Consolidate Debt with an Academy Bank Express Personal Loan

a person feels stressed over a pile of bills

For many of us, debt is a part of life. There is no reason to be ashamed. – In 2023, most Americans were in some sort of debt, with the average totaling more than $90,460 (CNBC). We take out loans in order to pay for some of the most important things in life: our homes, our cars, our education, our health. But sometimes, debt can feel overwhelming. If that’s the case, it may be time to consider debt consolidation.

Debt consolidation can be helpful in many situations. But while you may have heard the term before, you may not know exactly what it is or how it works. Keep reading to find out more about what debt consolidation is, how it works, and how an Academy Bank Express loan may be right for you.

Why Consolidate Debt?

Consolidating debt can help you combine two or more of your existing debts into one, larger debt. For example, let’s say you have credit card debt and auto loan debt. Rather than having to make two separate monthly payments—on your student loans and on your auto loan—you’ll be making one payment that covers them both.

Besides not having to deal with juggling multiple monthly payments, there are other benefits to debt consolidation as well. In many cases, you may be able to negotiate more favorable debt repayment terms, such as a lower interest rate, a lower monthly payment, or even both.

How Debt Consolidation Works

When you consolidate debt, you’re actually taking out a brand-new loan. This new loan encompasses the other debts you’re consolidating; essentially, it transfers your debts to a new lender.

Keep in mind that debt consolidation is not the same thing as debt settlement. With debt settlement, you’re reducing the actual amount of debt you owe. Debt consolidation, on the other hand, does not reduce your owed debts, but it reduces the number of creditors you owe. It can ultimately make life easier on you … and still end up saving you money.

Let’s say that your auto loan had a balance of $5,000 and an interest rate of 14%. Your credit card had a balance of $10,000 and a 28% APR.  With debt consolidation, you can apply for a new loan with a lower interest rate. Perhaps your new interest rate for the entire, $15,000 balance, is only 12%.

That interest rate can make a big difference when it comes to how much you’ll pay over the life of the loan. This is true even if you continue making the same monthly payment amount as you did before the consolidation. And now, you’ll only have one monthly payment to think about, instead of two.

How an Academy Bank Express Loan Can Help You Consolidate Debt

At Academy Bank, we realize that financial wellness is your gateway to great moments. If you’re considering debt consolidation, our Express loan gives our community access to the funding you need with a fast and easy approval process.* This personal loan has flexible credit options for Academy Bank clients as well as active duty or retired military borrowers with less-than-perfect credit. Features of our loan include the following:

  • Expanded credit options for existing Academy Bank clients
  • Credit options for borrowers with little or no credit history
  • Fixed terms and monthly payments to simplify your budget
  • Automated payments so you'll never miss one

In order to apply for the Express Loan, here’s what you need to do. First, complete your application online.. You’ll see your approval status instantly. Next, you’ll receive and accept the loan offer. At that point, you have quick access to the funds in your Academy Bank account.

If you are already an Academy Bank client, your loan will be deposited directly to your account.  If you are new to Academy Bank, a new checking account will be set up first, and then your loan proceeds will be deposited there.

If you are looking to improve your credit, or build your credit score back up, check out our Secured Credit Builder Credit Card**

Why Academy Bank?

Academy Bank is the family-owned ‘Go-To’ bank. Our mission is to provide a superior banking experience with fast, easy and personal service that is welcoming to all. We serve our communities by helping with both the simple and serious stuff so you can enjoy each one of life’s great moments.

An Academy Bank personal loan gives you access to the cash you need without breaking your budget. Our unsecured personal loans offer flexible terms and no early repayment fees. On top of being used for debt consolidation, loan proceeds can be also used to help with household expenses, cover education costs, fund travel or vacations, and more.

Get Started with Consolidating Your Debt Today

Debt consolidation can help relieve the burden of debt. At Academy Bank, we’re committed to being your partner in financial health. And that’s why we are proud to offer our Express Loan to our clients.

If you’re looking for a lender to help with your debt consolidation journey, look no further than Academy Bank. 

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*Subject to credit approval.  Restrictions apply. Annual Percentage Rate is based on credit score. Only one personal loan allowed to any borrower at any time. Loan terms are based on the loan amount.  Origination fee applies.  Demand deposit relationship required.  Refinance applicants must qualify for a minimum of $250 in additional cash for approval.

**Subject to credit approval. Restrictions apply.  A Credit Builder Savings account is required.  Credit limits range from $300-$3000 based on the amount you deposit into the Credit Builder Savings account. Once added, funds cannot be withdrawn from the Credit Builder Savings account and the Credit Builder credit card without closing the savings account and the credit card.

Improved credit score is not guaranteed. Credit score is determined by credit reporting agencies based on multiple factors, but satisfactory performance on a credit card product can improve your credit score. Default on a credit card, including missed or late payments can damage your credit score.