Debt Consolidation Loans
If you have a large number of debts with a variety of lenders and you want to simplify your finances whilst reducing the cost of borrowing then a competitive debt consolidation loan could solve all of your problems at once. The cost of repaying credit card debts, unsecured personal loans and unauthorised overdrafts fees can easily add up and spiral out of control, even if you are careful with your spending and budget accordingly. If you are familiar with this situation and you would like to regain control of your finances, a secured homeowner loan from a provider can easily help you do all of this and more.
How can a Debt Consolidation Loan Help?
When you take out a debt consolidation loan secured against your property, you can use the funds to pay off all of your existing debts in one go, which means you will no longer be in debt with any of the companies that you currently owe money to. Instead of having to pay off multiple lenders each month, you simply need to make one new monthly repayment to a single lender until the overall amount is eventually settled. You can also spread out the cost of borrowing over as many months or years as you need and because the loan is a secured product, the overall amount of interest will also be much more manageable.
What About Bad Credit?
If your credit history is worse for wear, some lenders may turn down your application for a debt consolidation loan as you may be perceived as an unjustifiable risk. Any missed or late payments on your credit file will obviously trigger alarm bells when a lender is performing a check as part of the application process and this could mean that you struggle to get the finance that you desperately need in order to clear up all of your existing debts and start afresh with more income at your disposal and a convenient reduction in terms of your existing financial obligations.
However, we are no strangers when it comes to sourcing competitive loan products for those with bad credit histories and we can help you to secure the funds you need regardless of whether or not you have struggled with your finances in the past. As long as you are able to offer the required level of security in the form of the amount of equity you have in your home then we can easily help you to acquire the funding you need in order to pay off all of your existing debts whilst enabling you to move forwards in life.