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Great service and quick response to all our questions.
- Tim W.
I did not need to go into a bank. The process was smooth and easy.
- Janet
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.
Is debt consolidation a good reason to get a loan?
It may be a good idea to get a debt consolidation loan if:
You want to combine multiple debts into a single monthly payment. This can simplify your monthly budget and bill paying process.
You want to potentially lower your interest rate on your debts. Instead of paying multiple interest rates across everything you owe, a debt consolidation loan could provide a lower interest rate, depending on your credit and other factors.
You want a longer repayment term. Personal loans for debt consolidation can often come with longer payment terms, giving you more time to pay them off.
You want to lower your credit utilization ratio. Making timely payments on a debt consolidation loan could help improve your credit score over time.
You want your interest rate to stay the same. If you use Rocket Loans to consolidate debt, your monthly payment will remain the same each month through the life of your loan.
What is my debt-to-income ratio?
Your debt-to-income (DTI) ratio is the percentage of your total monthly income (before taxes) that you pay toward your monthly debts. Financial institutions use this percentage to decide if it’s a good idea to lend you money. A debt consolidation loan may help you improve your DTI ratio over time by merging your debts into a single, fixed monthly payment.
Where can I apply/get a debt consolidation loan?
So glad you asked! Start your application to check your debt consolidation loan offers with Rocket Loans. Checking your offers won’t impact your credit score one bit.
What is an unsecured debt consolidation loan?
An unsecured debt consolidation loan is a type of personal loan that provides a convenient way to borrow money without the need for clients to put up any collateral, such as a car or house.
Here at Rocket Loans, we offer unsecured debt consolidation loans because they provide our clients with a quick and easy approval process based on credit history and income, which can lead to faster access to funds for debt consolidation.







