Consolidation Loans – Reduce Monthly Payments & Combine Your Debts

What can a consolidation loan do for you today?

We find diverse types of loans, lenders who specialise in all credit histories

Please remember that late repayment may affect your credit rating

You should not use bad credit loans to manage existing debt

You are under no obligation to commit after we find a loan option

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. Even a small personal loan could benefit from a consolidation loan. 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.

debt consolidation loans

We always ask customers to consider all options before taking out a loan. 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 continue. 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, 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 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.

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