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16-Jan-2020 16:21
Our Eligibility Checker tool performs a soft search, which means there’ll be no record of the search on your credit report.
It allows us to use your personal circumstances to see your eligibility for loans – but this is not a guarantee of acceptance and should be used as a guide only.
With each separate existing loan you look to pay off with your consolidation loan, check whether there are any early repayment charges – and, if so, factor them into your calculations.
Most debt consolidation loans are unsecured, which means they are issued according to your creditworthiness.
When you compare loans with Money Super Market, you’ll be able to order results by how likely you are to be accepted so you can see who is most likely to say yes.
This will help you try and avoid a rejection for credit, which will be recorded on your credit report and lower your credit rating.
Debt consolidation means taking out a new loan to pay off a number of liabilities and consumer debts, generally unsecured ones.
In effect, multiple debts are combined into a single, larger piece of debt, usually with more favorable payoff terms.
If you see any loans that are secured, you should be wary of them.According to a report by the Money Advice Service, around 8.3 million people in the UK struggle with problem debt.The areas where most people struggle with debt include East London’s Barking and Dagenham, Newham and Tower Hamlets, while Sandwell and Nottingham also have high proportions of individuals with problem debt.A secured loan is when the debt is held against an asset (usually property) – think carefully before securing other debts against your home because your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
Advantages of debt consolidation loans: Indebtedness is a serious problem for many people across the UK.
However, it's also true that young families are particularly vulnerable to debt, which might account for why the 25-44 age band tends to require higher loan amounts.
