Debt Consolidation Loans
Does it seem like you keep making payments but your debt never gets any smaller? Let TEG help you break free from debt with a Debt Consolidation Loan!
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
Even if your credit history has been less than perfect, we may still be able to help. At TEG, we know there’s more to your personal story than just the numbers.
Talk with us about your situation and we’ll let you know what your options are. Even if we’re not able to give you a Debt Consolidation Loan right away, we’ll help you develop a plan to get you qualified in the near future!
See How Much You Can Save
There is a way out of loan and credit card debt that doesn’t include sky high interest and we can help! A consolidation loan can provide you debt relief by simplifying your finances and combining your high-interest debts into a single payment each month with a lower interest rate.
If the scenario below reminds you of the bills you’re facing, come talk to us! Consolidating with TEG could help you save over $10,000 and be out of debt in 5 years:
|Creditor||Balance Owed||Minimum Payment||Payoff||Interest Rate||Total Interest Paid|
|Department Store Credit Card||$347.32||$12.00||9 years||24.50% APR||$405.68|
|Overdraft Line of Credit||$439.94||$13.00||11 years||21.15% APR||$490.06|
|Major Credit Card 1||$2,003.67||$40.00||12 years||15.24% APR||$1,881.33|
|Major Credit Card 1||$12,651.57||$197.95||29 years||$1,478.85 @ 22.99% APR and $11,333.89 @ 4.99% APR**||$11,237.43|
|Total of Above Debt||$15,442.50||$262.95||29 Years||$14,014.50|
|Consolidate with a TEG Personal Loan and You Could Save Big!*||$15,442.50||$302.51||5 Years||6.55%||$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).