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Debt consolidation loans

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Everything you owe, simplified with debt consolidation

Use a personal loan through Oportun to streamline your debt payments. If you’re making payments for multiple lines of credit, like payday loans or credit cards, a personal loan could help consolidate these debts so you can make a fixed payment to a single lender on a schedule.

Consolidating your debts may save you money in the long term if your existing debts have higher APRs, longer repayment terms, or hit you with too many fees.


The perks of consolidation loans

Affordable payments

You’ll always know how much your payment is, when it’s due, and won’t make a balloon payment

Fixed APR

The cost of borrowing won’t change over the time it takes to pay your loan back

Good for your future

Affordable loans can simplify your finances and help build your credit score with on-time payments

Loan consolidation FAQs

What is a debt consolidation loan?

A personal loan can be used to consolidate debt by combining two or more of your existing debts into a single loan with a single bi-weekly or monthly payment. For example, if you owe money on two different credit cards and have a car loan, you could take out a personal loan to pay off those three debts, and then you’d only have to work with one lender to make repayment. It’s often used by people with multiple high-interest credit cards or payday loans so that they may simplify repayment or save money. You should compare the cost of credit and repayment terms of your existing debt and any new personal loan, so you can make the right financial decision for your budget.

How do debt consolidation loans work?

Debt consolidation loans work by letting you take out a loan to pay off your other debts, like from credit cards, payday loans, or other personal loans. Once your other debts are paid off, you’ll have just the one large loan to repay with fixed repayment terms.

Are debt consolidation loans a good idea?

Debt consolidation loans could be a good idea depending on your financial situation. If you make your payments on time and in full, debt consolidation loans may actually help build your credit. Taking out a loan to pay off other debts may help reduce your overall monthly payments and simplify repayment. Instead of making payments to multiple creditors, you can just pay one monthly sum. If the repayment period is longer, they also could end up costing more overall, even if they payments are more manageable. You should always compare the cost of credit and repayment terms so you can make the right decision for your budget. Further, personal loans may be difficult to get if you have a poor credit rating or too high of a debt-to-income ratio.

How do I get a debt consolidation loan?

Once you’ve decided that a personal loan for debt consolidation is right for you, the next step is applying. Applying through Oportun, you’ll usually get a decision on your application the same day. Just take a minute to make sure you understand the repayment terms so you can make the right decision for your future financial goals.

Don’t just take our word for it

80,000 5-star reviews on Google and Trustpilot

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I want to say thanks to everybody at oportun because it has given me the opportunity to pay all my debt. Thank you.
Evangelina Pena
from Google
This place is a great place to Start building credit. I’ve recommended many friends. I my self have taken out a few loans with them and the Staff are always supper friendly.
Cynthia Garcia
from Google
The whole process was extremely easy and pleasant. The staff representative was very informative, helpful and compassionate. I was able to take care of the emergency that came about with Oportun!! I will recommend them to my family and friends. Happy first time customer.
Claudia Morales
from Google
A+ rating by the Better Business Bureau (BBB)
#1 savings app of 2023 by Bankrate
CDFI: Certified by U.S. Department of the Treasury

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Become even savvier with consolidation loans

What is a loan origination fee? What do you need to get a personal loan? What is a personal loan and how do personal loans work? What is an installment loan?

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