The term "loan for debt consolidation" refers to a loan that is specifically taken out in order to pay off multiple debts and combine them into one single payment. This type of loan can help individuals simplify their finances by reducing the number of monthly bills they need to manage, as well as potentially lowering interest rates and making it easier to keep track of expenses. Debt consolidation loans are often used to pay off high-interest credit card debts or other types of unsecured loans, with the goal of reducing overall borrowing costs and becoming financially stable again.