Debt Consolidation Loan Options and How They Solve Your Debt
Consolidating debt is not a problem if you stick to planning it. It might be a little tiresome at first. However, clarity comes when you make yourself conscious of the debt. Hence, you achieve clarity in ways of repayment too.
Yes, you need some sort of assistance in consolidating debts. It is because, at the same time, you might also suffer a bad credit score. If you are looking for something instant and effective, a debt consolidation loan might come in great use. The good news is you can even get unsecured debt consolidation loans for bad credit from UK direct lenders. We are one of them, and we might help you with a customised loan product.
But that comes later. We can approve the loan in minutes if you follow our application methods to the point. For now, we will tell you how this loan might be useful to you. Read on and learn about some exciting insights on debt consolidation loans.
What Is a Debt Consolidation Loan in Particular?
Frankly speaking, it is a loan targeted to help borrowers struggling with debt. Although it is a personal loan, we have designed this loan product to help borrowers suffering from more than one debt.
Since it is unsecured, you no longer have to ponder over the thought of collateral. It makes the loan simple and easy to approve. As mentioned earlier, we can offer them to you with a bad credit score as well. You just need to stick to the terms of the loan.
A debt consolidation loan is lent when you supply your income details. The said details work as a statement for the repayment of the loan. If you can repay us in time with the help of your official income on paper, then there are no such troubles from our end to approve the loan for you.
Debt Consolidation Loan Options You Might Want to Try Out
You can call them alternatives. Sometimes, a debt consolidation loan may not be the exact product you need. In this case, you may as well stick to another personal loan as an alternative to help you pay your debt.
The reason to say that is personal loans themselves. They can be used for almost any funding needs, from managing emergencies to paying bills to buying stocks and whatnot. So, if you don’t want a debt consolidation loan, then you may choose any of the alternatives given below:
- Doorstep Loans
Student’s young professionals, and people with small funding needs often take out door-to-door loans. However, we have also served benefits to people and unemployed borrowers with this loan. The perk of this loan is you don’t need an official bank account to take the money out.
The cash is also offered to you in hand by our representatives.
- Instalment Loans
Browse our loan products, and you may find a variety of instalment loans. For consolidating debt, personal instalment money loans in the UK make a special difference. The instalments make repayment way simpler and more organised. This factor helps you translate that organisation into your finances and see for yourself ‘where your money goes’.
- Instant Decision Loans
What if you have a serious debt problem? What if it reaches the court and forms a County Court Judgement (CCJ)? In these scenarios, you may need a loan option that is approved fast so that you can use the approval information to convince the lenders. We can help with an instant decision loan. The money is usually disbursed on the same day of application.
- Unemployed Loans
You can take out loans and consolidate debts even if you are unemployed. You can take out an unemployed loan, which you do not have to repay immediately. Speak to our representative for more information about how to repay these loans.
- And the Generic Debt Consolidation Loan for Bad Credit
We have already told you that we offer debt consolidation loans for bad credit in the UK. Direct lenders like us will always approve the loans only if you are transparent with the repayment mode. We’ll happily help you with friendly repayment terms just as you want.
How to Repay Debts by a Debt Consolidation Loan?
A little organisation and the right mindset in borrowing the loan might be of great use. All you need to do is to make sure that there are no gaps or uncertain elements in your borrowing process.
- Learn more about the debt you have. If you have multiple debts, then write down the term and repeatedly calculate until you come up with the final quote required to repay them.
- Find a private or direct lender first. We are already here, so you can say one of the efforts from your end may not need an application.
- Choose a loan wisely. Go through all the options available and stick to the one that best suits your economic conditions.
- Check your loan affordability with a loan calculator. Find out if the amount you apply for is affordable for you. After all, you are going to make the repayment. Direct lenders can offer you more than one repayment package with one loan. Use the rates and duration of each package to test whether or not you can repay it comfortably.
- Use your debt consolidation loan to pay off all the previous lenders. Now, you will be left with only one loan with one interest rate. You can now repay more comfortably. If you ask us to help you with an easier repayment package, you might be able to save some money too.
With that being said, you have successfully repaid your previous debt. Relax yourself and make plans to repay your existing debt consolidation loan at the right time. It may improve your credit score too.
Debt consolidation is not so difficult after all! We can make you feel that in a better way. If you need instant financial help, do reach out to us. We’re working 24×7.
Ailsa Adam is the Editor-in-Chief and former content head at Hugeloanlender. She has been a valuable member of the content strategy team since 2017 due to her abundant experience in the finance sector. Passionate about helping individuals navigate the world of loans and personal finance, she has dedicated herself to acquiring extensive knowledge on various financial products. Before her role at Hugeloanlender,
Ailsa worked as a seasoned journalist and writer, specialising in creating informative blogs and articles on diverse loan types. She is known for her meticulous research and commitment to delivering accurate and engaging content. She holds a degree in MBA Finance and has a keen interest in creative writing and art.