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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.

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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

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)

Debt consolidation loans bad credit that can help you with your finances and credit rating

Are there several credit cards and/or loans with their own unique payment terms and costs that you are struggling to keep track with? If you are, then you need to sort them out properly as a single late payment can instantly blemish your credit history. This is something that you don’t want to happen as much as possible especially if you already have a damaged credit rating. Now if you want to stay on top of your finances and credit rating, taking out a debt consolidation loan is an option that you can consider.

But if you have bad credit, getting approved for a personal loan to consolidate your existing debts from a bank or credit union can be extremely difficult. Fortunately, there are plenty of lenders in the UK who specialize in providing debt consolidation loans bad credit for borrowers who are looking to simplify their finances but are struggling to obtain adequate funding because of a problematic credit history.

But before you make an application for a bad credit debt consolidation loans however, there are some things that you might want to consider first. A lot of this has to do with the fact that every application that you make will be recorded in your credit report. Multiple rejections can negatively impact your credit score even more.

For this reason, its crucial that you carefully go through any and all debt consolidation loans bad credit that you can qualify for before making any decision. This way, you will be able to compare your options effectively and choose the right deal that offers the best price.

why get debt consolidation loans bad credit

Affordable Debt consolidation loans for bad credit

When you take out debt consolidation loans for bad credit, you are securing enough funding to pay off numerous existing debts. And if it happens that the interest rate of your debt consolidation loans bad credit is cheaper than those debts that you want to pay off, you can save money as a result. Loans to consolidate debt that can cater bad credit however, typically come with high rates, so it would be best that you shop around and compare different options carefully so you can enjoy the most affordable rates.

It’s important to note that if you miss out on your payments, your bad credit rating will become even worse. With an even lower credit score, your options will dwindle further to a point that applying for a loan becomes extremely difficult.

For this reason, its important that you establish a sound budget before you ever begin making an application. You can try using a loan calculator so you will find out what your monthly repayments will be for any amount and payment term that you choose prior to making an application. Try to find the exact borrowing amount and payment term that is perfectly suited to your budget.

Choosing between secured or unsecured debt consolidation loans for bad credit

Lenders will normally cater your request for debt consolidation funding if you have bad credit so long as you can offer an acceptable collateral like your vehicle or home. Secured forms of debt consolidation loans bad credit allow you to enjoy lower rates as the collateral serves as a guarantee that the money you borrowed will be paid back reducing the risk involved in the credit agreement.

Unsecured debt consolidation loans on the other hand, are quite risky in the part of the debt consolidation loans bad credit lender as there is no assurance that the money they lend to you will be paid back. For this reason, they will normally require borrowers to have stellar credit ratings to become qualified. If you have bad credit, there are still unsecured options that you can consider but they may come with high interest rates which can make your monthly payments difficult to cover.

In addition, its important that you take out only what you need and no more as large amounts of loans have big monthly payments that could become a burden to your monthly finances. Consolidation loans bad credit that are more than £15,000 could be dangerous to your financial health.

Improving your credit score through debt consolidation loans for bad credit

There are plenty of advantages that debt consolidation loan bad credit offer and one of them is having the opportunity to improve your credit score. Here’s how the loans work in relation to your credit score:

  • If you manage to stick to your repayments according to the agreed terms and conditions, it will add more points to your credit score. And because a debt consolidation loan will simplify your finances and prevent you from managing multiple credit accounts, rates, and payment dates, it will lower your likelihood of missing out on the proper payments on time.
  • If you become late or are unable to make the proper payments according to the agreed terms and conditions, UK’s major credit reference bureaus – Experian, Equifax, and Callcredit – will record the fault in your credit history. When you apply for the loan and the guarantor checks your credit history, the past late and missed payments will be seen.

Now it could take years before you can pay off your debt consolidation loan for bad credit and carrying a long-term debt certainly sounds unappealing. However, if you are concerned that you won’t be able to keep track on the numerous payments of your existing credit accounts and this creates a real risk that your your credit history will be blemished further, a debt consolidation loan is a viable solution that you can look into. It could help you manage your finances better and give you the chance to repair your credit rating as well.

Applying for Debt Consolidation Loans for Bad Credit

Its important to note that every application you make for a loan, whether successful or not, will be included in your bad credit UK history. Now if your credit history features multiple applications in a brief period of time, this will give loan providers the wrong impression that you are desperate for funding and this can be a discouraging sign.

For this reason, the best thing to do would be to complete a “soft search” prior to applying so you will know whether or not you are qualified for the debt consolidation loan that you want to secure. And don’t forgot to have a solid financial plan in place that will help you cover the monthly repayments of your new loan without sacrificing your capacity to meet the basic debt consolidation loans bad credit  expenses and essentials of living.

why get debt consolidation loans bad credit

 

 

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
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  • 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.