Debt consolidation loans – is it right for me?


Here’s a simple checklist to help you to make an informed decision to whether a credit card debt consolidation loan is the right option for you.

  • You have credit card or store card debts totalling £10,000 or more
  • You would like to reduce your monthly credit repayments
  • You’re paying hundreds each month in credit, store card or expensive unsecured loan interest charges
  • Your future plans are often restricted due to high credit bills
  • You want to start saving for the future but need to clear credit first
  • You are worried your credit balances are not reducing quickly enough
  • Paying minimum repayments is all you can afford
  • You would like to reduce the amount of credit interest you’re paying
  • You need to make a financial change now for your children’s future

If some of the above are relevant to you, then a credit card debt consolidation loan through Improve Finance could be a good option for you.

Is a debt consolidation loan the best option available to me?

If, like some of our customers, your credit rating is fair or below, interest free credit card transfers are likely to be no longer available to you and your bank may not be able to help or offer a competitive interest rate. This is where we can help and provide you with a cost effective debt consolidation loan option to make the financial difference you need.

To benefit, you don’t have to have credit problems, have missed repayments or anything other than the fact that your credit debts total £10,000 or more – and that you would like to pay less for it and have an end date that you know it will be repaid in full.

Should I consolidate all of my credit cards?

When considering debt consolidation with a secured loan, we always remind customers that if any of their existing unsecured credit items is at a lower rate, they may be better off not consolidating these specific items. Likewise, if any credit has a small balance, it may be advisable not to include this, as you may pay back more by extending it over a longer term.

However, to make consolidation effective, you should ensure that you do not continue to spend on your credit and store cards or build up further unsecured credit! Instead, pay them off, cut them up and cancel the accounts. This will help you get the most out of debt consolidation and ensure your monthly credit repayments stay low and affordable.

What things do I need to consider?

As a responsible loan broker, we ensure customers can afford the monthly repayments and always have their best interests at heart – just ask our customers. Whilst a secured loan is no more of a risk than an standard mortgage in that it is secured on your property, you must obviously consider it carefully as if you fail to meet your monthly repayments, your home may be repossessed.

Like you naturally would with a mortgage, as long as you make the repayments each month, you can benefit from everything a secured loan has to offer.

Good, fair or poor credit – we can help

It is better to address high levels of credit card debt as early as possible as the better your credit score, the better your interest rate could be when you apply for a debt consolidation loan – and the more potential savings could be made.

Apply now for a fast, same day decision with no-obligation and see the difference that a credit card debt consolidation loan could make in reducing your monthly repayments and interest charges. Applying does not affect your credit score – so you have nothing to lose!

TYPICAL 9.5% APRC variable

Rates from as low as 4.6% APRC variable. Our highest rate is 39.9% APRC variable allowing us to help customers with severe credit problems. 51% or more of customers receive our typical rate of 9.5% APRC variable OR LOWER.

Secured Loan Representative Example: If you borrow £15,000 over 15 years at a rate of 9.5% APRC variable, you will pay 179 instalments of £152.35 per month and a final payment of £302.35. Total amount payable of £27,573. This includes the net loan, interest of £10,623, a broker fee of £1,500 and a lender fee of £450. The overall cost for comparison is 9.5% APRC variable.


Loans subject to status and secured on residential property by way of second charge. Consolidating debts may increase the term and total amount payable. Minimum age 18 years. Improve Finance is a credit broker using a representative panel of lenders who specialise in second charge mortgages and receive a commission from the lender on completion of a loan. We charge a fee for our broking services of between 0% and 15% and will inform you of this fee before you decide whether to proceed with the loan.

Rates and fees correct as of 21.01.2018. Improve Finance is a trading style of Willows Finance Limited, Brocastle, Bridgend CF35 5AS. Company registered in England. Registration number 6678545. Authorised and regulated by the Financial Conduct Authority under number 670052, registered under the Data Protection Act No. Z1447660 and are a member of the Association of Finance Brokers.

This website uses cookies to help provide you with the best possible online experience. By using this site, you agree that we may store and access cookies on your device. To find out more about our use of cookies, please see our Privacy Policy.