What is a Debt Consolidation Loan?
A debt consolidation loan involves taking out a new personal loan to repay your outstanding debts through a single monthly repayment. You can use it to pay off credit cards, store cards, loans and overdrafts. The lender will pay off these individual debts for you, and you’ll be required to repay this sum to your lender. Although your debts won’t go away, merging them into one personal loan could help you to manage your debts by turning them into one monthly sum at a fixed rate, which could reduce your monthly outgoings. In turn, this may help you to manage your money better – as long as you can afford the repayments.
Debt Consolidation Loans for Bad Credit
Are you struggling to find a lender that will approve you because of your poor credit history? Personal Loans Now provide debt consolidation loans UK with very high acceptance rates. If you are considering a consolidation loan for poor credit make sure that the monthly repayments won’t be more than the total of your current repayments, or you won’t be able to afford them. If you’ve done the maths, a consolidation loan for bad credit may positively affect your credit score. Apply today for debt consolidation loans for poor credit with an online decision for any loan amount up to £25,000*.
Is a debt consolidation loan with no credit check safe in the UK?
Lenders offering no credit check debt consolidation loans, or guaranteed loans are probably not following the FCA responsible lending guidelines. The Financial Conduct Authority regulates all financial firms offering services to consumers. If these guidelines, which are put in place to protect borrowers, aren’t being followed, you can’t be sure that entrusting your confidential details with these lenders is safe. We always carry out credit and affordability checks on all our applicants, to ensure that providing them with a loan won’t harm them financially.
Do direct lenders offer debt consolidation loans for bad credit?
Yes! Many direct lenders in the UK offer debt consolidation loans for bad credit. When choosing a direct lender to consolidate your debt, keep in mind that each lender will have varying interest rates. Some may also charge a fee for applying with them. If debt consolidation loans, bad credit, no guarantor, direct lender is the term you’re currently using in your search engine, we may be able to help. now for a low-interest debt consolidation loan for bad credit with PLNOW, a premium direct lender. We won’t charge you a penny for our service!
Unsecured Debt Consolidation Loans UK
When taking out an unsecured debt consolidation loan, your assets are not at risk if you can’t make the repayments, because you are not required to provide collateral to the lender. This carries a higher risk for the lender. Sometimes lenders will only accept applicants with a good credit rating and many times the interest on these loans is higher than you would pay on a secured debt consolidation loan. Most debt consolidation loans are unsecured, which means they are provided according to your creditworthiness, as opposed to your assets. Personal Loans Now provide unsecured debt consolidation loans for bad credit with no guarantor at competitive interest rates.
Can I get debt consolidation loans with no guarantor?
Debt consolidation loans with no guarantor are a type of unsecured loan. This means that you won’t require a guarantor to co-sign your loan. With PLNOW’s unsecured debt consolidation credit, we will never ask you for a guarantor. Why hassle your family and friends when you can apply for the money you need without looking for someone to guarantee your loan repayments? Apply today with PLNOW, for a no guarantor debt consolidation loan from a lender that cares.
For how long can I borrow personal loans for debt consolidation?
You can borrow a personal loan to consolidate your debt from 3 months up to 60 months. Some lenders offer much longer terms, up to 10 years or more. When you apply for a personal loan for debt consolidation with us, you can choose how many instalments you want to repay your loan with our easy to use the online loan application form.
Debt Consolidation Loan Alternatives:
If you’re struggling with debt, debt consolidation finance isn’t the only answer, and it may not be the right solution for your specific needs. Here are some other options to consider:
- Short term unsecured loans are often more readily available than debt-consolidation loans as many lenders offer them. With a debt consolidation loan, the lender pays off all the debt for you, and you pay them back. There are often additional charges for this. However, when taking a short-term unsecured loan to pay off all your debts you are doing all the arrangements yourself which can save you paying additional fees and charges. When applying with PLNOW you can rest assured that there are no extra fees charged on short term unsecured loans.
- Personal loans – The interest rate can be lower on personal loans, making the total loan repayment cheaper than a debt consolidation loan. You can find a personal loan that works out cheaper than your current debts, but the cost of the loan may increase if there is an extra fee charged for closing a loan early. This penalty will push up the total amount you owe.
- Balance transfer cards– If you have credit card debt, you may be able to transfer the debt to a balance transfer card with a 0% interest for the first few years, which will save you a significant amount of money in interest. It’s essential to settle your debt before the 0% interest period ends as usually, the rate will increase rapidly. Some cards will also charge a balance transfer fee, which will add to the overall cost. You will often need a good credit rating to get one of these types of cards.
Everyone is entitled to free and impartial advice on debt management and you may be eligible for government help. Follow this link for more information https://www.gov.uk/options-for-paying-off-your-debts.
Debt Consolidation Loans from Personal Loans Now
Personal Loans Now specialises in providing loans to consolidate your debt at great prices, helping you get your debts under control. You can apply for anything between £1,000 and £25,000*. When it comes to debt consolidation loans instant decisions are something we pride ourselves on, so we’ll let you know straight away. If we can’t fund you the money ourselves, we will work with Monevo’s platform of direct lenders to try and get you the best type of loan for your specific needs. Once you are approved and accept the loan offer, the money will be sent to your bank account on the same day**. Apply now and get those runaway debts under control.