Break Free with a Debt Consolidation Loan
Accumulating debt can be an overwhelming heavy burden. A debt consolidation personal loan with TEGFCU could simplify your debt, make your finances easier, and help you get the relief you need. This loan combines your high-interest credit cards and bills into one lower, fixed-rate payment. Lock in your rate today!
TEGFCU Debt Consolidation Loan Features
Fixed Rate Loan
APR
Save Money and Boost Your Credit
A debt consolidation loan allows you to:
See How Much You Can Save:
| Creditor | Balance Owed | Minimum Payment | Months to Payoff | Interest Rate | Total Interest Paid | Total Payments |
|---|---|---|---|---|---|---|
| Store Credit Card 1 | $500 | $15 | 47 | 27% APR | $198.36 | $698.36 |
| Store Credit Card 2 | $1,500 | $37.50 | 153 | 26% APR | $1,673.11 | $3,173.11 |
| Major Credit Card 1 | $5,500 | $137.50 | 282 | 22% APR | $7,673.13 | $13,173.13 |
| Major Credit Card 2 | $15,000 | $375 | 382 | 19% APR | $21,923.31 | $36,923.31 |
| Total of Above Debt | $22,500 | $565 | $31,467.91 | $53,967.91 | ||
| Consolidate with a TEG Personal Loan* | $22,500 | $576.03 | 48 | 10.49% | $5,149.28 | $27,649.28 |
*Rates effective as of 4/1/2024. APR = Annual Percentage Rate. Advertised rate is lowest offered and includes a .25% rate discount for automatic payments for the life of the loan. APR is based on creditworthiness, loan amount and term. Your rate and term may vary. Terms from 3 to 60 months. Borrowers may request shorter terms. An additional .50% will be added to APR for each $5000 incremental increase for $35,000 and over, up to the credit union maximum of 18% APR. Rates are subject to change. All loans are subject to approval. For example, a 48-month loan with a 10.49% APR fixed rate loan for $1,000.00 would result in 48 monthly payments of $25.61.
Let’s get you started on your path to Financial Freedom
TEGFCU recognizes that everyone has a unique story. We evaluate loan applications holistically and consider individual circumstances on a case-by-case basis rather than solely relying on credit scores.
When you apply for a debt consolidation loan from TEGFCU, you’ll receive a free credit review from one of our lending experts. We’ll look at all your high-interest debts and plan to consolidate them into one new loan to save you money, strengthen your credit score, or both.
Even if we can’t assist immediately, we’ll provide a plan to help improve your financial situation so we can better prepare you for a debt-free future. Our team will work with you and look for ways to help you meet your financial goals.
FREE CREDIT REVIEW
TEG is your partner and a resource you can trust for solid financial information. We’re committed to helping you get to a better place financially by providing personal financial guidance and offer free credit report reviews. Come talk to us to better understand your credit report, improve your credit score and even save money when you refinance your current loans at a lower rate.
DOWNLOAD OUR FREE GUIDE
Download “Your Guide to Financial Freedom” to learn everything you need to know about debt, including common causes, who would benefit the most from debt consolidation, and tips that can help you find financial freedom.
Discover everything you need to know about getting out of debt for good.
Get a 0.25% Interest Rate Discount
In addition to a great rate, save even more on your Unsecured Personal Loan and Vehicle Loan when you set up automatic payments. Get a 0.25% interest rate discount on your loan when your loan payment is routinely deducted from your checking or savings account.*
Debt Consolidation Calculator
Determine if consolidating your debt into one loan with TEGFCU would be beneficial to you.
Explore Loan Resources
Join TEGFCU
At TEGFCU, your best interests have always been our focus. As a better alternative to banks, our mission is simple, to help you get to a better place financially.
Membership is open to anyone (and their immediate families) who lives, works, worships, or attends school in Dutchess, Orange, Ulster, Putnam, Rockland, Sullivan, and Westchester County, NY. A $5 minimum deposit opens the door to all the benefits of being a valued TEGFCU member.
When we come together, everyone grows.
