Start the new year right! Consolidate debt and save an extra 1.00% APR* on a signature loan
The first steps are sometimes the hardest
With rates as low as 8.99% APR*, you could save money over the life of your loan and enjoy one lower monthly payment. Now is the time to take that first step toward getting control of your money.
Promotional rates available January 1, 2024 through February 29, 2024.
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Debt Consolidation FAQ
Get answers to your questions about debt consolidation and how it works.
How can a debt consolidation loan help with my monthly payments?
If you find yourself buried in credit card and/or loan debt from multiple creditors, a debt consolidation loan can help you combine those debts into one manageable monthly payment and possibly lower the overall interest you pay.
How can debt consolidation lower the amount of interest I pay?
If you are paying off credit cards and loans with high interest rates, you can lower the amount of interest you are paying by combining that debt into one loan with a significantly lower interest rate.
Which types of debt can I consolidate?
CAFCU can consolidate debt from credit cards as well as unsecured loans not backed by a car or house, such as personal or payday loans.
Do I have to consolidate all of my debt?
While consolidating all your debt through one CAFCU signature loan can be beneficial, you can consolidate any qualifying debt you choose greater than $100 and less than $25,000.
Does debt consolidation hurt my credit score?
Though debt consolidation may briefly lower a credit score by a few points, ultimately the act of paying off your debt consistently will have a positive effect on your credit score, provided you pay your loan on time and avoid building up new debt. In addition, paying off credit card debt increases your available credit, which will help increase your credit score.
After I'm approved, how long does it take to get the money from my loan?
Once approved, a check will be sent directly to you or to specific lenders within 24 to 28 hours. We can also deposit the funds into a member’s Regular Share account.
Have additional questions about our Signature Loan? Contact our Lending Center at 1-800-359-1939, option 3, Monday through Friday from 7 a.m. to 7 p.m. CST.
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*APR=Annual Percentage Rate. 8.99% APR is the lowest rate for New Year Debt Consolidation Signature Loan. Rates vary based on credit score; not all borrowers will qualify for the lowest rate. Rates and offers are subject to change and cannot be combined with any other offers. Loan applications must be submitted January 1, 2024 through February 29, 2024 to be considered for the promotional rate. Offer excludes existing Corporate America Family Credit Union (CAFCU) New Year Debt Consolidation Signature Loans and all other loan types. The minimum New Year Debt Consolidation Signature Loan amount is $100; the maximum amount is $25,000. The maximum repayment term is 84 months. Usual credit criteria apply. Loan must be booked within 30 days from pre-approval to receive promotional rate. Contact CAFCU for complete details.