Consolidation Loans
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| A consolidation loan is a loan taken out to roll several of a person's financial obligations into a single loan which could help to save money on monthly payments and interest. For example, a person may have a home loan of $150,000, an auto loan of $10,000 and a credit card balance of $2,000 all at different interest rates. This person could consolidate the three debts into one loan of $162,000, pay a lesser interest rate and save money by making a single monthly payment.
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