Debt Consolidation Loans

Your debts do not define you, but their weight does affect you. That’s why debt consolidation loans from TEG Federal Credit Union may be your answer to overwhelming debt.

Debt consolidation loans are low-cost debt alternatives that combine your monthly payments into one convenient bill. Your story, repayment history, and credit score will not necessarily disqualify you from getting help.

Apply for a debt consolidation loan online, in person, or at 845.452.7323 to escape the red once and for all.

A TEG Debt Consolidation Loan can help you:

  • Combine high interest credit cards and other bills into a single payment
  • Lower your interest rate
  • Save money (potentially thousands of dollars)
  • Get out of debt in a fixed period of time
Man and woman happy with a jar full of money

Why Choose TEG For A Debt Consolidation Loan

The biggest question we get at TEG Federal Credit Union is ‘can someone with average or poor credit get a debt consolidation loan’? In many cases the answer is yes.

When you apply for a Debt Consolidation Loan with TEG you will receive a free credit review from one of our lending experts. We will look at all your high-interest debts and make a plan to consolidate them into one new loan to save you money, strengthen your credit score, or both.

Even if our team is unable to offer you a debt consolidation loan during your first inquiry, we refuse to give up on you.

We take the time to develop a financial plan that sets you up for success, and will better prepare you for a debt-free future. Our team will stick with you during the process and look for ways to help you meet your financial goals.

See How Much You Can Save

Save tens of thousands of dollars on your debt payments and break free completely in as short as five years time. See how much you could save by consolidating with us today.

CreditorBalance OwedMinimum PaymentPayoffInterest RateTotal Interest Paid
Department Store Credit Card$347.32$12.009 years24.50% APR$405.68
Overdraft Line of Credit$439.94$13.0011 years21.15% APR$490.06
Major Credit Card 1$2,003.67$40.0012 years15.24% APR$1,881.33
Major Credit Card 1$12,651.57$197.9529 years$1,478.85 @ 22.99% APR and $11,333.89 @ 4.99% APR**$11,237.43
Total of Above Debt$15,442.50$262.9529 Years$14,014.50
Consolidate with a TEG Personal Loan and You Could Save Big!*$15,442.50$302.515 Years6.55%$2,707.44

*APR = Annual Percentage Rate. Subject to credit approval. Rates are based upon applicant’s creditworthiness and are subject to change at any time without advance notice. Other rates and terms are available. A 60-month term for a Personal Loan with a fixed rate of 6.55% APR would result in an estimated payment of $19.59 per month for each $1,000 financed. Monthly payment of $302.51 is based on a rate of 6.55% APR for 60 months on $15,442.50. The approximate time for payoff shown here assumes that you make no additional charges with this card and each month you pay the minimum payment.
**$1,478.85 at 22.99% APR (purchases); $11,333.89 at 4.99% APR (balance transfer).