Loan Terms [\ ˈlōn \ \ ˈtərmz \] noun.
Loan terms are the conditions by which your lender extends a debt consolidation loan to you. Loan terms will spell out things like origination fees, APR, and more. The singular loan term refers to the length of the debt consolidation loan agreement.
Fixed Rate [\ ˈfikst \ \ ˈrāt \] noun.
A fixed rate on a debt consolidation loan doesn't change with time. It remains the same throughout your repayment process as long as you follow the terms of the loan.
Origination Fees [\ ə-ˌri-jə-ˈnā-shən \ \ ˈfēz \] noun.
Some debt consolidation loans have origination fees. This means they charge a small percentage (usually 6% or less) of the total debt amount in order to start the lending process.
Balance Transfer [ \ ˈba-lən(t)s \ \ tran(t)s-ˈfər \] noun.
A balance transfer credit card, sometimes just called a balance transfer, allows you to merge all of your credit card debt onto one new card. This card usually has 0% APR for a set amount of time, giving you the opportunity to pay off your debt without racking up more interest.
The Debt Consolidation Loan