Debt Consolidation Loans

How do they work?

What is a Debt Consolidation Loan?


In summary a consolidation loan moves all your unsecured debt (and potentially any existing secured loans) into just one loan with one loan lender and therefore just one payment to your new loan lender.

A debt consolidation is quite simple. It is a way of taking any debt that you currently have and paying it all off with one, larger, loan. You may have existing money owed on unsecured loans, store cards, credit cards or car loans. A new debt consolidation loan would pay off all of your existing borrowing so you are then left with just the one loan.

If you are looking for a loan for debt consolidation then there is a good chance you are struggling, or think you are close to struggling, with your current monthly payments on existing loans and credit cards. Realising there is an issue is a positive step and a debt consolidation loan is an option that could be considered, along with others, in helping get towards the stage where you are more comfortable with your finances.

Find Out More

How do Debt Consolidation Loans work?


Debt consolidation loans are designed to pay off all of your existing debt that you want them to clear. You may have various loans, credit cards, store cards or even an existing secured homeowner loan. This existing debt will be at various interest rates and have various lengths of time that you need to clear them. You may be just paying minimum payments on credit cards which results in the balance hardly reducing at all.

By taking a secured debt consolidation loan with a broker like ourselves we would help find you a lender that will clear all of your existing debt. You would then pay that lender and only that lender. The aim with this type of loan is to reduce your monthly outgoings. One disadvantage of doing this could be that you extend the amount of time it takes to clear all the debt - but this negative is often outweighed by the reduction of the monthly outgoings of the customer.

Could a Secured Consolidation Loan work for me?


Everyone's personal circumstances are different. However, you need to look at what you want a consolidation loan to achieve. There's a good chance your main objective is to reduce your monthly outgoings. By getting a secured loan quote you can then compare what you are paying now against what a new loan would cost per month. It is also worth checking how much you would pay in total including interest. That way you know the pros and cons of taking a secured loan consolidation loan.

By consolidating all of your debts into one debt consolidation loan does have its advantages when it comes to paying your debt. You don't need to think about different standing orders, direct debts or minimum payments on credit cards. With a debt consolidation loan everything is covered in one payment which can make life a little easier.

The easiest way to know if this type of loan will work for you is to ask us to get you a quote, with no obligation to go ahead, at least you will then have details about what a debt consolidation loan can offer you.

Find Out More

How we can help you to get a Debt Consolidation Loan?


At Gosecuredloans.co.uk we have over 20 years experience in the UK loans market. We are regulated by the FCA and with our in-depth knowledge you can be sure you are in safe, experienced hands. Complete your short enquiry form and we will get someone to give you a call/e-mail to discuss your needs. You are under no obligation whatsoever to proceed.

By using an independent loans broker like ourselves you ensure that you're getting non biased access to secured loan brokers and lenders rather than having to request multiple quotes from different companies.

Gosecuredloans.co.uk helping you get one step closer to your debt consolidation loan today.

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 ANY OTHER DEBT SECURED ON IT.

Representative example: If you borrow £34,000 over 15 years at a rate of 8.26% variable, you will pay 180 instalments of £370.70 per month and a total amount payable of £66,726.00. This includes the net loan, interest of £28,531.00, a broker fee of £3,400 and a lender fee of £795. The overall cost for comparison is 10.8% APRC variable.

Fees may be payable depending on your final choice of financial product. This will depend on your circumstances and will be discussed at the earliest opportunity. Loan Machine Ltd is authorised and regulated by the Financial Conduct Authority (FCA) (registration number 729302) and is classed as a credit broker, not a lender. Certain types of finance are not regulated, such as bridging loans. Loan Machine Ltd is a registered company in England & Wales (Company No. 5517368) having its registered office at Englands Lane Business Centre, 47 Englands Lane, Gorleston, Norfolk NR31 6BE.