Will StrideFi pay my creditors directly?

No. Approved funds are sent by ACH to the bank account you linked during the application, and you make the payoffs yourself. That means you should confirm each payoff amount with the creditor on the day you pay it, since a balance accruing interest will be slightly higher than the figure on last month’s statement.

How much can I consolidate?

Between $2,000 and $10,000, the range StrideFi writes under Florida Chapter 516. If your balances total more than $10,000, a loan can only consolidate part of them — start with the highest-APR balances, because those are the ones the loan actually saves money on.

Does consolidating hurt my credit?

We cannot tell you what will happen to your score, and no honest lender can. Applying involves a review of consumer-report data about you. Paying balances down generally helps utilisation; opening a new account generally shortens average account age. The net effect depends on your file.

Is there a fee to consolidate?

There is no origination fee, application fee, or prepayment penalty. The cost of the loan is the interest disclosed in your Truth-in-Lending statement before you sign, plus a delinquency charge of up to $15 per monthly payment if a payment is more than 12 days in default, as permitted by § 516.031(3).

Debt consolidation loans in Florida

A consolidation loan replaces several revolving balances with one fixed installment and one payoff date. It is worth doing when the loan’s APR is lower than the weighted average of what you are replacing — and not worth doing when it is not.

Check your eligibility

Do the arithmetic before you apply

Add up the balances you intend to pay off and work out their weighted average APR. If a StrideFi loan is quoted below that number, consolidating reduces what the debt costs you. If it is quoted above, consolidating only changes the shape of the debt — you would be paying more for the convenience of a single payment.

The second thing that changes is the payoff date. Revolving credit has no end date, so a minimum payment can carry a balance for years. An installment loan amortises: the term is fixed and disclosed before you sign, and every scheduled payment retires part of the principal.

Interest here is simple daily interest on the unpaid principal, and there is no prepayment penalty. Paying more than the scheduled installment reduces the total finance charge — which is not true of every consolidation product.

What consolidation does not do

It does not close the accounts you pay off. Unless you close them yourself, the available credit stays open, and re-running the balances up while also carrying the loan leaves you worse off than before.

It does not improve your approval odds. Underwriting reviews bank-verified income, cash flow, and credit-risk data; the purpose you select on the application is recorded for our records and does not change the decision or the rate.

It does not consolidate secured debt usefully. Paying off a car loan or mortgage with an unsecured loan at a higher rate is almost always a mistake.

What it costs

The same terms apply whatever the loan is for: 28.99%–35.99% APR depending on amount and underwriting, 12-month terms, no prepayment penalty.

Representative 12-month payment examples
Loan amount	APR	Term	Monthly payment	Finance charge	Total of payments
$2,000	35.99%	12 mo	$200.91	$410.92	$2,410.92
$3,500	33.99%	12 mo	$348.11	$677.32	$4,177.32
$5,000	31.99%	12 mo	$492.34	$908.08	$5,908.08
$7,500	28.99%	12 mo	$727.43	$1,229.16	$8,729.16
$10,000	28.99%	12 mo	$969.91	$1,638.92	$11,638.92

Representative examples only, not an offer of credit. Each row assumes a 12-month term, on-time payments, and the APR StrideFi currently quotes at that amount; your APR, term, and payment depend on underwriting. Interest accrues daily on the unpaid principal balance, so paying early reduces the finance charge below the figure shown, and paying late increases it. There is no prepayment penalty.

Model your own figures with the loan calculator, or read the full rates and terms.

Frequently asked questions

Will StrideFi pay my creditors directly?: No. Approved funds are sent by ACH to the bank account you linked during the application, and you make the payoffs yourself. That means you should confirm each payoff amount with the creditor on the day you pay it, since a balance accruing interest will be slightly higher than the figure on last month’s statement.
How much can I consolidate?: Between $2,000 and $10,000, the range StrideFi writes under Florida Chapter 516. If your balances total more than $10,000, a loan can only consolidate part of them — start with the highest-APR balances, because those are the ones the loan actually saves money on.
Does consolidating hurt my credit?: We cannot tell you what will happen to your score, and no honest lender can. Applying involves a review of consumer-report data about you. Paying balances down generally helps utilisation; opening a new account generally shortens average account age. The net effect depends on your file.
Is there a fee to consolidate?: There is no origination fee, application fee, or prepayment penalty. The cost of the loan is the interest disclosed in your Truth-in-Lending statement before you sign, plus a delinquency charge of up to $15 per monthly payment if a payment is more than 12 days in default, as permitted by § 516.031(3).

Other reasons people borrow

StrideFi is an online lender — we have no branch locations. Loans made by Stride Financial LLC under the Florida Consumer Finance Act (Chapter 516) to Florida residents statewide. Amounts from $2,000 to $10,000; APR 28.99%–35.99%; terms up to 12months; no prepayment penalty. Approval, loan amount, APR, and term depend on underwriting, including identity, income, and bank-account verification — not every applicant qualifies, and applying is not a guarantee of credit. Funding times depend on your bank's ACH processing.