The procedure to fetch loan assistance is fast and streamlined. It goes like this:
- Sending application with details
- Receiving a personalised quote
- Evaluating rates before selection
- Final decision
- Transfer of money in case of approval
Are you looking for easier debt management ways? Debt consolidation is a practical approach, provided you get the right loan option. It can set your life free, minus financial worries. Above all, it can introduce much-needed discipline in your financial life.
An emergency bill emerging out of nowhere can turn into debt due to late payment. Many such instances can create a complicated debt trap situation. Loans can only help you come out of this scenario. All you need to do is consolidate debts into one loan asking for a single payment. There may be other alternatives to loans, but these can be more effective when someone is seeking debt management help in the UK.
CashFacts will step in here to customise a loan offer that will be the most suitable for you. We have put on the direct lender’s hat here. You may rest assured to see fair deals at a budget price. However, there is a risk factor too. Merging debt can shrink your payments, but it also adds to the total cost and debt burden. It's better to seek debt advice before moving forward.
The whole process might seem like a debt settlement. However, you can spot visible differences here:
You can denote it as a personal loan. The speciality of a debt consolidation loan is that it lets you move all the debts into one place for easy management. It makes monthly payments bearable and easy to repay for you.
Let us understand with an example, the repayment cost. Given below is the summary of the total loan cost if you borrow £15,000 for over 48 months.
| Loan amount | £15,000 |
| Loan term | 4 years |
| Representative APR | 5.9% APR |
| Estimated monthly repayment | £353 per month |
Instead of paying multiple interests, you will have to concentrate on a single interest rate. Repaying unpaid debts is possible in one go once you get access to this financial solution. Working out the amount that is most perfect for you is critical.
At the same time, you should pay attention to the length of the repayment duration. It should be manageable for you. A personalised loan offer is what you will need to get something that you can easily afford.
Referring to a few critical points in this regard is very vital. These are:
The cost of borrowing will increase as more total interest is accrued over time. Use the loan calculator to get the proper total repayable amount.
Think of the loan as a means of credit rebuilding. Besides, opt for an affordable loan with a soft credit check to avoid any impact on your credit score.
Online lending has made it easier for everyone seeking a simple solution to consolidate their pending debts. You only need to submit an online application, and within 24 hours, you get the approval and fund transfer, too. Still, you should not rush through things. Before applying for loans to consolidate debts, ensure you know everything.
Here are some recommendations:
| Recommendations | What you should know? |
|---|---|
| Taking a new loan | It means you are indulging in new loan agreement, which has to be paid back. |
| Affordability | Use the debt consolidation loan calculator to determine the right amount to borrow. It also helps in deciding manageable monthly instalments without compromising your household budget. |
| Credit score | Understand "will it affect my credit score?" Avoid hard credit checks. Instead, opt for loans with soft credit checks and be regular in loan repayments. |
| Possible fees | Read the loan agreement carefully. Check whether any hidden fees, application fees, late repayment fees, or early payout costs are involved. |
| Responsible borrowing | Learn how to improve your financial behaviour and handling. Seek debt advice and be good during the debt cycle. |
| Secured or unsecured | Know the difference between secured and unsecured consolidation loans by comparing their features and then pick the right option. |
| Approval criteria | Check the lender's approval criteria. It should include credit score, debt-to-income ratio, steady income, or types of debts you owe. Remember, a decent credit score fetches better interest rates than those with poor credit scores. |
The biggest driving force for you would be the opportunity to obtain a debt consolidation loan despite bad credit and from a UK direct lender i.e. CashFacts. It signifies that having unfavourable scores will not work against you every time. We carry an optimistic view point towards borrowers already facing so much due to tarnished credit history.
You can leave your worries to us and move ahead to bid adieu to the pile of debts. It is because this funding option has a lot of surprises in store for you. Like:
Convenience to apply from anywhere
The online accessibility of debt consolidation loans offered with bad credit benefits can easily replace the traditional approach. With the least involvement of paperwork, you can literally sit at any place with a laptop or phone to apply. You can skip the bank branch visit by opting for our loan services.
In fact, you can access the loan form and navigate through our website without any hitches. With simple steps, the form will take little time to complete.
Flexible loan repayment structure
Besides bad credit and debt consolidation, these loans facilitate easy repayment with flexible plans. You need not bother about paying off the amount altogether and at one time. You can conveniently portion out the cost over an extended period and pay it back as instalments.
Your monthly budget will also not suffer because of it. This arrangement will make this job easy for you.
Scope to fetch practical rates
Materialise your wish to fetch a low-interest debt consolidation loan with us that starts from 5.5% interest rate. We prefer evaluating your affordability to curate the most feasible loan offer that defines the best rate also. It has been possible, as we do not charge any fees for our services. Get all the essential information in the loan fine print.
Relief from no guarantor loans in the UK
With us, you can dare to think of getting debt consolidation loans with bad credit and no guarantor requirement. You will guarantee loan payments here. Here, you will not require any additional support from another person to fetch a loan deal from us. We will review your current financial potential to make sure about approval chances. However, having a guarantor means you have better rates and a larger amount to borrow.
No strenuous credit assessment
When your credit score is low, you must be cautious about “Does a consolidating loan affect my credit score?” In this situation, no credit check facility available with debt consolidation loans can relieve you from the pain. You just have to face a soft credit check that will not leave any imprint on your credit profile. Most importantly, none will ask about your credit scores.
It would be an unparalleled experience to get debt consolidation loans for poor credit individuals. Any one of these situations indeed invites the other. Therefore, getting relaxation in credit scores is huge when you are already struggling with debt.
However, bad credit people should not consider availing of debt consolidation loans with guaranteed approval assurance. There is no guaranteed approval claim from any responsible lender. You can definitely meet the approval criteria by practising the following things:
Preferring credit review: Following the step before applying for any loan is a must. You can get consolidation loans with fair credit scores also. The only difference will be a well-suited loan offer.
Checking eligibility: We have standard loan eligibility that is easy for you to qualify. Ineligibility will take away this opportunity to avail of loans for bad credit for consolidation purpose. Make sure you are eligible to strengthen the approval chances. Who can apply? Here are the basic eligibility criteria:
Confirming affordability: Validate if you can pay for the rate and amount you will take out. We will confirm your affordability through a soft credit check before financing for debt consolidation and overlooking your low credit score.
Opting for a competitive price: You must avoid picking up any offer that might not suit your financial capability. Look for an affordable loan rate that perfectly matches your financial circumstance and ability to repay.
Signs of credit improvement: We get a positive feeling to go ahead with loan approval by seeing you trying to improve your credit scores. This approach works wonders when you want to simultaneously address poor credit and debt consolidation.
Dig deeper and evaluate the type of debt you are dealing with. It will help to understand the type of debt consolidation loans you can borrow with bad credit obligation from us as a direct lender in the UK. You have the liberty to opt for any option based on your requirement and comfort.
The different types of loan options available for you are:
Personal Loans
Out of the different options available to us, personal loans offered for debt consolidation purpose, regardless of bad credit, are unique in their own way. You can employ this financing option for any individual need. You can get these loans based on your ongoing financial stature. Apart from that, the risk is also of a high interest rate. Therefore, compare various loans and then make a precise decision.
Secured Loans
Assets like a home or car can make getting debt consolidation loans easy for poor credit people in the UK. You must consider this option if you want cheaper rates. Secured financing solutions are suitable for borrowing if you need a significant amount. Borrowing limits may increase, but you may be at risk of losing possession if you miss the payments or default.
Guarantor Loans
Accomplish debt consolidation by getting guarantor loans. You will have to convince another person to repay if you default on the loan. That person should accept your proposal and have favourable credit scores so that you can have guaranteed approval. Still, you both should know that your credit score and the guarantor's credit score will be affected by missing payments.
These loans let you utilise the loan money to manage debt in every possible way. Maybe, you are handling different types of debts. Here, you have the liberty to use it according to your priority.
The topmost purpose is not a secret to anyone. You can use this funding to release the burden of debts. Carry out debt consolidation for different types of complex scenarios despite bad credit and no guarantor in the following ways:
There is no doubt that consolidation loans are for clearing debts, but at the same time, they are not for fresh spending. We follow responsible lending practices and recommend that you plan explicitly for debt repayment, implementing this plan while availing of loans.
We provide unsecured debt consolidation loan with an additional no-guarantor facility. Here, you can get loans without collateral if you don’t want to give away asset possession or lack of assets.
There are sharp dissimilarities between loan assistance with collateral and without collateral. Find it out here:
| Secured Consolidation Loans | Unsecured Consolidation Loans |
|---|---|
| It will ask for a security | It will never ask for any security |
| You need to borrow in large quantity | You can borrow as per necessity |
| Repayments are longer up to 10 years, resulting in more payment | Repayments are short that may last up to 60 months and do not cost extra |
| Repossession risk is there if you default | Loss of possession is not a possibility |
| Lower interest rates as collateral is there | High interest rates or APR for bad credit |
| Soft credit check | Hard or soft affordability check |
We are familiar with the type of challenges people face in an attempt to take debts under control. We have crafted a borrowing opportunity by keeping various aspects in mind. Our constant effort is always to live up to your expectations. It reflects in our services that are follows:
Swift response: We do not take much time to get back to you on a query. Moreover, we will process your request as swiftly as possible.
Transparency: You can collect all the information related to fees from the loan agreement. Furthermore, you can enquire us for anything. We will maintain transparency in every approach.
Data safety: We practice the necessary security measures to protect your data. Do not hesitate to share personal information with us!
User-friendly approach: Steps are easy to understand. You can seek our support at any stage. Our team will assist you throughout the process.
Respite from upfront fees: We are direct lenders and do not ask for additional cost for our services. With us, you can avoid paying any surplus fees.
The procedure to fetch loan assistance is fast and streamlined. It goes like this:
No, your credit scores will not impact your borrowing decision. It is the best thing about using our direct lending services. There will be no footprint on your credit profile. However, late repayment can have a negative effect. Be aware!
You can take out any amount varying from £500 to £10000. The amount should have a convenient term for repayment that usually falls between 1 to 5 years. Give weightage to these two things while finalising the loan amount.
No significant risk is there when you opt for these loans. You need to be careful about the loan repayment, which, if it gets delayed, will be dangerous for you. Late charges will be a levy, and your credit scores will bear the brunt.
It is up to you to decide whether this financing solution is best for you. In case you are not convinced, you can check out alternatives like:
Although obtaining approval may still be possible with bad credit, you will face higher interest rates, a smaller borrowing amount and stricter eligibility criteria. Your income needs to be secure as well as showing proof of loan affordability before considering debt consolidation as an option.
Debt consolidation loans may have both positive and negative effects on your credit score based on how they're used. Its outcome ultimately lies within how it's managed. For instance, using one payment per debt at once to consolidate multiple debts may positively increase it, while missed payments or larger debts could significantly harm it.
A secured and unsecured debt consolidation loans differ primarily in whether an asset is pledged as loan collateral. Secured loans usually come with lower interest rates and a larger borrowing limit due to their collateral backing. In contrast, an unsecured loan carries no risk for applicants but has higher rates of interest.
Lenders will carefully consider your personal and financial circumstances to determine eligibility for a consolidation loan. It may include your updated credit score, ability to repay and amount of debt you wish to consolidate. Furthermore, your earnings must have been consistent for at least the past three months. Show an established repayment plan before lenders accept you as eligible.
It is not compulsory to have a guarantor to get a loan for debt consolidation. Having a guarantor's backup gives relief to both borrower and lender, as there will be no worry if the borrower misses the payment. Guarantor will pay on your behalf till the loan term ends. Approval will be there with no guarantor, but the interest rates will be higher.
When you are applying for a loan for consolidating debts, you should set a target of borrowing only the adequate amount that can clear all debts that you want to consolidate. You should not borrow less or more.
Yes, we do.
Get A Loan Quote