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 PaymentMonths to PayoffInterest RateTotal Interest PaidTotal Payments
Store Credit Card 1$500$154727% APR$198.36$698.36
Store Credit Card 2$1,500$37.5015326% APR$1,673.11$3,173.11
Major Credit Card 1$5,500$137.5028222% APR$7,673.13$13,173.13
Major Credit Card 2$15,000$37538219% 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$429.48605.74%$3,437.30$26,768.80
*Rates effective as of 9/1/2021. Advertised rate “as low as”. Your rate may vary from rates shown. The maximum APR is 18%. Rates are subject to change at any time without advance notice. The stated rate is discounted by .25% and includes a requirement that loan payments are automatically transferred from your savings, checking, or money market account for the life of the loan. Terms from 3 months to 60 months. Borrowers may request shorter terms, if desired. An additional .50% will be added to APR for each $5000 incremental increase over $30,000. For example, $10,000 loan for 36 months at 5.99% APR has a total cost of $10,950.33 over the full term. Example assumes only making 4% minimum credit card payments.

Download our free guide

Download “Your Guide to Financial Freedom”. We’re going guide you through everything you need to know about debt including common causes of debt, who would benefit the most from debt consolidation, and tips that can help you find financial freedom by getting out of debt for good.

Cover of Debt Consolidation eBook Guide, woman sitting on floor with laptop on her lap