Debt Consolidation Loans
Consolidate your debts with one loan…
If you have a number of debts from different sources and are finding it difficult to keep up with repayments, you might consider taking out a debt consolidation loan. This pays off all your outstanding debts and puts them all into one easy monthly repayment, lowering your outgoings and often saving you money by finding a cheaper interest rate than your previous lenders.
| Personal Loan | 8.10% | |
| Barclayloan Plus | 8.80% | |
| exclusively for existing Barclays customers |
| Blackhorse Personal Loan | 10.90% | |
| Homeowners Only - Borrow from £1,000 - £15,000 |
| Zopa Social Lending | 9.1% Typical | |
| peer to peer lending- rates from 7.25% to 17.52% APR, £1K - £15K available - Good Credit Rating required |
| £1,000 | £15,000 | 10.90% | |
Advantages of a debt consolidation loan can include:
- One lower monthly repayment, lowering your outgoings
- Consolidation of credit/store cards, car loans, student loans, unsecured personal loans etc.
- A lower interest rate than your previous debtors, saving you money
- Flexible repayment options
- No more early repayment fees/charges once you've switched
It can take longer to pay off all your debts if you consolidate them; bear in mind that it might end up costing you more in the long run, but a debt consolidation loan could make your money a lot easier to manage if you are struggling with your finances.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.