WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. RATES FROM 45.3% APR TO 1575% APR FOR HELP, GO TO MONEYADVICESERVICE.ORG.UK

Online loans £50 To £2000

The Best Loans In Then Market

How much?

Representative 277.5% APR Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed). The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances.

Why Choose MoneyFall

Quick and Easy Process to the money you need. The most reliable lenders from across all the UK

Loan amount
1,500 - 25,000
Loan term
1 - 5 Years
CUSTOMERSCORES
Excellent
Apply Now

Show More ▼

Loan amount
500 - 25,000
Loan term
1 - 5 Years
CUSTOMERSCORES
Gold Trusted Service - feefo
Apply Now

Show More ▼

Loan amount
500 - 25,000
Loan term
1 - 5 Years
CUSTOMERSCORES
Gold Trusted Service - feefo
Apply Now

Show More ▼

Loan amount
500 - 25,000
Loan term
1 - 5 Years
CUSTOMERSCORES
Gold Trusted Service - feefo
Apply Now

Show More ▼

Representative Example:
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)

Your guide to debt consolidation loans for bad credit UK

It’s easy to understand why numerous people in the UK are increasingly relying on debt consolidation loans to quickly sort out their finances. Because instead of juggling an assortment of credit accounts like credit cards, overdrafts, and other costly debts, its a lot more favorable to maintain a single loan that is cost-effective and easier to keep track with.

In simple sense, you are using a debt consolidation loan to pay off all your existing debts so you can relieve yourself from the heavy burden of managing multiples debts, with varying interest rates, terms, and payment dates. This allows you to focus on one loan and payment obligation only, simplifying your finances.

But on top of it all, with a debt consolidation loans for bad credit uk that is cheaper to pay off than the rest of your past debts, you can actually save a whole lot of money from lower interest payments, reducing your total liabilities.

If you want to know about the financial products including debt consolidation loans for bad credit UK that will give you the funding that you need to deal with numerous costly debts despite your poor credit history, then stick around because we certainly have a lot to offer you.

why get debt consolidation loans for bad credit uk

Debt consolidation loans for bad credit uk

But the question now is can you secure a debt consolidation loan from a reputable lender if you have bad credit? The straight answer is yes and there are in fact plenty of options that can perfectly suite your needs and present circumstances. Majority of credit providers in the UK will evaluate your credit history once you submit a loan application but there are those who are ready to cater your funding request regardless of your credit rating.

It’s important to note however, that debt consolidations loans for bad credit UK will generally come with:

  • Higher interest rates especially if they are unsecured
  • Lower borrowing amounts

Securing the ideal debt consolidation loans for bad credit UK

The ideal debt consolidation loans for bad credit UK are those that will help you clear any and all existing debts that you have in exchange for lower cost, convenience of use, and comfortable monthly payments. So you can find the right deal that offers the best price, here are some steps that will help you start:

  1. Determine the amount that you need to borrow. Add all the debts that you are planning to consolidate and don’t forget to include those extra charges for paying them off early. Debt consolidation loans can cover almost any kind of credit including loans, overdrafts, and credit card balances. The total amount should be what you will need to apply for.
  2. Determine the ideal repayment structure. The first thing that you will need to do is to determine how much you can afford to pay every month, based on your present monthly earnings and outgoings. Make a list of all the important expenses that you make every month and subtract this from your income. Then set aside a portion for emergency costs. What’s left should be the amount of monthly repayment that you can comfortably afford.
  3. Compare the available offers that matches your needs. There is a constellation of lenders operating in the already competitive financial market in the UK and fortunately for borrowers, this has brought nothing but great news as interest rates continue to hit historical lows due to price wars and abundance of loan services. This means that it would be easy for you to qualify for competitively low rates for numerous debt consolidations loans for bad credit UK as long as you carefully compare your options online. Search for the cheapest rate that you can qualify for based on your present credit worthiness and try to choose the shortest loan term possible as this will save you more money than a longer term.

It might also be wise to take advantage of comparison sites if your want to hasten you search for the best debt consolidation loans for bad credit UK. Also, use a lender’s loan calculator (it’s offered for free) if you want to find out how much a particular loan deal for a set amount and payment term of your choosing would cost you in total.

Secured and Unsecured debt consolidations loans for Bad Credit UK

There are generally two types of debt consolidation loans UK, secured and unsecured, and the type of loan that will work best for you will depend entirely on your present needs and circumstances and on your personal preference as well. It will also depend if you are qualified or not as secured loans will normally require you to have a high value asset that you are willing to offer as collateral while unsecured loans rely mostly on your overall creditworthiness.

If you can qualify for both, then it might be best to opt with unsecured options as they are safer to borrow. While secured debt consolidation loans will allow you to access larger borrowing amounts and lower interest rates, they also put your precious assets at risk and you can realistically lose your home or vehicle if you are unable to pay back the money that you owe.

In the end it will still depend entirely to you on which option you feel is best suited for you and your funding needs. If you don’t mind the risk involved in a secured loan agreement and the larger borrowing amounts and cheaper rates it offers appeals to you strongly, then by all means take out a secured debt consolidation loan. Just make sure that you are absolutely confident that you can pay back the loan based on the agreed terms and conditions so you won’t lose any of your home or vehicle.

Other important points to consider with debt consolidation loans for bad credit UK

Now if it so happens that you ended up saving a lot of money because of lower interest rate payments and added more points to your credit score because of a single, easy to manage payment term, then you can tap yourself in the back because taking out a debt consolidation loan proved to be one of the best decisions you made for you and your finances.

But this doesn’t mean that every no guarantor borrower will end up in the same positive scenario as every situation is unique. There are also some important questions that you need to reflect on before you jump to the conclusion that debt consolidation loans for bad credit UK are indeed the right financing solutions. For instance:

  • Is the loan simply a temporary fix? Does it allow you pay off all your existing debts or will it only cover the minimum repayments?
  • Will the new loan be cheaper in the end? Is a longer payment term something that you can bear with?
  • Are there any extra fees and charges that you need to shoulder in the new loan? Are there any penalties for missed payments or advanced payments?

And lastly, you should also consider if the loan can help you rebuild your credit score as this is a priority for every borrower who has bad credit rating in the UK.

why get debt consolidation loans for bad credit uk

5 most recent personal loan reviews

Review of Bridge Finance

This is my second loan with Bridge Finance and both times they have been very helpful and informative. Explained everything to me and made sure I understood the process and what would happen. I would recommend Bridge to anyone.

Review posted by Charlotte Ashton

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Wesleyan Bank

Wesleyan loans are a financial institute which is excellent for applying for loans. It looks at all your circumstances and provide loans to people who are refused elsewhere. They are fast and honest. I would recommend Wesleyan loans to anybody who needs a loan.

Review posted by Zafrullah Khan, Slough

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Logbook Loans

Really happy with my experience with Logbook. Most of the process was done online from the convenience of my own home. Really friendly customer services too! Highly recommended.

Review posted by Bethany Holcombe, Cirencester

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
All reviews are sourced from Trustpilot.com for authenticity.