Break Free with a Debt Consolidation Loan
Combine eligible debts into one fixed monthly payment with an unsecured personal loan and local support from TEG Federal Credit Union.
Apply for a Debt Consolidation Loan
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Fixed rate Predictable monthly payments
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Flexible terms Up to 60 months
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Loan amounts $500–$30,000+
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No application fee No prepayment penalties
Why choose a TEG debt consolidation loan?
48‑Month
Fixed Rate Loan
APR
A CLEARER WAY FORWARD
Less to juggle.
More control.
Bring your payments together.
Take your next step with confidence.
How does debt consolidation help?
A debt consolidation loan pays off multiple existing debts, such as credit card balances, so you repay one loan with one monthly payment.
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One payment to manage
Keep track of one loan payment instead of several bills and due dates.
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A chance to reduce interest
A lower rate may help you save. Compare the APR, fees and repayment term to understand the total cost.
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A clear path to repayment
Fixed payments and a scheduled payoff date help you see your progress when you pay as agreed.
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Room for better credit habits
Paying down credit cards may lower your credit utilization. Keep balances low and make payments on time.
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A simpler monthly budget
A predictable loan payment makes it easier to plan for everyday expenses.
Know before you consolidate: A lower monthly payment may result from a longer repayment term and could cost more overall. Credit-score improvements are not guaranteed.
See How Much You Can Save
| Creditor | Balance Owed | Minimum Payment | Months to Payoff | Interest Rate | Total Interest Paid | Total Payments |
|---|---|---|---|---|---|---|
| Store Credit Card 1 | $500 | $15 | 47 | 27% APR | $198.36 | $698.36 |
| Store Credit Card 2 | $1,500 | $37.50 | 153 | 26% APR | $1,673.11 | $3,173.11 |
| Major Credit Card 1 | $5,500 | $137.50 | 282 | 22% APR | $7,673.13 | $13,173.13 |
| Major Credit Card 2 | $15,000 | $375 | 382 | 19% APR | $21,923.31 | $36,923.31 |
| Total of Above Debt | $22,500 | $565 | $31,467.91 | $53,967.91 | ||
| Consolidate with a TEG Personal Loan* | $22,500 | $557.22 | 48 | 8.74% | $4,246.43 | $26,746.43 |
*Rates effective as of 10/1/2026. APR = Annual Percentage Rate. Advertised rate is lowest offered and includes a .25% rate discount for automatic payments for the life of the loan. APR is based on creditworthiness, loan amount and term. Your rate and term may vary. Terms from 3 to 60 months. Borrowers may request shorter terms. An additional .50% will be added to APR for each $5000 incremental increase for $35,000 and over, up to the credit union maximum of 18% APR. Rates are subject to change. All loans are subject to approval. For example, a 48-month loan with a 8.74% APR fixed rate loan for $1,000.00 would result in 48 monthly payments of $24.77.
Debt Consolidation Calculator
Determine if consolidating your debt into one loan with TEGFCU would be beneficial to you.
Preparing calculator…
Your estimated comparison
| Compare | Current debts | New loan |
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The payment difference applies at the start. As current debts finish, their payments stop and are not redirected to other debts. A lower starting payment does not necessarily mean a lower total cost.
What if you pay extra?
Compared with the same new loan using regular payments only.
How this calculator works
Estimates assume fixed rates, monthly compounding, end-of-month payments, and no new borrowing. Each current debt keeps the payment you enter until paid off, with a smaller final payment when needed. Payments from cleared debts are not redirected to other debts.
The proposed loan covers the entered balances and includes principal and interest only. Insurance, penalties, changing promotional rates, and daily interest calculations are excluded. Actual lender calculations and rounding may differ. Extra payments are made every month from the first payment and reduce the outstanding balance. Figures use unrounded calculations and are rounded for display. Current-debt payoff comparisons beyond 100 years are unavailable.
These estimates are not an offer, approval, or guarantee of savings. Use the rate and term from your quote. Extending repayment can lower monthly payments while increasing total interest.
Estimates only. Compare total repayment cost as well as monthly payments.
Let’s get you started on your path to Financial Freedom
TEGFCU recognizes that everyone has a unique story. We evaluate loan applications holistically and consider individual circumstances on a case-by-case basis rather than solely relying on credit scores.
A free credit review
When you apply for a debt consolidation loan from TEGFCU, you’ll receive a free credit review from one of our lending experts. We’ll look at all your high-interest debts and plan to consolidate them into one new loan to save you money, strengthen your credit score, or both.
A plan to move forward
Even if we can’t assist immediately, we’ll provide a plan to help improve your financial situation so we can better prepare you for a debt-free future. Our team will work with you and look for ways to help you meet your financial goals.
Free credit review.
A clearer next step.
TEG is your partner and a resource you can trust for solid financial information. Our team offers personal financial guidance and free credit report reviews to help you move toward a better financial future.
- Understand your credit report.
- Explore ways to improve your credit score.
- See whether refinancing could help you save.
Download our free guide
Download “Your Guide to Financial Freedom” to learn everything you need to know about debt, including common causes, who would benefit the most from debt consolidation, and tips that can help you find financial freedom.
Discover everything you need to know about getting out of debt for good.
Get a 0.25% Interest Rate Discount
In addition to a great rate, save even more on your Unsecured Personal Loan and Vehicle Loan when you set up automatic payments. Get a 0.25% interest rate discount on your loan when your loan payment is routinely deducted from your checking or savings account.*
Explore Loan Resources
Join TEGFCU
At TEGFCU, your best interests have always been our focus. As a better alternative to banks, our mission is simple, to help you get to a better place financially.
Membership is open to anyone (and their immediate families) who lives, works, worships, or attends school in Dutchess, Orange, Ulster, Putnam, Rockland, Sullivan, and Westchester County, NY. A $5 minimum deposit opens the door to all the benefits of being a valued TEGFCU member.
When we come together, everyone grows.
