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Debt Consolidation Loans

What is a Debt Consolidation Loan?

Debt consolidation loans are used to pay off a number of existing debts so that you are left with one single monthly repayment to one lender each month.

Reasons to choose a debt consolidation loan?

If you want to make your repayments easier to manage, a debt consolidation loan will group all your existing borrowings together and make for easier budgeting.

A debt consolidation loan could save you money each month if the interest rate is less than the combined total interest of the existing borrowings combined together.

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It could also improve your credit rating as you are more likely to pay the debt on time each month with only one payment to budget for. This will prove you are a responsible borrower and have a positive impact on your credit rating.

To apply for a debt consolidation loan, you’ll need:

  • to tell us your residential address(es) for the last three years
  • your date of birth. You must be over 18 years old
  • your employment details and some financial information

Things you should consider

Taking out a debt consolidation loan should not be taken lightly as you’re putting your home and other assets at risk if you fail to keep up the repayments.

Interest rates can go up as well as down and your payments may increase as a result. Missed payments can result in additional interest and charges by the lender.

If you want to pay of your loan early, some lenders may charge you an early repayment fee. However, when looking at the various options available our experienced advisors will look into loans that suit your personal needs.

Debt consolidation loans are typically repaid over a longer period ( 5 – 25 years) and while smaller repayments over a longer period may seem attractive, the longer the interest period, the more interest you will pay overall.

Our advisors will work hard to find you the best loan to suit your personal circumstances. They will also be transparent about any fees that apply to your debt consolidation loan and what they mean to you, and your future plans.