If you qualify, you may be able to combine some or all of your unsecured debt into a single debt consolidation loan. With this type of loan, you’ll receive funds to pay off your other debt — such as personal loans, credit cards or student loans. Once you do that, you’ll make just one payment every month to repay your debt consolidation loan. Another potential benefit: You may be able to secure a lower interest rate, which could result in a monthly payment that’s lower than what you were previously paying.