What are debt consolidation loans?
Debt consolidation loans are short-term funding assistants that allow you to merge all your obligations into one loan. Millions of people today are living under the burden of multiple debts. Many repayments on different interest rates make it difficult to manage finances. Personal loans for debt consolidation are an appropriate way to merge all the debts into one debt. The result is that borrowers only need to pay one instalment at a fixed rate. You can borrow from £1000 to £10,000.
You are in the right spot if you are looking for an escape window from multiple loans and debts like personal loans, credit cards, etc. Still, you must qualify on some parameters of unsecured debt consolidation loans. Minimum age should be 21 years. There is a yearly income requirement, too, that is £10,500+. Your job status should be either employed, self-employed or retired. Also, no bankruptcy record should be there with the proof that you are a permanent resident of the UK.
You can calculate your loan deal repayments from our loan calculator. Make your deal predictable because, at Easyadvanceloan, we offer customised loan offers. After all, the only aim of these loans is to lighten the burden of the borrowers. If a borrower wants to borrow a big amount, we also have secured debt consolidation loan options. Reach out to us now, and we will process a loan for you after explaining the process and the policies. Do not worry; there is no hidden charge.
How do debt consolidation loans work?
A debt consolidation loan works in quite a predictable manner. The steps below are sufficient to explain the loan process. Read below and take a hint of how these loans can be of help to you.
- The applicant applies for an amount equivalent to its total current obligation.
- We will check your eligibility for the amount depending on your current and past financial status.
- Once approved, you will be given the loan offer from our side.
- After your approval, we will consolidate your obligations and pay them off.
- In exchange for paying off your other loans, you start repaying one monthly instalment at a fixed price.
No matter which lending company you choose to apply for large debt consolidation loans, they work the same. However, the rate of interest and monthly instalment may differ. If you want to know more about how this option will work in your case, call us right now. We always inspire our borrowers to make informed decisions because that creates a loyal relationship between the lender and the borrower.
What can I use a debt consolidation loan for?
You can use the loan amount for many purposes. Consolidation of obligations may have one significant role in merging the debts, but it has many uses, which you should know in totality. Read below, as you will be convinced of the significance of this funding option.
- Streamline finances - When personal debt consolidation loans help you merge multiple debts into one, you can organise your entire financial mess. Firstly, you can pay only one instalment at a fixed rate instead of numerous ones with varied rates. This makes a lot of space for new expenses, savings and investments in your account.
- Get lower interest rates - The loan product not only merges the obligations but also lowers the interest rates of your debts. As a result, you pay smaller instalments and decrease the total cost of all your loans. As a result, your current and future personal finances improve.
- Pay off loan early - As the loan merges all your loans at a lower rate you can save money. That money can be used to make part payments. Just imagine, not only your obligation got cheaper but also you can get rid of it faster. Therefore, consolidating the debts always proves its significance.
Now, you should be able to understand why these loans are helpful. They serve some decided purposes and can be a great opportunity to manage your finances before it gets too late.
Can I apply for a debt consolidation loan with bad credit?
You can always apply for a loan with a low credit score. In fact, the loan is considered the best product for those struggling with a low credit score. Having many debts can turn your bad credit situation into a bad credit situation. Many of our customers apply for debt consolidation loans for bad credit and within a few months, they can manage all their expenses efficiently. Personal finances improve suddenly, and credit ratings go high.
If you talk about consolidating debts through a direct lender, you will find that most of the lenders prove this loan option for low credit rating applicants. After all, someone already with a good credit score will need less to merge all the debts in one. Usually, a person with a good credit score has a limited or controlled number of debts. If you can relate to this fact and need an escape window from a poor credit rating, let’s talk.
Before your poor credit grabs your financial peace completely, it is best to apply for debt consolidation loans for bad credit in the UK from a direct lender. Financial situations can be unpredictable sometimes. It does not mean that you don’t deserve a second chance. Call us now, and we will customise a deal for your situation. We are sure you will be handling your finances quite well in a couple of months. Break the bar of bad credit and let your money breathe freely.
Does a debt consolidation loan exist with bad credit and no guarantor?
You do not need a guarantor as long as you can prove your repayment capacity against a loan. The condition is not different from that of loans for bad credit for merging debts. If you have a low credit score that does not mean you don’t have a repayment capacity. Specifically, the applicants usually clearly mention that they can repay if their loans merge into one. If you are facing the exact situation, do not worry about such a requirement.
The condition of the guarantor is applicable in three conditions, not because you have a poor credit rating.
- A borrower with a poor repayment capacity.
- A worst credit rating history is also responsible for making the presence of a guarantor vital.
- If an applicant has a history of bankruptcy.
In these three situations, you may not get a debt consolidation loan with bad credit and no guarantor. Call us, and we will study your finances and tell you how you can get the loan.
Providing a guarantor is always tricky as people may not help you due to your poor credit situation. At Easyadvanceloan, we spot the strengths of your capacity to repay a loan. You do not require anyone else to be in the picture to manage your finances. Let us make a great personalised deal for you. A rational attitude and hard work will be sufficient to find a way out despite a credit score issue.
Get a loan quote with not affecting your credit score
Usually, borrowers fear credit checks because they leave a footprint on their credit history. This can turn against their future financial decisions. If one loan is rejected today, it will show on their credit report. Then, what’s the solution? The solution is to apply through a lender that does not mandate credit checks. You are already at the right place if you are reading this.
Easyadvanceloan offers debt consolidation loans with no credit check that does not affect your credit rating. As a result, you can borrow funds without any fear of any long-term impact on personal finances. Also, we have a higher approval rate, and 98% of loan applications receive our approval. It includes applicants with poor credit scores, too. The policy of no credit check is vital in modern times, considering the flexibility of direct lending.
Regarding traditional lenders, a credit check is a vital element of the lending process. Direct lenders just want to know your repayment capacity. As long as you are doing well on that part, there is no need to do a credit check. Due to a loan process, there is no point in sending a borrower in a fix. Let us know, and we will explain how the loan process with no footprint will work.
Why choose Easyadvanceloan’s debt consolidation loans?
You can find many reasons to choose us. We have been active in this industry for years and understand the nerve of the market. If you want more reasons why you should select us as your lender, read the points below.
- Transparency - We have neither hidden charges nor conditions that come out as a shock later. You get to know everything from the loan process to fund deposit when you first reach us. Our website is updated with the necessary conditions. You can also call us anytime.
- Borrow bad credit with no credit check - Friendly lending policies allow you to obtain funds despite a poor credit score and without any credit check. Still in doubt? It’s time to know more about it. We have approved loans to thousands of poor credit applicants.
- Multiple loan options - Besides debt consolidation loans, we have no guarantor loans, bad credit loans, doorstep loans, unemployed loans, unsecured loans, or payday loans. You can find your financial relief by picking one of these options.
- Assured quick cash - We commit to processing your loan and depositing funds quickly. We have no paperwork, flexible loan deals, instant approval decisions, or speedy fund disbursement. All these features make lending easier for us and predictable for you.