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

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

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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)

Is it possible to obtain an unsecured debt consolidation loan in the UK?

Many people in the UK rely on debt consolidation loans when they find themselves completely overwhelmed with multiple bills, arrears, and credit accounts. These forms of funding allow you to clear any and all present debts that are wrecking havoc to your finances so you will be maintaining only a single, more manageable debt that is potentially cheaper to pay off.

But the questions now is can you secure a debt consolidation loan in the UK without offering any form of security or collateral to your credit agreement? Majority of loans designed to consolidate debt into one payment in the country are certainly available only to borrowers who are homeowners, but there are still numerous options that you can look into.

Use the information presented below so you can find a personal loan online that you can count on to consolidate your debts.

Securing the ideal debt consolidation loans in the UK

Whether its small, medium, or large debt consolidation loans that you are looking to secure, there is an assortment of options that you can choose from in the UK lending market. So you can land the right unsecured debt consolidation loan deal that is perfectly suited to your needs and present financial situation, try to answer these three essential questions:

why get consolidation loans

What is the exact amount of loan that you need to obtain? So you will know exactly how much you will need to borrow, simply calculate the total sum of every debt that you want to pay off. Don’t forget to put into the equation any and all fees and charges that you will need to cover as well. The total amount is what you will need to borrow.

When can you pay back the money that you will borrow? This will depend entirely on your prayment period, the payments of your loan will be smaller as they will be divided numerous times. A longer repayment period however, will cost you more in the end since you will be covering more payments with fixed interest rates.

Where can you find the cheapest option? Its important that you look for debt consolidation loans that offers the cheapest price. The best way to do this would be to shop online and compare as much loan offers as you can. Find the loan deal that provides the lowest APR by requesting for multiple quotes from as much potential lenders as you can reach or relying on the information provided by independent comparison sites and review sites in the internet.

The general borrowing terms of debt consolidation loans in the UK

Large debt consolidation loans that are unsecured can offer you as much as £25,000 worth of credit with payment terms that can stretch for as long as 12 years. Generally however, majority of unsecured debt consolidation loans available in the market only offer a maximum of £10,000 that can be paid back in a year or 5 years. If you want to borrow more than £10,000, you will normally have to be an existing client or repeat costumer and/or have excellent credit rating.

Majority of bad credit online lenders have loan calculators in their websites so applicants can view what the possible repayments are for every payment term and borrowing amount that they choose. You can use this free tool to determine the ideal payment term that suits you and your budget best.

What are the personal loans for debt consolidation available in the UK?

When it comes to personal loans, most lenders generally have no restrictions as to how you are going to use the money that they will lend you. But how about personal loans for debt consolidation, can the borrower still enjoy the same freedom of use? The answer is yes as debt consolidation is one of the numerous valid reasons in taking out that lenders allow for personal loans. This means that if you apply for a personal loan to pay off debts that have been incurring hefty payments, you will be approved for the funding that you requested so long as you meet the eligibility requirements.

Important things to consider before taking out  debt consolidation loans

While taking out debt consolidation loans sound very appealing, there are important things that you need to think about before pursing the such an undertaking:

There is still a debt that needs to be paid back. With a debt consolidation loan, you are practically transforming all your numerous small debts into a large one. This means that you will still need to make monthly payments although this time it would only be for a single loan that potentially has a lower interest rate. With that being said, you will still need to practice discipline and sound financial planning so you can cover the repayments of your loan.

You need to make an effective budget – Because you are transforming all your debts into a single debt consolidation loan, you will be making a bigger payment every month as a result. For this reason, its important to compare the monthly repayments of your new loan relative to your present income and expenditures. This will help you construct an effective budget so you can complete your payment duties without any issues.

Finding the right guarantor is important. So you can enjoy debt consolidation loans that will allow you enjoy lower rates and favorable terms, you will need to find the right lender. Fortunately, you can easily go about this by comparing the existing deals and offers featured online by various UK lenders. Also, try to search for a company that is determined to help you get back on the right financial track and not the other way around.

And finally, always bear in mind that you can never guarantee that a debt consolidation loan would be answer to your financial woes. It simply eases your finances and allows you to consolidate debt into one payment. You can however, save some money if the cost of your debt consolidation loan is cheaper than the combined cost of your existing debts.

apply for consolidation loans today

 

 

 

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.