Consolidating debts with a single affordable debt consolidation loan can significantly reduce immediate and long-term outgoings. However, debt consolidation is a facility only to be considered following receipt of sound financial advice as not all debt consolidation loans work in the same way.
If you are interested in debt consolidation or would like to discuss the options available in more detail, book your obligation-free consultation with UK Bridging Loans today.
Debt Consolidation Loans: How Do They Work?
It’s not uncommon for individuals, households and businesses to struggle with more debt that they can manage. Over time, everyday facilities like credit cards, personal loans, overdrafts, secured loans, vehicle finance loans and so on can add up to a serious amount of debt.
If you find yourself in a position where you can no longer comfortably meet your repayment obligations, a loan for debt consolidation could help you take back control.
A debt consolidation loan replaces all (or most) of your existing debts, paying off your outstanding balances and leaving you with a single loan to repay. The biggest benefit of a consolidation loan being the elimination of multiple monthly payments, replaced instead by one much lower monthly repayment.
If the interest rate payable on your consolidation loan is competitive, you also stand to save significantly on the long-term costs of your debts.
When is Debt Consolidation a Good Idea?
Contrary to popular belief, you don’t have to be drowning in debt to benefit from a competitive consolidation loan. If you are currently repaying multiple debts of any kind at elevated rates of interest, you could make significant savings by consolidating your debts. Strategic debt consolidation can minimise monthly outgoings, free up additional cash and make it much easier to stay on top of your finances. It can also help ensure you preserve your credit score from damage, which may otherwise occur if your debts spiral out of control.
Will I Qualify for a Debt Consolidation Loan?
By their nature, debt consolidation loans are a popular facility for individuals and businesses facing financial difficulties. This is why many of the UK’s leading debt consolidation specialists are happy to accept applications from individuals with a poor credit history or even a history of bankruptcy. Debt consolidation loans for bad credit applicants can be just as competitive as the conventional variety. The key to getting the best deal, irrespective of your circumstances, lies in conducting a comprehensive debt consolidation loan comparison with the help of an independent broker.
Call UK Bridging Loans Today
At UK Bridging Loans, we can help you choose the most appropriate option for a safe, simple and manageable financial future. We specialise in debt consolidation loans with no credit checks required which can be sourced from an extensive panel of specialist lenders across the UK or from our own funds. Use our convenient debt consolidation loan calculator for an overview of the available options, or call anytime for an obligation-free consultation.