Debt Consolidation
Is debt weighing you down? Find relief with one of our debt consolidation loans or personalized solutions. Our dedicated team can help you find a debt solution that works for you. Call 904.224.9077 and start your journey toward greater financial freedom.
Free up cash flow by consolidating high-interest debt into a lower rate loan with an affordable monthly payment.
Get a head start on financial freedom with a new, lower-rate loan that helps you pay your debt off faster.
No more juggling of multiple payments and due dates. Manage your debt with a single, fixed montly payment and a set repayment period.
How Does Debt Consolidation Work?
When you apply for debt consolidation, you are securing a new loan to pay off one or multiple debts. There is not a one-size-fits all approach to debt consolidation. If you are unsure which debt consolidation loan is right for you, contact us at 904-224-9077. Our team of experts can create a personalized solution to help you consolidate high-interest debt into an affordable, low rate loan with a single fixed monthly payment.
Compare Debt Consolidation Loan Options
| Personal Loan | Home Equity Loan | Auto Refinance | Credit Card Transfer | |
|---|---|---|---|---|
| Description | Make one easy monthly payment until your debt is gone. | Use the equity in your home to secure a loan. No closing costs1, low rates and affordable payments help you tackle debt. | Consider refinancing your auto loan to potentially reduce or lower your monthly payments. | Transfer balances from higher-rate cards to a new low-rate card with no annual fees. |
| Rate Type | Competitive fixed | Competitive fixed | Competitive fixed | Competitive variable |
| Secured/Unsecured | Unsecured | Secured | Secured | Unsecured |
| Get Started | Apply Now | Apply Now | Apply Now | Apply Now |
| View Rates | View Rates | View Rates | View Rates |
Use our financial calculators to get an idea of what your monthly payment could be on a new loan.
Understand the different types of debt and which may be eligible for debt consolidation.
How to tell if you're ready for a debt consolidation loan.
Learn the key methods to paying off debt and understand which one works for you.
FAQ
There are generally two options for how debts are paid with a debt consolidation loan. In some cases, the borrower receives loan funds in their account and is responsible for paying the debt(s). Other times, the financial institution pays the debt(s) directly. This can vary by the type of debt, type of loan the borrower is approved for, and more. To learn more about how you can pay off your existing debts through debt consolidation, contact us.
When consolidating debt, remember the total cost involves more than just the monthly payment and interest rate. Community First does not charge origination fees on personal loans. See the benefits of our personal loan.
Generally, you can use a debt consolidation loan to consolidate these kinds of debts: credit cards, personal loans, medical debt, student loans, and even some secured debts such as auto loans and mortgages.
Every financial situation is unique, so it is best to speak with our loan team to see what works for you.
There are different solutions you can use for debt consolidation. Personal loans are common but they are not the only option. Sometimes home equity loans, second mortgages, auto loans, credit cards and more used to consolidate debt. One of our team members can help you understand what kind of loan is best for your unique financial situation.
1 Home Equity Loan – Terms are 10, 15 and 20 years. Minimum loan amount is $10,000. Maximum loan amount is $500,000. Credit and other restrictions apply. Title insurance may be required and is paid by borrower on home equity loans and HELOCs. Property insurance is required, and flood insurance may be required depending upon the location of the property. The amount of a home equity loan is based upon the current market value of the property, minus the amount of any current mortgages and other liens on the property. New members must open a share account with a minimum $5 initial deposit (share account is required for membership).
Community First will pay the closing cost associated with home equity loans, excluding the cost of a full appraisal if required. Fixed rate equity loan terms are 10, 15 & 20 years. Home Equity Loan payment example: $50,000 borrowed for a 10 yr. term at 7.720% APR would equal a payment of $599.27 a month. Minimum loan amount is $10,000. Maximum loan amount is $500,000. Maximum loan-to-value is 90% of the property value. All home equity loans are subject to credit approval. Some other restrictions may apply.