Compare Debt Consolidation Loans
- Borrow £5k up to £1m
- Pay lower interest rates
- Repay over 1 to 30 years
- 100% LTV / Bad Credit OK
Best Debt Consolidation Loan Rates
- Compare over 200 secured loans from the UK’s top lenders
- Filter results to find the best loan (personal loans are here)
- Rates start at 6.30% APR (Rep. 6.4% APRC). There are loans for bad credit histories although at higher rates.
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Representative example: Borrow £46,000 over 180 months at a rate of 8.4% per annum. Repay £499.13 per month. Total to repay £89,843.40 comprising the original loan, interest (£38,853.40), broker fee (£3,995) and lender fee (£995). Total overall cost 10.7% APRC.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT.
Debt Consolidation if you have Bad Credit
In principle, you can consolidate your debt regardless of your credit position. Whether you should consolidate or not is an important question – one that you may wish to discuss with a debt advisor.
Your aim with consolidation is to reduce your monthly outgoings to help your monthly budget. When planning this there are two key issues to keep in mind:
- if reducing your monthly outgoings merely extends the overall duration of the loan you could end up repaying more overall than you might otherwise. Do you really want to do this?
- if you are considering consolidating various unsecured debts with a secured loan you could be increasing your overall risk – you could be putting your asset at risk if you were to fail to keep up the repayments on the new loan. Do you really want to do this?
Guide to Managing Debt
If you’re uncertain which type of credit might suit you or you have a money problem then one of the guides may help you. We summarise each type of loan and its pros and cons and address issues regarding debt and credit ratings.
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