What is debt consolidation?
Debt consolidation is the process of combining several debts into one monthly payment, including debts from credit cards, high-interest loans, and other bills.
How it works
We get to know you
We take a look at your credit, income, and savings to determine your options. No commitments required.
You tell us what works best for you
We’ll show you multiple options, including the lowest monthly payment, best rate and quickest way to pay off.
Verify and finalize
We’ll finalize the documents and verify your information before consolidating your debt.
Set goals. Gain confidence. Stress less about money. We’ve got the resources.
Use our budgeting worksheet.
Meet with a free financial coach.
Questions + Answers
The easiest and worry free way to make your payment is by setting up automatic payments. If you prefer to manually transfer the funds, log into online banking or the mobile app to easily transfer funds from your savings or checking account to your debt consolidation loan. We recommend opting in for payment due date alerts to help remind you that a payment is due. You can make your payment over the phone or in branch.
You don’t need to be a member to start a loan application. However, you will need to qualify for membership to complete the process. View membership qualifications.
If you apply online, your application may be approved instantly. In other cases and depending on what your loan needs are, approvals are typically returned within 20 minutes of completing the loan application but can take up to one business day.
Refinancing your loan from another financial to Verve can be an option to lower your loan interest rate and monthly payments. To get started, you’ll need the right information. This includes valid identification (such as a driver’s license), proof of current address (if different from address on driver’s license), your Social Security Number or Tax Identification Number (no need to bring your cards), your two most recent pay stubs with income to date and statements for balances owed with account numbers and payoff addresses (credit cards, etc.). Having the payoff amount and name of the financial institution the loan is currently at is helpful too. We will work with you to review your information and do our best to find the financial solutions to fit your needs.
There are many different factors that our lenders consider when determining loan approval, your credit score being one of them. Verve works with members with all types of credit scores so whether you are trying to rebuild your credit score or lock in a best rate, our team will help you understand your options and work with you to set up the plan that works best for you.
Yes! There are no prepayment penalties for paying off your loan faster than originally planned.