In most US states1, you can consolidate multiple fixed-term loans into a single loan. This simplifies loan management and can unlock a lower rate.
Loan consolidation applies only to fixed-term loans. The line of credit is a single revolving product and can't be consolidated with fixed-term loans.
Why consolidate
- Lower interest rates: Strike offers tiered Annual Percentage Rates (APRs) based on loan size. Combining smaller loans into one larger loan may qualify you for a higher tier and a lower rate.
- Simplified management: One loan means one LTV Tracker, one payment schedule, and one maturity date, instead of managing multiple loans.
- Improved LTV: Pooling your collateral can stabilize your overall loan-to-value ratio. A lower combined LTV can help resolve margin alerts on individual loans or allow you to retrieve excess collateral.
How to consolidate
- Tap your LTV Tracker on the Cash tab to open your Loan Center
- Scroll to the bottom and tap Consolidate loans
- Select the loans you want to combine
- Review the new consolidated terms and confirm
The consolidated loan will be subject to the prevailing Annual Percentage Rate (APR) for its total amount at the time of consolidation. Your original loans will be closed and replaced by the new consolidated loan.
Learn more about opening and managing loans.
1 Consolidation is not yet available in California, Ohio, Mississippi, Tennessee, Texas, or Virginia.