Debt Consolidation Loans

Are you under debt burden? Then indeed, financial respite is your priority. This is where one feels the need to manage them all at once because multiple obligations obstruct current and future financial growth and plans. Debt consolidation loans provide a relatable solution for such situations.
Loanorganisation, a direct lender, offers debt consolidation loans in the UK and has served more than 100,000 customers in the last 12 years. With a speedy and straightforward loan process and instant lending decisions, we try to provide the due financial solution at the right time. No obligations of guarantor and security are applicable.

Representative 49.9% APR

Representative Example: Credit Amount - £5,000 for 3 months at £1807.16 per month. Total loan repayment amount of £5421.48. Interest Amount: £421.48. Interest rate: 49.9% pa (fixed). 49.9% APR Representative.

  • Free, no obligation quote

  • Instant decision

  • Same day payouts

What are Debt Consolidation Loans?

Debt consolidation loans are financial solutions that concentrate all your debts into one debt, and the borrower pays only one loan instalment at a fixed rate. The loans are majorly used to consolidate the short-term debts.

What are Debt Consolidation Loans?

Personalised Deal Recommendations

We design loan deals according to your financial conditions, and you can choose the one with affordable rates and small instalments.

Individualised Repayment options

The repayment plans are always according to your repaying capacity. No generalized rules are applicable to borrowers.

Uncompromised Privacy Policy

Whatever information you provide, it is always safe with us. All our online procedures are secured, and we never forward your details.

How Much Debt Can I Cover with Debt Consolidation Loans?

You can cover up to 70% to 80% of debt through debt consolidation

The actual benefit of debt consolidation can be explored only if it covers a considerable amount of obligations you bear. We provide maximum coverage for your pending debts through a practical loan deal that can suit your budget. It gives the required relief to the customers and clears the way to move on in financial life.

Example – James Brown has a pending debt of £15000. Through consolidation, he can settle up to 80% of this debt amount. Here is the calculation.

£15000 x 80/100 = £12000

How Much Debt Can I Cover
  • We first scrutinise your credit report to find out the actual situation of your debts.
  • Our expert team asks you some relatable questions to design a suitable loan deal.
  • Then we assign a relationship manager that assists you throughout the procedure.
  • We put a final deal and leave the final decision of selection at your discretion.
  • Once you accept the offer, we apply for debt consolidation and easy repayment starts.

Conditions on what percentage of cover you can qualify for

What exact percentage you can write off depends on your financial records and capacity. The procedure to apply and get approved is rational and according to the lending norms of the industry. No ‘one size fits all’ policy works in debt consolidation because every individual has a different debt situation.

Two ways to consolidate your debt

You can consolidate your debts in two ways. The final selection of one of the methods depends on your debt circumstances and the capacity to make the repayments. The two types depend on the kind of debts that cause imbalance and dominate the financial life.

  • Debt consolidation loans – This type turns all types of debts, such as personal loans, credit cards, bills, education loans etc., into one loan with one instalment for a fixed time period.
  • Balance transfer credit card – It is used when one wants to consolidate multiple credit card debts. This type gathers all your credit card pending payments into one credit card.
consolidate your debt

Both types are popular, and we receive applications for them. Some want to get rid of the various types of debts, while some are annoyed by their scattered credit card obligations. Both versions are available to the borrowers of debt consolidation loans for poor credit people.

Do You Provide Debt Consolidation Loans for Bad Credit People?

Yes, we do that. As a matter of fact, debt consolidation loans relate conveniently to poor credit situations. After all, this is why people typically consolidate their debts. Either they want to avoid a drop in credit rating due to multiple instalments for many debts, or they have bad credit and need to improve. A considerable number of borrowers who come to us for the solution have poor credit score issues. The features of our debt consolidation loans for bad credit in the UK can help you notice the benefits you get.

What are the Benefits of Debt Consolidation Loans?

After all the detailed information, it is time to focus on the exact benefits of debt consolidation loans. With practical methods, we make the borrowing journey of the borrowers smoother and predictable. In many years, we have served thousands of customers and have gained depth knowledge on how to provide a relatable solution to the solution seekers.

Why Choose Us

As we follow the rational lending process, we have rational causes to make you believe and that this platform is reliable to consolidate debts. Here are some reasons that should be left at your discretion to read and decide why you should choose us.

One-page Application Process

To fulfil our aim of speedy loan approval, we have a one-page application that takes a few minutes to fill.

Instant Lending Decision

Within 10 minutes of your application submission, we give you an approval decision, which is vital for timely support.

Personal Relationship Manager

We assign you a relationship manager after approval. He stays with you throughout the tenure and solves issues.

Improve Credit Score

When people with poor credit ratings consolidate debts on affordable repayments, they improve their credit rating.

How are unsecured debt consolidation loans dissimilar to secured ones?

The unsecured and secured debt consolidation loans are completely different with different terms and conditions. With the help of rational points, you can understand the difference between the two.

Unsecured debt consolidation loans

  • These are short-term loans with a smaller maximum loan amount limit. Minimum £1000 to £15000.
  • No collateral obligation because these loans cover only short-term debts that can be settled on current repaying capacity.
  • The interest rates are slightly higher due to no obligation conditions and instant approval, followed by immediate money transfer.

Secured debt consolidation loans

  • These are the long-term loans that demand collateral and a higher maximum limit. Minimum £1000 to maximum £50,000.
  • The borrower needs to provide security to qualify for funds. The loans cover the big debts and also more number of debts.
  • The interest rate is low because the repayments are backed up by the security that is equal to at least 80% of borrowed money.

Are debt consolidation and debt management similar?

Both debt consolidation and debt management have the same purpose. They help the customers arrange the debts and prevent the worst-case scenario. But the methods and nature of both the financial solutions are different. We can help you understand better.

Meaning

Role of credit score

Repayment method

Usually, debt consolidation loans on the instant decision are more favourable in case of multiple debts. They give the most significant benefit in the form of one instalment on a fixed rate of interest. In the case of the debt management plan, even if the creditors reduce the rates, it does not make a big difference.

Simpler Application Process in 3 Steps

Look at how we work on the application process to ensure the on-time debt consolidation service without any bias of credit score or employment status. Once again, the complete procedure depends on the current repaying capacity. Make sure you work on it and get instant approval after application.

Apply/Submit Form

Apply/Submit Form

The application form available on our website is small and needs basic financial and personal information.

Get approval decision

Get approval decision

Within a few minutes of submission of the form, we send the lending decision. It is never more than 10 minutes.

Receive funds once approved

Receive funds once approved

Once approved, the funds you applied for reach your bank account. For this, it is necessary to provide correct information.

Loanorganisation is known for its fair lending decisions and speedy financial solutions. With consistent efforts to offer the required financial assistance to the lender, we make sure that the borrowers get the desired solution. We have gained insight into the industry trends and financial circumstances a person can face in a particular condition. It is the reason that the provided consolidation loans to bad credit, fair credit or good credit people are always backed up by relatable solutions. The customers get to know what wrong treatment they give to their personal finances and how they can improve it. Rest can be explained only when you reach us.

Apply now and take the realistic experience on how things work here.

FAQ

What do I need to apply for debt consolidation loans?

You need only basic documents and details to apply for the consolidation loans –

  • Income proof of last 6 months
  • Bank statement of last 6 months
  • Income from same or source in last 6 months
  • Debt and bill payment records of the last 180 days.

How can I assess the cost of debt consolidation loans and repayments?

The advanced loan calculator and our team of experts help you make a rational decision. You can know about the total and monthly costs of the consolidation loans. However, with the customisation feature, you always get an affordable deal.

I lost my job during the covid lockdown period. Can I apply for debt consolidation?

As we always mention, any borrower with a stable current repaying capacity can apply for the loans. If you have another earning source and the income is consistent, you can qualify for debt consolidation loans for unemployed people.

Is a consolidation loan suitable for me?

This is something that you need to decide, but we suggest that if you have multiple debts or pending credit card obligations, debt consolidation loans are more useful. If you have only a few number of obligations, debt management plan might work.

What if I face any difficulty in following the repayment schedule?

You can inform us on time, and we will change the repayment plan according to your current financial circumstances. We change the repayment plan twice in loan tenure. The essential condition is that you inform us at the right time because then only we can help.

What are the alternatives to debt consolidation loans?

The alternatives to debt consolidation loans are not many. They give you funds and consolidate the other debts, making them more affordable with the lower rate and one instalment. The few options are debt management plan and remortgage if your total debt amount is big and also you want to borrow extra for some financial purposes.

Want to discuss your loan needs?

Apply now