A personal loan from Partners Financial offers a simple way to pay off high-interest debts like credit cards or loans from other financial institutions and stores. We’ll help you get lower rates and better terms. Plus, you’ll enjoy peace of mind knowing all your debt is held in one place. For our members in Richmond, VA, a personal loan for debt consolidation can help you save on interest and get debt-free faster.
Nobody likes paying high interest rates and juggling multiple monthly payments and due dates. At Partners Financial FCU, we make applying for a personal loan easy and stress-free so you can pay off your other debts and enjoy lower rates with fewer payments. Our personal loans for debt consolidation offer these advantages:
Save money and stress with a fixed rate and fixed payment through your entire loan term instead of dealing with variable credit card rates that go up and down with the markets.
Use your debt consolidation loan to pay off all or some of your other debts so you have just one monthly payment or fewer payments than before.
If you pay off your credit cards and then maintain a zero balance, you’ll boost your debt-to-credit rate. This will improve your credit score so you can access low-rate financing for important things like buying a home.
Choose a repayment term of up to six years so you get an affordable monthly payment and know exactly when you’ll be out of debt. This is a much better loan option than open-ended credit card debt that can go on for years.
Get a lump sum payment to pay off all or some of your debts, depending on how much debt you carry. If you can’t pay off all your debt this time, you can pay off your debts with the highest rates or debts that are causing you stress.
Your personal loan is unsecured, so you don’t need to provide a cash deposit or another asset as collateral.
We won’t charge you unnecessary fees, so your money stays in your pocket and you can access your full loan amount.
If you get a raise or another source of cash flow, you can pay off your personal loan in full at any time without penalty.
Our online application portal is simple and secure and we’re committed to providing approvals as quickly as possible. All credit decisions are made inside one of our local Richmond branches.
You can get approved in as little as 30 minutes and receive the funds in your checking account in as little as 24 hours. Then use Online and Mobile Banking to make transfers or pay bills, or withdraw cash at an ATM or in a branch.
We’re proud to serve the Richmond, VA metro area, including Bon Air, Chester, Chesterfield, Henrico, Mechanicsville, Midlothian, Richmond, and Winterpock. We can answer questions and help you access other quality products and services.
Partners Financial FCU is here to help you get on top of your debt so you can sleep better at night and enjoy your life. Here’s an outline of steps you can take when using a personal loan to pay off other debts.
The first thing you need to do is create a list of all your debts and what APR you’re paying for each one. These may include credit cards and personal loans from financial institutions or even friends and family. Next, think about what you’ll gain by paying each debt off sooner with a personal loan.
High-interest credit cards are the most common balances that people pay off with a debt consolidation loan because you may save on interest and reduce your number of payments, but you may choose to pay off other debts. For example: Maybe you’re not paying interest to a family member, but the loan is creating personal stress.
Add up all the debts that you want to pay off and then get pre-approved for your personal loan. Find out if you can borrow enough to pay off your desired amount. If you can’t borrow the full amount, consider which of your debts will save you the most money and reduce your stress. Finally, agree to your loan terms, receive the funds, and pay off all or some of your debts.
Most importantly, you need to have a plan in place to avoid creating more debt after you’ve paid off your balances. You want to create a solid monthly budget of income vs. expenses and stick to it. You also need to have an emergency fund in place so you don’t always reach for a credit card when something unexpected happens. Follow these steps and you can achieve financial security!
The good news is, you’ll get the same competitive rate for your Partners FCU Personal Loan whether you use it to consolidate your debts or for some other purpose. Click below to see rates for our Personal (Signature) Loan.
Personal loans are the most convenient way to get on top of multiple high-interest debts, like credit cards. Get fast approval for your Partners Financial FCU debt consolidation personal loan with our simple online application.
“Consistently excellent customer service. I started at Partners because they offered a great rate on a car loan and have now moved most of my banking because of the service and quality of their products and services! I highly recommend banking with them!”
– Tony M., Richmond, VA
A debt consolidation loan is a good idea if you’re struggling to keep up with multiple debts and are paying too much interest on certain balances. You can use your debt consolidation to pay off a wide range of existing debts including:
The amount of time it takes to disburse a borrower’s loan money can vary depending on a few factors. To make this process as quick as possible, ensure you have the appropriate documents ready. In general, loan disbursement takes place within 24 hours after approval or within one or two business days.
With a personal loan for debt consolidation, the first thing you’ll do when you get the funds is pay off your most urgent or high-rate debts. Once you’ve got your other debts under control, you should focus on keeping your payments current. You likely won’t have a payment in the month you get your loan.
Read, and re-read your paperwork. It will include when and where you should make your payments. Take note of late fees or other fees that could change the amount of your payment. Understand if prepayment penalties exist. Be aware of the fine print.
When you apply, we’ll run a hard credit check that will temporarily affect your credit score. Your credit will bounce back once you’ve established a good repayment history.
We have established a formula to determine who we can offer to lend to. We look at different factors during the credit approval process to identify qualified borrowers. These factors include:
Unlike most credit cards, the rate you get for your personal loan for debt consolidation will be fixed. The fixed rate you get is based on your risk profile. Higher credit scores mean lower risk and a lower interest rate, while lower credit scores mean higher risk and a higher interest rate.
Credit unions are member-owned not-for-profit financial institutions, so they pass on their profits to their members through lower rates and fewer fees. That alone means you’ll save money by financing through a credit union. But there are other benefits too.
Credit unions are known for their outstanding local service and commitment to their community. Loan decisions are made locally and not by an impersonal algorithm, so you’ll have a much more personable experience. And credit union members enjoy special benefits that aren’t usually offered by the bigger banks.
At Partners Financial FCU, we want all our members to enjoy financial success and security. That’s why we make it easy for you to consolidate your debt using a low-interest personal loan with flexible terms. We’re also proud to offer ongoing support and guidance to help you stay on track and achieve your goals.
*The Annual Percentage Rate (APR), amount financed and loan term may vary depending upon your creditworthiness. Rates subject to change without notice.