A Rocket Loans℠ debt consolidation loan allows you to combine multiple debts - like credit cards or other loans - into one single, easy to manage payment. In addition to budgeting for one set payment, a debt consolidation loan could help you secure a lower interest rate and select repayment terms for your situation.
Our debt consolidation loans have a fully online, seamless application process.
For a more detailed look at what to expect with Rocket Loans, check out our quick and simple process page.
Consolidating debt with a personal loan from Rocket Loans can simplify how you pay back money you owe. Reasons you may want to consolidate your debt with Rocket Loans include:
A finance charge is the total cost of the loan, including all interest and fees incurred at the time of origination (i.e. fees that are financed). See below for an example:
Credit Cards |
||
|---|---|---|
|
Loan Amount/Balance |
$16,000 |
$16,000 |
|
Monthly Payment |
$376.83 |
$376.83 |
|
Origination Fee |
$1,112 |
N/A |
|
APR |
17.90% |
23.24% |
|
Time To Pay Off |
60 months/5 years |
91 months/7.6 years |
|
Finance Charge |
$7,744.48 |
$17,940.48 |
$10,196Personal Loan Cost Savings |
Credit Cards |
|
|---|---|
|
Balance |
$16,000 |
|
Monthly Payment |
$376.83 |
|
Origination Fee |
N/A |
|
APR |
23.24% |
|
Time To Pay Off |
91 months/7.6 years |
|
Finance Charge |
$17,940.48 |
|
Loan Amount |
$16,000 |
|
Monthly Payment |
$376.83 |
|
Origination Fee |
$1,112 |
|
APR |
17.90% |
|
Time To Pay Off |
60 months/5 years |
|
Finance Charge |
$7,744.48 |
$10,196Personal Loan Cost Savings |
Savings example assumes a $16,000 credit card balance making 91 monthly payments of approximately $376.83 at 23.24% APR for a total of $17,940.48 in interest paid as calculated using the Calculator.net Credit Card Calculator versus a Rocket Loans Personal Loan of $16,000 with a 6.95% origination fee and making 59 scheduled monthly payments of approximately $376.83 and 1 final monthly payment of approximately $399.09 based on a 14.55% interest rate and 17.90% APR for a total of $6,632.06 paid in interest. Actual savings may vary based on the actual APR of existing credit cards and the APR of a personal loan you may obtain through Rocket Loans.
