Money Outlet

Are you feeling the strain of being unable to manage all of your debts? Do you owe more than one creditor and it feels like there’s no end in sight to repay each and every one? You’re not alone! Britons today owe over £1.3 trillion in debt and the numbers are growing. Don’t let your debts overtake your life anymore than they have to and a debt consolidation loan could be the answer.

Compare hundreds of cheap debt consolidation loans right here at the MoneyOutlet. It takes less than 2 minutes to apply for your free, no obligation quote. Apply now and you could save £1000’s. Consolidate your debts quickly and stop paying high interest rates. Apply Now

Here at the MoneyOutlet we search 100’s of debt consolidation loans daily and can find you some of the lowest rates in the UK. Apply above, it takes less than 2 minutes.

What is a debt consolidation loan and how can it help me?

Debt consolidation loans are simply personal loans or secured homeowner loans that allow you to combine, or ‘consolidate’, all of your existing debts such as credit cards and other loans into one easy-to-manage payment plan.

The main benefits of a consolidation loan are:

• Reducing the number of creditors from several to only one.
• Your loan pays all other debts safeguarding your credit history from future negative marks.
• Can reduce the amount of interest you pay – e.g. loan APR can be lower than your credit cards.
• One creditor means one repayment which makes life easier and debts manageable.
• You may be able to repay the loan over a longer period helping you take control.
• Avoid costly late payment fees from multiple creditors.

There are several benefits to consolidating your debts with a debt consolidation loan. But remember, what you borrow is still a debt and must be repaid in a timely manner. If you plan your repayments in advance and make a concerted effort to pay your monthly bill on time, every month, you should be able maintain a healthy credit history or improve it before it becomes adverse.

What types of debt consolidation loans are available?

The two most common forms of debt consolidation loans are personal loans and secured homeowner loans. The main difference between the two is one is an unsecured loan requiring no security and the other uses the equity in the borrower’s home as collateral. So, even if you aren’t a homeowner you can still obtain a personal debt consolidation loan.

Personal Debt Consolidation Loans

• This loan type usually comes with a higher APR (Annual Percentage Rate) compared to a secured loans, depending on how much you borrow and your current credit history.
• Also known as an unsecured loan, it’s available to both homeowners and tenants.
• Loan amounts vary per lender and can range from £1,000 to £25,000.
• Shorter repayment periods (1 to 10 years).
• Ideal if you have no security such as a home or property.

Secured Debt Consolidation Loans

• Typically lower APR compared to personal loans.
• Your home is used as collateral allowing you to borrow more than a personal loan.
• Also known as a homeowner loan – amounts range from £5,000 to £100,000 or more.
• Longer repayment periods – can range from 5 to 25 years or more.
• Better chance of successfully obtaining a consolidation loan since the home is used as a security.

Most people may prefer not to borrow to get themselves out of debt as it feels like yet another creditor to contend with. However, it’s certainly the lesser of two evils especially considering the high rates of interest so common with credit cards, store cards, and other unsecured loans. If you are already succumbing to the stress of multiple bills arriving at your home and creditors harassing you on the phone, a debt consolidation loan may just be the ideal solution for you.

Whether you already have bad credit or are at risk of damaging your credit, now is the time to take control of your finances. By consolidating your debts into one easy-to-manage repayment, you are much more able to focus on your debt both financially and psychologically. In addition, a healthier credit history means obtaining credit and better rates in the future if, for example, you plan on obtaining a first mortgage or to remortgage your property.

Searching for the best rates for your circumstances can be a difficult task. You can apply to multiple websites and hope to receive the best quote. Keep in mind, some lenders may perform a credit check even before they give you an answer and this can adversely affect your credit score even more. If you’re unsure where to search for the best deals, you’ve come to the right place.

Here at the MoneyOutlet we can help you right now. We work with a vast network of UK loan brokers and lenders offering debt consolidation loans to all UK residents. Whether you have poor credit, CCJ’s, mortgage arrears or filed for bankruptcy or an IVA, we can help. Simply fill in your requirements in the form above and we’ll immediately begin searching 100’s of low rate loans based on your needs. You’ll receive a free, no obligation quote without a credit check (important!). It only takes 2 minutes to apply.

Why not see how we can help you today? Use www.moneyoutlet.co.uk to search and compare online and help find you the best available debt consolidation loan in today’s competitive market. Apply Now to save time and money.