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What is a Debt Consolidation Loan?
A debt consolidation loan is a personal loan that helps you to merge all your existing debts into one. That means instead of paying for several debts, you will need to make only one repayment. These loans are divided into two types: secured and unsecured. A secured debt consolidation loan will require any kind of security while you borrow the money. And an unsecured debt consolidation loan doesn’t need any collateral.
Loan Broker offers unsecured debt consolidation to help you manage your debts. These loans can be further categorized as short-term loans and long-term debt consolidation loans. With a short-term loan, the amount taken out by the borrower has to be repaid within 12 months or less. And with a long-term consolidation loan, the repayment period ranges from 1 year to 7 years. You do not have to find a co-signor to vouch for you at the time of borrowing. The lender will approve the loan application basis on your creditworthiness.
Consolidating your debts can help you save a lot of time, effort, and money. Whether you have multiple credit card bills or pending loans, you can apply for a loan with us to combine all your debts into a manageable one.
Bad Credit Debt Consolidation Loans Online
At Loan Broker, we understand that a poor credit score may be a result of your intentional faults. However, a credit score is a significant aspect when it comes to borrowing money. Fortunately, our lenders also feel the same way and that is why they consider applications with a bad credit score. You can apply for bad credit debt consolidation loans with us without harming your credit score.
Our lenders will run a soft credit check to offer you initial quotes. Soft credit checks don’t impact your credit score. They will assess your profile to evaluate your creditworthiness and basis on that they will make their decision.
However, a debt consolidation loan for bad credit may have a higher rate of interest because of the risks involved. The lender feels that the borrower has chances to default on the loan and hence, to reduce the risk, the rates offered may be a bit higher.
How to Apply for a Debt Consolidation Loan?
If you are considering to apply for a debt consolidation loan in the UK, then Loan Broker can help you avail one easily. It’s quite easy and simple to apply for a loan with us. The whole process is online and takes just a few minutes.
- Fill the application form
Our application form is available online. You have to provide a few information about yourself to apply online. Once done, click on the submit button.
- Decision by the lender
Once you submit the application form, it will be reviewed by the lender. Ensure that all the information provided by you is correct. The decision of the lender will be displayed on the screen.
- Receive the loan
If the lender approves your loan application, the amount will be disbursed to your bank account by the lender themselves.
All these take place within a few seconds and therefore, you do not have to wait for the decision of the lender for a long time.
FAQs on Debt Consolidation Loan
How much do you charge to help me find a debt consolidation loan in the UK?
We do not charge anything to help you find a loan. You can apply with us to avail loans for debt consolidation for absolutely free.
Do you provide a debt management plan for loans with bad credit?
No. We do not provide a debt management plan for loans with bad credit or good credit. You can set up a debt management plan for yourself and if you need any help, you may reach out to the debt management companies.
Do Loan Broker provides instant debt consolidation loans?
Loan Broker helps you find a lender. If you are looking for an instant approval debt consolidation loans, you can rely on us as the lenders associated with us are quick to offer their decision.
Will debt consolidation affect my credit rating?
Taking up a new loan knocks a few points off your credit report. However, our lenders conduct a soft credit check initially that doesn’t impact your credit score. Before the final approval, a hard credit check is conducted, by law. If you have taken a consolidation loan for bad credit, keep making the repayments on time and in full – that will improve your credit score.
Make Your Debts Easier to Manage – With Loan Broker
Loan Broker is an FCA registered credit broker. We offer a wide range of personal loans including consolidation loans in the UK. With multiple debts and loan outstanding, it becomes difficult to manage the debts. Debt consolidation loan helps you to manage your debts in a simpler way and also, it can prove to be cheaper. Regain your control over your finances by bringing all of it to one place.
We are focused on solving your problems and that is why we neither charge any upfront fees nor there are any hidden fees if you apply with us. You must ensure the repayments before you take the decision of opting for a loan. All the repayments must be done on time and in full or else your credit score will be damaged.