Typically it takes 30-60 days from loan approval until the private loan consolidation is complete. Providing the lender with complete information about the borrower’s loan id number or loan account number and the contact information for the lender may help cut the time required to pay off the old loans.
Borrowers should continue making payments on their loans until the lender notifies them that the loans have been paid off. Any overpayments will either be forwarded to the new lender or refunded to the borrower.
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