Get in control of your debt and simplify your finances with Debt Consolidation.
No matter how careful you are, anyone can fall behind on their bills and fall into debt. It could be from a medical emergency, car repairs, home repairs, a job layoff, or something else. Many people rely on personal credit cards, payday loans, or borrow from friends and family to get by. All of these can add up to significant costs that make it even harder to get ahead.
At Vision Bank, we can help you get back on track with a debt consolidation loan so you can pay off those higher-interest loans in favor of a lower rate and easy-to-make payments.
At Vision Bank, we can help you get back on track with a debt consolidation loan so you can pay off those higher-interest loans in favor of a lower rate and easy-to-make payments.
What Can a Debt Consolidation Loan Be Used for?
Whether you have credit card debt, medical debt, student loans, a home repair bill you need to pay, or just about anything else, you could use a consolidation loan to pay off these debts.
If your debt is coming from a couple of sources, and you have multiple payments each month, a consolidation loan would give you just one loan payment each month. It can grant you a lower interest rate, which would make it easier for you to pay down and eventually eliminate your debt.
If your debt is coming from a couple of sources, and you have multiple payments each month, a consolidation loan would give you just one loan payment each month. It can grant you a lower interest rate, which would make it easier for you to pay down and eventually eliminate your debt.
You can create a plan that works for you, with loan payments that you could more easily afford than if you were paying multiple creditors at once. To get an idea of how much your credit card or other interest payments are costing you, check out our free credit card and debt consolidation calculator. It gives you a good idea of how much interest you’re paying, how long it would take you to pay off your balance, and how much you may benefit from a debt consolidation loan.
As you weigh your options, keep in mind that a shorter-term loan would give you higher monthly payments but reduce your overall interest costs. With a longer-term loan, your monthly payments will be lower, but with higher interest costs. When you apply for a debt consolidation loan through Vision Bank, we make sure your monthly payments are affordable, while enabling you to pay off the loan as soon as possible.
Secured vs. Unsecured Loans for Debt Consolidation
At Vision Bank, we offer both secured and unsecured loans to help our customers kick debt to the curb. Both loan options allow you to pay off and consolidate your debt, but the option that is best for you will depend on a few options.
Secured Loans
With a secured loan, you use an asset of yours as collateral to secure the loan. This would be something tangible that has value, such as a car or a Certificate of Deposit. Not only do secured loans offer lower interest rates, but they offer a chance to borrow more money than an unsecured loan while offering longer repayment terms. However. if you fail to make the minimum regular payments on your loan, you could risk losing whatever asset you used as collateral.
Secured Loan Features:
- Tied to an asset that is being used as collateral such as a car or certificate of deposit.
- Receive a lower interest rate
- Easier to obtain with higher borrowing potential
- Longer repayment term and risk of losing assets if you default on your loan
Unsecured Loans
Unsecured loans have higher interest rates and shorter repayment terms. The biggest upside to an unsecured loan is you don’t have to put up any collateral, such as a car, to obtain the loan.
Unsecured Loan Features:
- No assets at risk
- Shorter repayment term
- Based on credit history
- Harder to obtain
- Higher interest rate
Not Sure How to Choose Between a Secure and Unsecure Loan? We’re Here to Help!
At Vision Bank, we listen to our customers’ unique needs and help them to determine the right loan for them. We can help you compare your options and find a consolidation loan that suits your needs. You can contact us online, call us at 888-332-5132 or stop by one of our many South-Central Oklahoma locations to get started.
Common Questions about Debt Consolidation
What is a debt consolidation loan?
A consolidated loan helps take several debts, such as credit cards, car loans, and helps consolidate them into one easy-to-pay loan with a lower interest rate and possibly a lower monthly payment. Debt consolidation doesn’t change the total amount you owe, but it can make the repayment process easier and more manageable.
Do debt consolidation loans hurt your credit?
A consolidated loan can be a smart way to streamline higher interest loans. Because your goal is to eliminate debt, a consolidated loan can help in the long term. It doesn’t change the total amount you owe, but it can make the repayment process easier and more manageable. In the short term, the debt consolidation loan may affect your credit because you’re opening a new account and taking out a new line of credit.
Why choose Vision Bank for your Debt Consolidation Loan?
As an independently owned community bank in Oklahoma, Vision Bank is invested in the success of our community.
Get Started on the Path to a Debt-Free Future with Vision Bank
If you’re considering a consolidation loan, look no further than Vision Bank. We’ve been serving the South-Central Oklahoma region since 1901. We’re locally owned, so we give back to the community in many ways, with charitable donations and supporting financial literacy education in local junior high and high schools. If you’re not sure where to start, please call us at 888-332-5132 to speak with a local lender. You can also stop by one of our many branch locations to learn more about our secured and unsecured debt consolidation loans. You can also apply online below.