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How Consolidation Loans work
Consolidation Loans work by combining several existing agreements, including credit card balances and other regular finance repayments, into one agreement to suit your individual circumstances.
Who are Consolidation Loans for?
Consolidation loans are for businesses or individuals that have multiple agreements and want to amalgamate the debt into one loan.
Benefits of Consolidation Loans include:
- Simplified payments: Combining multiple debts into one single loan makes repayments simpler to manage with just one monthly payment instead of several
- Efficiency: It offers a straightforward and quick way to free up working capital
- Manage cash flow: The fixed monthly repayments make it easier to budget and gives a clear timeline of when your debt will be repaid
- Spread the cost further: We can combine existing finance agreements you have with other providers and extend the term, which is fixed along with the charges meaning you will not incur any surprises during the lifetime of the loan
An example of how a Consolidation Loan could work for you...
You get in touch with us to discuss your requirements and we work with you to structure a deal that suits your needs.
How to apply for a Consolidation Loan
Simply tell us how much you wish to borrow, the purpose of the loan and the term you prefer. The loan will be tailored to suit you with fixed payments over an agreed term.
With our in-house specialist underwriters providing quick decisions the funds will be paid by Faster Payments into your bank account within an agreed time.
Products and services are subject to eligibility, status, terms and conditions and availability. All lending is subject to status and our lending criteria. The right to decline any application is reserved.
When considering debt consolidation, please note that while your cash flow may improve, the overall amount you repay could increase. For example, your existing agreements (those you want to consolidate into a single agreement) could have been funded at a time when interest rates were lower. Balance transfer fees, early redemption charges for any other loans, and ongoing annual fees may have to be paid to your existing funder(s) before the agreements can be settled and consolidated. Documentation fees may apply. We are happy to consider most forms of debt, including credit cards, overdrafts, and other loans.
If you miss or expect to miss a repayment under your loan agreement, please get in touch with us straight away to discuss it with our team. The risks of missing a repayment under your loan agreement are that we may:
- Cancel our agreement with you and require you to repay the full amount of the loan immediately
- Disclose information about your loan to the credit reference agencies
- Set off any amounts you owe us under the agreement against any funds you hold with us in other accounts
- Take enforcement action against you to recover any amounts you still owe if necessary
- Restrict your access to any other credit facilities you have with us and require you to immediately repay those facilities
