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Definitions from the Web

Loan Consolidation

Loan consolidation refers to the process of combining multiple loans into a single loan with a lower interest rate and more favorable terms. It allows borrowers to simplify their debt management by making a single monthly payment instead of multiple payments to different lenders.

Sense 1: Financial Term

Part of Speech: Noun

Definition: The act of combining multiple loans into a single loan.

Example Sentence: I decided to opt for loan consolidation to simplify my finances and reduce the total interest paid.

Related Products on Amazon: Loan Consolidation Books, Debt Management Tools

Sense 2: Banking Term

Part of Speech: Noun

Definition: The process of merging various loans from different lenders into a single loan provided by a financial institution.

Example Sentence: After securing a loan consolidation from the bank, I was able to pay off my credit card debts more easily.

Related Products on Amazon: Personal Loans, Banking Services

Sense 3: Education Term

Part of Speech: Noun

Definition: The process of combining multiple student loans into one to simplify repayment.

Example Sentence: Graduates often consider loan consolidation as a way to manage their student loan debts more efficiently.

Related Products on Amazon: Student Loans, College Planning Guides

Sense 4: Local Term

Part of Speech: Noun

Definition: In some local contexts, loan consolidation may refer to a specific locally available consolidation service or method.

Example Sentence: Many people in our community have benefited from the loan consolidation program offered by our local credit union.

Related Products on Amazon: Local Credit Union Membership, Community Finance Books