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Consolidation Loans from £100 up to £25,000*



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Representative Example: Borrowing £4,500 over 36 months. Repaying £219.55 per month. Total repayable £7,903.80. Annual interest rate is 49.9% (variable).

Consolidation Loans

The monthly payment is often less than your current numerous existing monthly repayments to each different lender.

If you are looking to borrow a large amount for consolidation, it may be that the lender will want to secure the loan, usually against some collateral like a property; therefore it is highly likely that you must be a homeowner to be accepted for such a loan.

Your home may be at risk if you do not keep up the repayments on a mortgage or any other debt secured against it. Think very carefully before securing further debts against your home. All rates are variable dependent on individual circumstances, loan amount and loan type. Overall, sometimes repaying your debt over a longer time period may increase the total amount payable.

What does it mean to consolidate debt?

There may come a time when an individual has accrued a quantity of debt through various sources, such as credit cards, store cards, unsecured loans or even payday loans. They may be paying each lender at different periods of the month, differing amounts and this can sometimes be difficult to manage.

Debt consolidation is attained by an individual taking out one loan to pay off all of their existing debts. This will leave one payment to one lender which will be made on an agreed date every month, usually around that person’s date of pay.

Prior to arranging a consolidation loan, there are a few things that you might want to consider:

  • Have a good look at your current debts and their repayment schedules, how much interest are you paying back? Compare your current repayments against those of the potential consolidation loan. Does the loan work out cheaper or would it better to continue to repay at the existing levels?
  • If you are struggling to juggle many repayments at once due to the amounts, check to see that debt consolidation loan repayment is going to be less than your existing outgoings. If they are, then this may provide you with the stability that you are looking for by lowering the repayments into one. The loan may be taken out over a longer period; the interest charged may work out higher. On the other hand, your existing repayments may be high in interest due to large APR’s on credit and store cards and the loan interest works out less, therefor saving you interest over time.
  • It always a good idea to revaluate your previous spending practices once the consolidation loan has been arranged and existing debts repaid. Try to ensure that you maintain your repayments and you don’t fall back into your old ways that got you into debt in the first place.

Debt consolidation loans can be a perfect way of reducing monthly outgoings, help to manage finances better and reduce the worry of organising several debt repayments at varying times of the month. Just be certain that you can stick to your obligations, always do your calculations prior to making the commitment and be positive it is the right choice for you.

Loans up to £100,000*

Whatever your circumstances

* Unsecured loans available up to a maximum £25,000. Lenders will offer loans of up to £100,000 subject to affordability secured against property.

  • No 'Up-Front' fees
  • Bad Credit, CCJ, Arrears
  • Loans for any purpose
  • No complicated forms

Typical 16.9% APRC (secured)

Typical Example:
£15,000 over 5 years, typical 16.9% APR variable. Monthly Payment £371.98. Interest £7,318.95. Total Repayable £22,318.95.

49.9% APR representative (unsecured)

Representative Example:
Borrowing £4,500 over 36 months. Repaying £219.55 per month. Total repayable £7,903.80. Annual interest rate is 49.9% (variable).

WARNING - LATE REPAYMENTS CAN CAUSE YOU SERIOUS MONEY PROBLEMS. FOR HELP GO TO WWW.MONEYADVICESERVICE.ORG.UK

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*Unsecured loans are available to a maximum of £25,000. Loans of up to £100,000 may be offered by the lenders subject to affordability. Typical Example for illustration purposes only: £25,000 over 10 years with 7.8% APR, Total to repay: £35,664, Monthly Repayment: £297.20. Overall cost for comparison is 5.5% APR typical. Overall cost for comparison for unsecured loans is 22.1% APR typical. Unsecured Loan Typical Example for illustration purposes only: Borrowing £4,500 over 36 months. Repaying £219.55 per month. Total repayable £7,903.80. Annual interest rate is 49.9% (variable).

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

WARNING - LATE REPAYMENTS CAN CAUSE YOU SERIOUS MONEY PROBLEMS. FOR HELP GO TO:

The Money Advice Service

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Unsecured Loans For You Ltd are a licenced credit broker, not a lender. We are authorised and regulated by the Financial Conduct Authority. The information you provide is passed to our trusted panel of lenders where all applications are subject to assessment and approval.

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