Debt Consolidation Loans

Debt Consolidation Loans

Taking on debt can be a necessary part of achieving your goals, but sometimes the amount you owe can be overwhelming and prevent you from doing other things with your time and money. A consolidated loan from Vision Bank gives you the freedom to simplify your finances and lower your monthly debt payment.

Debt Consolidation Loan Application - Secured (non-real estate) or Unsecured

Debt Consolidation Loan Application - Secured by Real Estate

What is a Debt Consolidation Loan?

A consolidated loan helps takes several debts, such as credit cards, car loans, or student loans, and helps consolidate them into one easy-to-pay loan with a lower interest rate and possibly a lower monthly payment. Debt consolidation doesn't change the total amount you owe, but it can make the repayment process easier and more manageable.

Possible benefits of a Debt Consolidation Loan
Debt consolidation can help you take control of your finances by streamlining your monthly payments. Possible benefits from consolidating debits include:

  • A lower interest rate for your consolidated loans
  • Eliminate debt faster
  • Create a monthly payment plan that works for you
  • Make fewer payments each month
How does a Debt Consolidation Loan work?
Vision Bank offers competitive loan rates and varying repayment terms. Get a competitive interest rate and use the cash you receive to pay off your individual creditors.

Secured & Unsecured Debt Consolidation Loans

Vision Bank offers both Secured and Unsecured Debt Consolidation Loans.

Secured Loans
Secured loans are tied to an asset such as a car, property, savings account, or house that is used as collateral if you default on your loan. One benefit of a secured consolidation loan is that you'll receive a lower interest rate that is possibly tax deductible. Secured consolidation loans are also easier to obtain and you'll have higher borrowing potential. The downside, however, is a longer repayment term and the risk of losing assets if you default on your loan.

Unsecured Loans
The unsecured consolidation loan does not put any assets at risk, and you'll have a shorter repayment term. Unsecured loans are not tied to an asset and are based on your credit history. However, unsecured loans are harder to obtain and don't allow you to borrow for as long. In addition, unsecured loans have a higher interest rate and no tax benefit.

Why choose Vision Bank for your Debt Consolidation Loan?

As an independently-owned community bank in Oklahoma, Vision Bank is invested in the success of our community. All our lending decisions are made locally, which means that we offer more flexibility and personalized service for our customers.

Ready to get started? Apply using the links above, contact us, or visit one of our locations in Ada, Durant, Shawnee, Prague, Meeker, Sulphur or Davis to discuss your debt consolidation needs with our friendly and knowledgeable lending team.

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