Debt Consolidation

Loan Features

  • Rates as low as 7.99% APR*
  • Reduce your bills to one payment a month
  • Terms from 1 to 84 months
  • No loan origination fees
  • Affordable Payments

A debt consolidation loan is a form of debt refinancing, which means taking out one loan to pay off one or more other loans. By consolidating your debt you can lower your total monthly payments. A debt consolidation loan also gives you the flexibility and comfort to determine the length of time to pay off the loan and allows you to work directly with one single lender, San Francisco Federal Credit Union, rather than multiple lenders. Like the personal loan, a debt consolidation loan requires no security or collateral. However, a debt consolidation loan is used strictly to pay off debt rather than used to create new debt. The application process is easy, and funds can be disbursed quickly. There are no upfront fees and we offer flexible repayment terms with fixed low rates.

Some of the bills most commonly consolidated into a debt consolidation loan are:

  • Medical bills
  • Personal loans
  • Credit cards
  • Payday loans
  • Any other unsecured debt

Four Steps to Consider Before You Make a Decision

Before you apply for a debt consolidation loan, we recommend that you take into consideration the following four points:

  • Take an accurate inventory of your total debt
  • Carefully evaluate the interest you are paying on your current loans
  • Have a clear understanding of your financial objectives
  • Know before you borrow

Consolidating multiple loans means you’ll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner. By understanding how consolidating your debt benefits you, you’ll be in a better position to decide if it is the right option for you. Learn more about pros and cons of a debt consolidation loan.

Debt Consolidation Loan Rates

Debt Consolidation Loans
TermAs Low As APR¹ %
1-12 Months7.99% to 17.99%
13-24 Months12.30% to 17.99%
25-36 Months12.35% to 17.99%
37-48 Months12.40% to 17.99%
49-60 Months12.45% to 17.99%
61-72 Months14.45% to 17.99%
73-84 Months16.44% to 17.99%
Last Updated: 11/07/2023

Annual Percentage Rates. For all loans, the actual annual percentage rate is determined at the time a credit decision is rendered and may be higher than the lowest rates available. Credit history, loan terms, and the amount borrowed are all factors that determine the rate. Not all borrowers will qualify for the lowest rate. There are NEVER any prepayment penalties for repaying your loan early. All loans are subject to credit approval. As of the date of this disclosure, the Prime Rate is 8.50%.

More Financial Tools for You

Credit Cards

We offer a range of credit cards to suit your lifestyle, including everyone from executives to students. Earn rewards, save on interest, or establish credit.

Personal Loans

Borrow as little as $500 and use the cash for any purpose. Choose your loan term and get a competitive APR for an affordable monthly payment.

Personal Line of Credit

Get a credit line of up to $50,000 to pay for ongoing projects and expenses. Only pay interest on the funds you use!

Where can I find educational resources to learn more about debt consolidation loans?

Debt Consolidation Loan FAQs

How does a debt consolidation loan work?

The most common way to consolidate your debt is through a debt consolidation loan. When you apply for a debt consolidation loan, you complete a simple loan application process. During this process, we analyze your finances to determine how much you’re qualified to borrow. Your loan can be secured, meaning you put up collateral such as your home or vehicle to get the loan, or unsecured, meaning no collateral is needed. You can “pay off” all of your debt with creditors using the money you get from a debt consolidation loan. You’ll then pay one monthly bill for a specific number of months at a consistent rate until you’ve paid off the balance. So instead of making multiple payments each month, each with a different interest rate, you make one.

How do I apply for a debt consolidation loan?

You can apply in one of three ways: online, call us at 415-775-5377, or by visiting one of our branches.

What is a loan repayment term?

The term of the loan is the length of time you are provided to pay back the funds borrowed. We offer terms from 1-84 months.

Why should I choose a debt consolidation loan?

Debt consolidation is for the sole purpose of consolidating debt. Because of the flexibility in terms and our competitive low rates, this product has been known to help members combine their debt into one loan, with one single payment and a foreseeable end to stress and burden that debt carries. Taking advantage of a debt consolidation loan can also save you money over time.

How much can I apply for?

We offer personal loans as low as $500 and up to $50,000. The amount you are approved for will be based on several factors we review for qualification.

If I pay the loan before the term, is there a penalty?

No, San Francisco Federal Credit Union does not charge a pre-payment penalty. We encourage our members to increase their monthly payments or make additional payments when they can. This will help reduce the balance quicker and save on interest.

What’s the difference between a debt consolidation loan and a personal loan?

Once you carefully assessed your financial situation and objectives, you are in a better position to determine if a debt consolidation loan from San Francisco Federal Credit Union is appropriate for you. Please understand, a debt consolidation loan is different than a personal loan, so any special promotions we may have available throughout the year for our personal loans does not apply to our debt consolidation loan. You can apply for your debt consolidation loan by calling 415-775-5377, by stopping into one of our branch offices or by clicking on the button to the right. All loans subject to credit approval. Read More

What does my credit score and income have to do with my loan?

As a responsible financial partner, San Francisco Federal Credit Union is committed to making sure we have safe and ethical lending practices. This means that when you apply for one of our loan products, we do a thorough review to ensure that granting the loan does not put you in an uncomfortable financial situation. Your credit score and income tell a story on your ability to manage your finances and your commitment to paying money owed. It also helps us determine the amount we can lend to you and at what rate.

Do you offer lending to non-permanent U.S. residents?

Some of our lending products, like closed-end loans, are available to non-permanent U.S. residents, contingent upon review of current work permit/visa. Certain loan terms will be determined by visa/permit expiration.

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