Define: Consolidate Loans

Business, Legal & Accounting Glossary

Definition: Consolidate Loans



Advertisement



Full Definition of Consolidate Loans


When a person seeks to consolidate loans, he/she is essentially taking out one loan to pay off many others. Usually, when a debtor is in danger of bankruptcy, he/she will hurry to consolidate loans. Those who consolidate loans often aim for a lower or fixed interest rate. There are many debt consolidation companies that offer to help consumers consolidate loans. To consolidate loans carries some level of risk, as many people are tempted to consolidate unsecured debt into secured debt, which is usually secured by a home or other dwelling. Although monthly payments can be lower, to consolidate loans in this manner often causes the total repayment amount to skyrocket. In addition, predatory lenders often prey on those seeking to consolidate loans. Prudence and research are the keys to successfully consolidate loans. Other than consumers, students are also working aggressively to consolidate loans.


Advertisement




Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/consolidate-loans/
Modern Language Association (MLA):
Consolidate Loans. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. April 07, 2020 https://payrollheaven.com/define/consolidate-loans/.
Chicago Manual of Style (CMS):
Consolidate Loans. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/consolidate-loans/ (accessed: April 07, 2020).
American Psychological Association (APA):
Consolidate Loans. PayrollHeaven.com. Retrieved April 07, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/consolidate-loans/

Definition Sources


Definitions for Consolidate Loans are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 4th February, 2020