Debt Consolidation Loan
Simplify your finances by consolidating higher-interest debt with a Debt Consolidation Loan.
Our Debt consolidation loans are used to specifically pay off debts. You can combine all debts into one loan. These loans don't just save you money, they can make your debts easier to manage as you will only have one easy to manage loan payment.
The debt consolidation loan will typically have a lower interest rate than your current debts. We have competitive interest rates when compared to credit cards and have a fixed payoff plan which offers a clear path to pay off your debts faster. Paying off debts on time or faster can improve your credit score. By improving your credit score will put you in a better position to obtain a favorable interest rate for your future financial needs.
Debt Management Loan
Our Debt Management Loan is for members who have been working to or would like to work toward improving their credit. It is designed to assist members who may be struggling with credit.
The Debt Management Loan is not based on a credit score. The interest rate for the loan is based solely on the term of the loan. The minimum loan period is 24 months and the maximum term is 48 months. The maximum loan amount is $5,000.
Borrowers have the opportunity to reduce their interest rate during the loan period. Since the purpose of the Debt Management Loan is to help members repair their credit, after 6 months of continuous payments members can request a “soft pull” credit review. When the member’s credit score has increased by a letter grade we can reduce the interest rate on the loan by 1.00%! For the life of the loan, the member can request a review every 3 months. Each letter grade improvement will achieve an additional .25% interest rate deduction. The maximum rate reduction for the full life of the loan is 2.00%
Prior to closing on a Debt Management Loan the member must complete at least one free Financial Wellness meeting with a Riverbank FCU Certified Credit Union Financial Counselor. This meeting will review the member’s current financial condition, focus on meaningful budgeting skills and set the framework for achieving the member’s credit improvement goals.
Contact Us for More Information
Check out our Financial Wellness Program