Consolidation Loan

Definition of "Consolidation loan"

Marjorie Lindsey & Karen Lindsey
  LightHouse Realty Assoc Inc

Loan that combines smaller loans into one larger loan and typically arises from refinancing debt. It typically results in a lower overall interest rate, longer payment schedule, and lower dollar amount for each payment. Further, it is more convenient and easier when there is one loan rather than many loans.

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