Debt Consolidation Loans

Rising costs have left many people feeling stretched to their limits and wanting to do something about their outstanding debt. One option is to consolidate outstanding loans, credit card and store card debt into a single loan with one manageable monthly repayment. Debt consolidation loans are a great option to consider if you find it hard to keep track of your payments.

Debt Consolidation Loans Bad Credit

If you have a number of debts with different providers and are struggling to keep up with all the payments, you could consider a debt consolidation loan. With these loans you borrow the total amount of your debt from one provider, pay off your existing debts and make a singular payment once a month instead of several. A debt consolidation loan could not only make managing your finances simpler, but it can also help to reduce your monthly payments as you can spread the payments over a number of years. You borrow enough money to pay off all your current debts and owe money to just one lender.

Debt Consolidation Loans for Bad Credit UK

Debt consolidation can be a useful way to manage debt if you have bad credit. For most people, a debt consolidation loan involves taking out a single loan that pays off your existing debts. This could work out cheaper if you’re offered a lower rate of interest overall when comparing it to your other debts’ interest rates.

It won’t reduce the amount that you owe, but it’ll give you a chance to manage your debt in a simpler way – by paying the loan off with a single monthly payment. If you do consolidate your debt, just make sure you don’t borrow more until you’re sure you can afford it.

Debt Consolidation Loans UK

Got lots of debts you want to tidy up? Or maybe you think the deal you’ve got could be better. Check out the personalised rate we could offer you for a debt consolidation loan to see if you can:

  • lower the interest you’re paying now
  • take control of your debts with one single repayment
  • get a more manageable monthly amount to pay

As we’ve mentioned, a debt consolidation loan is where you take out one large loan that pays off your existing debts. It’s usually arranged by you through a bank. These types of loan are usually used to pay off a credit card and other personal loan debts.

Debt Consolidation Loans Bad Credit No Guarantor

Taking out debt consolidation can ultimately be a good way to improve your credit history. However, your rating will usually initially worsen as you’re taking out a new line of credit. Eventually, your credit score should improve as you make regular payments on time. Furthermore, as your credit utilisation ratio decreases and the number of creditors shrinks, you should also start to see improvements in your credit rating.

Although some loan providers will insist you have a guarantor if you have bad credit, this is not essential with us. If you don’t want a guarantor, then we will still strive to find you debt consolidation without one of these individuals.

Unsecured Debt Consolidation Loans

Applying for a loan with us only takes 3-5 minutes and you’ll receive an online decision. We offer all other loans from £100 to £1,500, giving you the flexibility to choose the most suitable terms for your situation. We also don’t charge fees. Apply today to see if we can help. All of our loans are subject to status and affordability.

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