Debt consolidation loans are undoubtedly a very popular way to manage existing debts. Essentially,
a Debt Consolidation Loan allows the borrower to group together a number of credit cards and loans,
resulting in one, often lower and more manageable monthly repayment. One drawback of such an arrangement
is that the repayment of these loans can be extended further back. It is always a balance between a longer
repayment period and lower monthly payments or a shorter repayment period but a higher monthly repayment.
This is why it is very important to consider your circumstances very carefully before applying for a Consolidation Loan.
The most useful tool in this exercise is a detailed budget. Simply listing your outgoing, rent or mortgage,
loan repayments, daily living costs, food and other regular expenses. If you do find that you have more than
two loans and there is very little disposable income left at the end of the month you may be requiring a
Consolidation Loan.
There are two types of Consolidation Loans:
- Unsecured Consolidation Loans, suitable for tenants and those sill living with parents. Although fast to arrange
due to the lack of security the interest rates tend to be higher. Loan amounts range from as little as £100 to a
maximum of £15,000.
- Secured Consolidation Loans, available only to those who own their own home. The advantage of a Secured
Consolidation Loans is because of the security that is being offered to the lender the interest rates are very much
lower. This is particularly important when the purpose of the new loan is to reduce the monthly outgoings.
Loan amounts range from 10,000 to as much as £100,000, providing there is equity in the house.
Unlike other brokers we would never charge an upfront fee. No need to pay broker fees, no need having to apply
again and again. All you need to do is complete our
Express Application Form, the application is submitted to all
the suitable lenders while you are on line and you will receive an immediate decision.
Alternatively, if you would like to discuss your application before you apply feel free to call us anytime.
Our opening hours are 9 am to 8 pm Monday to Friday. We do not use expensive premium lines. If you are calling from a land line
our cheap local call number is 0845 519 0969. If you prefer to call from your mobile the cheapest number to call is 01489 780538.
Alternatively call us and ask for the call to be reversed.
Consolidation Loans at a glance:
- Borrow any amount from £100-£15,000 if you are a tenant, more if you are a homeowner
- Spread the repayments from 1 year to 15 years
- Available to Homeowners, Private, Council and Housing Association Tenants, those who live with parents
and those who live in accommodation supplied by the employer
- Our lenders are sympathetic to past credit problems
- The loan can be repaid earlier without penalty
- The entire application can be completed online or on the phone
Whether you chose to apply online or on the phone you will be given an instant decision and the funds could be
available to you within 24 hours. We would never ask you for your debit card details and we never charge upfront
broker fees
WARNING: Late repayments can cause you serious money problems.
For help, go to moneyadviceservice.org.uk
