Feeling swamped by bills?

You might be able to benefit from consolidating your debts. Instead of making multiple payments to various creditors, you’ll make only one payment to Harvard FCU. Although debt consolidation won’t immediately improve your credit score, it can help you to effectively manage and reduce your debt over time.

How it Works

When you apply for a Debt Consolidation loan, you’ll first let us know which debts you want to consolidate. If you’re approved, the Credit Union pays your creditors on your behalf, and then you repay your loan to Harvard FCU.

  • Enjoy rates as low as 9.99 % APR 1
  • Borrow up to $25,000
  • Terms up to 60 months


The Benefits

  • A lower monthly payment than the total of your current payments.
  • The simplicity of only one bill to keep track of.


Things to keep in mind

It’s important to understand that a debt consolidation loan simply transfers the debt to a new lender, so you still have debt. Additionally, a consolidation loan with a longer repayment period may lower your monthly payment, but increase the total amount you repay. However, you can always pay off the loan faster by making more than the minimum monthly payment.


Other Debt Consolidation Options

  • Credit Card: You can use a Credit Card balance transfer to roll other higher-interest debt into a lower-interest card for a pre-set introductory period.
  • Home Equity: If you own your home, you can leverage your available home equity to consolidate any kind of debt. Getting a consolidation loan in the form of a new Home Equity Loan or Line of Credit can be a smart way to manage your money.

1. Annual Percentage Rate. Rates advertised are the lowest rates available and include APR minus .25% discount with automatic payment from an Harvard FCU Crimson or Smart Rewards Checking account.  Rates will be determined by individual credit worthiness. Your rate may vary from rate shown. Certain restrictions may apply. Subject to Credit Approval.

Loan Example: $1,000.00 loan at 9.99% for 60 months. Monthly payment is $21.24 with total finance charges of $274.53 and total repayment of $1,274.53.