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What is a consolidation loan and how does it work?What is a consolidation loan and how does it work?

April 26, 2017consolidation loan

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What is a consolidation loan and how does it work?What is a consolidation loan and how does it work?

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A consolidation loan allows you to pay off several creditors and pay the balance to one creditor. This simplifies making monthly payments and can possibly reduce interest rates, so you may end up paying less than what you would have paid without the loan.