The most common way to consolidate your debt is through a debt consolidation loan. When you apply for a debt consolidation loan, you complete a simple loan application process. During this process, we analyze your finances to determine how much you’re qualified to borrow. Your loan can be secured, meaning you put up collateral such as your home or vehicle to get the loan, or unsecured, meaning no collateral is needed. You can “pay off” all of your debt with creditors using the money you get from a debt consolidation loan. You’ll then pay one monthly bill for a specific number of months at a consistent rate until you’ve paid off the balance. So instead of making multiple payments each month, each with a different interest rate, you make one.