A Moolr consolidation loan could be for you if you are looking to consolidate numerous debts into one convenient place and payment.
Consolidation loans are helpful if you have several, smaller debts, such as credit cards, store cards, or even a small personal loan. Rather than keeping on top of several repayments each month, and running the risk of paying more overall interest, consolidation loans are designed to cover the total amount of that existing credit, with one lender. This means you only have to worry about one single repayment, to help you keep on top of your expenditure.
We always ask customers to consider all options before taking out a loan, and this applies if considering a loan in order to consolidate existing debts. If you feel this is the best option, and that having one monthly repayment will relieve the stress of debt, then Moolr could help you today.
We advise trying the debt consolidation calculator on the Step Change charity website for guidance. stepchange.org/Debtconsolidationcalculator
Debt consolidation is not always the best option
If consolidating your loan means a larger monthly repayment total and/or a higher interest rate than you are currently paying, then it does not make sense to consolidate. The interest rate depends on how much you are borrowing and your credit rating. Consider your options before proceeding.
Getting free advice is always a good idea
If you are looking at a loan to consolidate debts you already have, then there is a chance you are struggling to manage your debts. Therefore, it may well be a good idea to get free, impartial advice.
If you need extra advice about your financial situation, we highly recommend the following options: moneyadviceservice.org.uk, a government site that will provide free, impartial advice. Money Advice Hotline: Available Monday - Friday from 8:00am to 8:00pm and Saturday from 9:00am to 1:00pm. Telephone: 0300 500 5000.