Have you accumulated a large amount of debt with credit cards that have high interest rates? Do you want to consolidate your debt for a low, fixed interest rate? Then Somerville’s Credit Union has the answer for you!
Apply for our Debt Elimination Loan and take advantage of:
- Rates as low as 8.99% APR*
- Borrow up to $15,000
- 12-60 months terms
- Fixed rate based on credit profile
Savings Example
The average credit card interest rate in America today is 24.61%
If you are carrying average balance of $15,000 for 48 Months, TOTAL Cost of the debt is $23,716
If you consolidate $15,000 with Somerville Credit Union for 48 Months, TOTAL Cost of the debt is $17,913
TOTAL SAVINGS over 4 Years are approximately $5,803!
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Applying for a Debt Consolidation Loan with Somerville Credit Union
Dealing with multiple debts can be overwhelming, leading to stress and financial strain. However, debt consolidation offers a solution by combining multiple debts into a single, manageable loan. If you’re a member of Somerville Credit Union and considering debt consolidation, here’s a guide to help you through the application process. If you are not a member, it is easy to join Somerville Municipal Credit Union, Contact Us and we will guide you!
Assess Your Debt Situation
Before applying for a debt consolidation loan, take stock of your current debts. Gather information about outstanding balances, interest rates, monthly payments, and any other relevant details. This assessment will help you determine the total amount you need to consolidate.
Understand Debt Consolidation Benefits
Debt consolidation offers several advantages, such as:
- Simplified Payments – Instead of juggling multiple payments, you’ll make a single monthly payment, making budgeting easier.
- Lower Interest Rates – A debt consolidation loan from Somerville Credit Union may have lower interest rates compared to your existing debts, potentially saving you money.
- Faster Debt Repayment – With a consolidated loan, you can focus on paying off the principal balance more quickly, reducing the overall repayment period.
Contact Somerville Credit Union
Reach out to us to inquire about their debt consolidation loan options. You can do this by visiting a branch in person at 236 Holland St in Somerville, calling our member service line at (617) 625-0898, or via Contact Form.
Gather Required Documents
When applying for a debt consolidation loan, you’ll need the following documents:
- Proof of Income: Pay stubs, tax returns, or other income verification documents.
- Current Debt Statements: Statements from your existing creditors showing outstanding balances.
- Identification: A government-issued ID, such as a driver’s license or passport.
- Employment Information: Details about your employer, including contact information.
Complete the Application
Once you have the necessary documents, complete the debt consolidation loan application provided by Somerville Credit Union. Provide accurate information about your financial situation, including your income, expenses, and debts.
Await Approval and Review Terms
After submitting your application, Somerville Credit Union will review your financial information and credit history. If approved, carefully review the terms of the debt consolidation loan, including interest rates, repayment terms, and any fees associated with the loan.
Accept the Loan Offer
If you’re satisfied with the terms offered by Somerville Credit Union, accept the loan offer. Make sure to understand your new monthly payment amount and due date.
Begin Repayment
Once the loan is disbursed, start making payments according to the agreed-upon schedule. Monitor your progress and take advantage of the simplified repayment structure to pay off your consolidated debt efficiently.
By following these steps and leveraging the resources available at Somerville Credit Union, you can take control of your finances and work towards a debt-free future through debt consolidation.
*APR = Annual Percentage Rate. A 8.99% APR loan of $15,000 for 60 months has a monthly repayment amount of $311.30.
