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Consolidation Loan

A loan usually obtained for the purpose of reducing the amount of the payments of bills owed by consolidating the bills into one loan payment. The consumer pays off several bills with the proceeds from one loan and is left with one consolidated monthly payment.
A single loan obtained to pay off multiple loans. A consolidated loan may offer a lower monthly payment but a longer repayment period. Also called debt consolidation.
A loan that combines various types of student loans into one single loan with a single interest rateand single payment. A loan that consolidates, or pays off, several old loans and replaces them with one new loan, usually to obtain a lower interest rateor lower monthly payment by extending the loan over a longer period of time.
A loan made to enable a borrower with different types of loans to obtain a single loan with one interest rateand one repayment schedule. While the interest ratescenario calls for caution on borrowings, the time is probably ripe to invest in debt options that can help you lock into the higher interest rates prevailing now.

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