Here you’ll find all you need to know about how a consolidation loan works and how it could benefit you ~ like it has done for customers across the UK.
How a consolidation loan could benefit you
There is no hidden science or mystery behind how a consolidation loan works. It’s simply a process of replacing expensive unsecured credit with a more affordable secured loan alternative. To demonstrate how straightforward the process can be with a consolidation loan, we’ve provided a real example.
Feel like you’re getting nowhere?
If you feel like you’re getting nowhere because of the amount of interest being added back on to your credit card balance each month, then a low rate consolidation loan could benefit you.
By replacing your credit and store card balances with a consolidation loan you could put a stop to expensive credit card interest charges straightaway, and finally start paying back the credit you owe – faster.
Depending on how much you wish to reduce your monthly outgoings by each month and subject to the interest rates and balances of your existing credit you are consolidating, you may pay back more if you extend the loan over too long a term so it’s import to get the balance right.
It’s also very important to ensure that once you pay off your credit and store card balances with the consolidation loan, that you cancel your cards or ensure you do not continue to use your cards after. This will help you to pay off credit and not build up anymore.
We like to make everything clear and simple so here so it’s easy for you to make the right decision. To help you can see if it’s right for you and also use our debt consolidation calculator so you can see for yourself how you can benefit from a low rate consolidation loan.