Moolr.co.uk | Short term loans

Consolidation Loans

Debt consolidation loans can be a great way to restructure your finances

What can consolidation loans do for you today?

consolidation loans

 

 

We search our panel of lenders that specialise in consolidation loans

consolidation loans

 

 

It is important to remember that late payments may affect your credit rating

consolidation loans

 

 

Please consider the APR of any loan offer you may receive – only use if it is economical.

consolidation loans

 

 

Check the terms of the lender we find – there is no obligation to accept the offer

Choosing a this type of loan could be for you if you are looking to consolidate numerous debts into one convenient place and payment. Especially if that makes your overall monthly debt repayments, and total cost of borrowing smaller.

If you have several smaller debts, such as credit cards, store cards, or even a small personal loan, this could prove a smart way of borrowing. Consolidation loans are designed to cover the total amount of that existing credit, with one lender. This saves keeping on top of several repayments each month and running the risk of paying more overall interest. 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. This applies if considering a loan in order to combine 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 calculator on the Step Change charity website for guidance. Also use this website if you think your debt is a problem that more borrowing won’t solve.

Combining debts is not always the best option

If combining your debts means a larger monthly repayment total and/or a higher interest rate than you are currently paying, then it does not make sense to continue. The interest rate depends on how much you are borrowing and your credit rating. Consider your options before proceeding.

One option could be debt management – as discussed in our debt management blog.

Getting free advice is always a good idea

If you are looking at a loan to combine debts you already have, there is a chance you are struggling to manage your financial commitments. 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 option. 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.

consolidation loans, Consolidation Loans

Debt consolidation loans can be a great way to reduce monthly costs and help money grow