Consolidation means putting all your existing loans and debts – personal loans, store cards, credit cards, overdrafts – in one place. A consolidation loan is a simple way of rearranging your finances to make them work better for you.
Consolidation loans can bring order into a situation that can feel as if it's getting a bit clumsy and time-consuming. Instead of numerous repayments at different interest rates and at different times of the month, you make just one payment each month.
Better still, if you consolidate with a secured loan, you'll probably be paying a lower rate of interest and reducing your monthly outgoings. Depending on the term you choose and the rates you're currently paying, you could cut your monthly credit repayments by as much as 50%.
You could spread your secured loan repayments across any period from 5 to 25 years. A longer term will reduce your monthly loan repayments but might increase the total amount you pay back in the long term – it’s up to you.
Choose a consolidation loan if:
- you want to make one monthly payment instead of many
- you want to reduce your monthly outgoings
- you want to consolidate a range of unsecured debts
- you want to get off the store and credit-card treadmill
- you want to take advantage of lower rates of interest
- you want to simplify your monthly finances
If you've already decided you want a debt consolidation loan, take a look at our debt consolidation calculator to see how much you could save, then apply HERE for a no obligation quote. |
