Commerce consolidating loan school
However, if you’ve ruled out balance transfer cards and other types of loans, this may be an option for you.
One benefit is that this loan won’t show up on your credit report.
The Schools Personal Loan offers a low, fixed rate with a one-time lump sum at funding that is repaid over a predetermined time.
Fixed payments help you easily budget all of your finances for the month and can help you get on the right track to pay off your debt quicker.
Since both types of loans are secured by your house, you could lose it if you don’t keep up with payments.
Most will give you an estimated rate without a “hard inquiry” on your credit, unlike many banks and credit unions.
Credit unions can offer lower rates because they do not have shareholders. Earnings are returned to members in the form of higher savings rates, lower loan rates and lower fees for services.
The more you take advantage of what a credit union has to offer, the more you save!
The loan should give you a lower interest rate on your debt or help you pay it off faster.
Nerd Wallet recommends visiting your local credit union first.
Some also send money directly to your creditors, increasing the odds of successful debt consolidation.