Debt Consolidation Loans

There are many reasons to look for a debt consolidation loan. You might have had a change in circumstances like fewer hours at work or an emergency bill. Those regular repayments suddenly became too much to cope with. Maybe you had a holiday expecting to get a bonus at work which never arrived. Or maybe it was credit card debt and a change of personal circumstances.

Whatever the reason, there are loads of benefits to a personal loan for debt consolidation.

Why Choose A Debt Repayment Loan?

The reason for choosing a debt repayment loan is to consolidate your loan payment into a single amount. Often this will be for less than your current repayments. On the other hand, it’s likely to be for longer than the original debts. If you’re behind on your repayments, a single new loan can fix all of that. You’ll immediately remove any arrears from your credit report and reduce the number of accounts. As long as you keep up with your monthly payments, the effect on your credit file can be positive.

Debt Consolidation Loan UK

Debt consolidation loans are designed for repaying all of your existing debts in one go. Add up all of your credit cards, store cards, short term loans and payday loans into a single number. Work out what you can afford to pay each month and then look at how long you need to borrow for. The length of loan and amount should be manageable so if you need to borrow for longer to keep it affordable then consider that.

Debt Consolidation Loans Bad Credit

Here at Simple Personal Loans, we work alongside a large panel of lenders. With the help of them, we can help you get your hands on a debt consolidation loan, even if you have bad credit. Although having bad credit might set you back a few paces, it doesn’t completely ruin your chances. So if you are considering but don’t know where to look, we are certain we can help you.

What Not To Do With A Personal Loan

Don’t get the personal loan, get your credit score improving and then start borrowing on credit cards again. Once you have consolidated your repayments once, you should avoid borrowing elsewhere until your existing loan is paid in full. If you start to borrow short term loans while repaying a large personal loan, it will rapidly become difficult to pay and you’ll end up much worse off. Keep the duration as low as possible to keep up a good credit rating. This way you can clear the debt as quickly as possible.

Debt Consolidation Loans Eligibility

Likewise to any loan at Simple Personal Loans, the eligibility is very simple and straight forward. Although, we do need to make sure that we try and suit the eligibility of the direct lenders when passing on your application. Read our eligibility criteria below:

  • Be aged 18 or over
  • Be employed or have a stable source of income
  • Live in the UK or be a UK resident
  • Have an active bank account
  • Have a valid debit card for this account
  • Hold a valid email address and phone number

Fast Debt Consolidation Loans

One of the best things about Simple Personal Loans is that we work very fast. With our modernised technology and our 24-hour service, your loan application can be accepted at any-time. As well as this, our application is online, meaning it is easily accessible and very fast to complete.

Debt Consolidation Loan Direct Lender

Our job is to make your life easier and save you time when it comes to applying for a debt consolidation loan. Once you have submitted your application, it will be sent to our panel of lenders. From here on, one of the direct lenders will accept your application and then it is likely you will borrow from them. Therefore meaning that once we have found you a lender, you will contact them if there are any issues or any questions about your loan.

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