interested in getting your debt under control with a personal loan from The Federal Savings Bank, you will need to consent to a credit check and meet certain credit score requirements. It’s also a good idea to have important documents on hand like your photo ID, and your most recent W-2 or tax return. If you are interested in learning more about personal loans, consult our Learning Center, or consider speaking with a loan officer with any questions. Or if you’re ready to take hold of your financial future today, you can even apply now! 

 

Subject to credit approval. Terms and conditions may apply. 

This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to your individual situation.