Debt Consolidation Loans for Bad Credit Might Be An Option
If you own your home and want to raise money to consolidate your debts into one monthly affordable payment, a loan for debt consolidation could be the opportunity to combine all of your debts into one. Also debt consolidation loans can possibly reduce the amount of interest that you pay if you are able to reduce the overall loan term.
In some situations you may be able to negotiate reduced settlement figures if you pay off existing debts early. This could save you quite a bit of money.
Debt Consolidation Loans might be an option for you, though serious thought should be given before proceeding. Factors that you should take into account, you do not use credit to support your day to day living expenses, you now have a stable financial situation and you do not intend to take out additional debt.
The Money Hub will review each clients circumstances and provide advice to see whether this would be a suitable option for you before proceeding.
With the Money Hub you will get a quick decision and a very competitive interest rate. The panel of lenders that we work alongside of can help in finding you the perfect cheap debt consolidation loan. We are able to organise bad credit consolidation loans from £1,000 to £500,000 and you could arrange a loan repayment term of between 12 Months to 25 years.
On a daily basis clients contact us asking for help to organise a debt consolidation loan. In most situations they have many loans and/or credit cards which they are struggling to keep on top with. Some clients are in control of these debts and simply want a debt consolidation loan so they only have 1 monthly payment to make rather than several, therefore by taking out a loan for debt consolidation it can take some weight off their minds. Other clients find life difficult as the money coming into the household is not enough to cover the existing loan/credit card repayments after paying for essential living expenses. This can be extremely stressful for people.
If you have any concerns about your finances you should get debt advice before taking out a debt consolidation loan.
Frequently Asked Questions
What is debt consolidation?
Debt consolidation entails taking out one loan to pay off many other pieces of credit. The reason is often for people to reduce their monthly outgoings and give them peace of mind - also for the convenience of servicing only one loan.
I am looking to consolidate my debts with a loan but I am in a debt management plan - Can you help?
Lots of people have been in or are currently in debt management plans. We have lenders on our panel that will lend alongside a debt management plan and a lot of our lenders are also able to help you consolidate your plan.
Can I get an unsecured debt consolidation loan?
All of our unsecured lenders will lend for debt consolidation purposes. Providing you fit their criteria in regards to your credit profile and personal circumstances then it will not be a problem.
Can I get a consolidation loan for bad credit?
Most of our lenders will consider debt consolidation loans for bad credit. This however is subject to your personal circumstances.
What would the APRC be for a debt consolidation loan for someone with bad credit?
We have a large panel of lenders who all start at different rates depending on your personal circumstances - We aim to get you the cheapest APRC possible so the best way to find out is to speak to us on the phone!
What is the maximum age I can be to get a secured loan for debt consolidation?
The maximum age for our secured lenders is 85 years old at the end of the loan term.
How quickly can I get a debt consolidation personal loan?
Potentially you can get the funds for a personal loan within 24 hours!
Debt Consolidation Loans
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How we work
Just some of the UK Lenders we compare
UNSECURED LOAN REPRESENTATIVE EXAMPLE - 49.9% APRC (variable) Secured loans from 3.83% APRC.
SECURED LOAN REPRESENTATIVE EXAMPLE - Assumed borrowing of £30,000 over 240 months, with a 36 month fixed rate followed by a variable rate plus a brokers fee of £1,495 and a lender fee of £495 would result in a monthly repayment of £256.04, the APRC 8.2% for 36 months then a monthly repayment of £247.45 on variable rate, the total amount payable would be £59,817.24. The actual rate available will depend on your circumstances, please ask for a personalised illustration.
By taking out a secured loan you are borrowing money that is secured against your home. If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay. Rates as of 16/01/2017.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. FOR HELP, GO TO MONEYADVICESERVICE.CO.UK.