Here to help you manage your debt with a Consolidation Loan
- Eligibility check without affecting your credit score*
- No upfront fees
- Lenders that consider a range of credit scores
- Money straight to your account if approved
- Loans from £5,000 to £75,000
*Our initial online application will only conduct a soft credit check. This will not be visible on your credit report and will not harm your credit score.
Representative 14.8% APR
We are a broker, not a lender.
Representative Example: Borrowing £15,000 over 60 months, repaying £355.28 per month, total repayable £21,316.57.
Total cost of credit £6,316.57.
Interest rate 14.8% (variable).
The lenders on our panel offer loans for 12-360 months, with rates from 4.7% APR to 42.6% APR.
The Representative Example is based on all loans paid out by lenders between 1st Jan 2022 and 31st Dec 2022.
Simple steps to reduce your monthly repayments
Complete our free online application.
Your application will be reviewed.
If approved, the money will be paid directly into your bank account for you to pay to your creditors.
What is a Debt Consolidation Loan?
A debt consolidation loan is a type of loan that is used to combine multiple existing debts into 1, with an affordable monthly payment.
Once you have been approved for a consolidation loan the money you need is paid into your bank account in as little as 2 hours. You then use this money to pay off all your existing debts, leaving you with just 1 creditor to repay.
What you can expect with a loan from our lenders
Our lenders consider a wide range of credit scores
One affordable monthly payment
Loans between £5,000 and £75,000
No hidden upfront fees
Interest rates based on your circumstances
Our online application is quick
What can a Consolidation Loan be used for?
A consolidation loan can be used to pay off different types of unsecured debt, such as:
Personal loans
We can help you take control of your finances if you’re just barely making your monthly payments.
Store cards
If store cards have caused you to have debt, then we can support you in repaying this at an affordable rate.
Credit cards
Credit card debts can quickly become unmanageable but, don’t worry, we are here to help you.
Payday loans
Credit card debts can quickly become unmanageable but, don’t worry, we are here to help you.
Overdrafts
If you are currently in your overdraft and are facing fees, a consolidation loan may be right for you.
Utility arrears
If you’re in debt to companies supplying your utilities, such as gas and electricity, consolidation could be an option.
FAQs
Here at Consolidation Expert, we believe a poor credit history should not stop you from resolving your debts. Therefore, our panel has been carefully selected to ensure that a wide range of credit scores are considered for a debt consolidation loan.
However, it is important to note that you will need a good credit score to get the lowest interest rates. So, if you have poor credit, and are approved for a loan, you will pay a higher interest rate than someone with a good credit score would for a similar loan.
If you use your consolidation loan to repay your existing unsecured debts in full and then keep up with the monthly repayments on your consolidation loan, you should gradually see improvement in your credit score. This is providing you still keep up to date on repaying all of your secured debts (like mortgage payments), and household bills (like gas and electric).
However, as a debt consolidation loan is a line of credit, an in-depth search of your credit report will be carried out at some stage before approval. This can temporarily lower your credit score, but it should bounce back quickly if you stick to making timely repayments and avoid making too many credit applications in a short space of time.
Both secured and unsecured debt consolidation loans can be used to consolidate multiple debts into one debt with a single monthly payment.
A secured loan requires collateral, such as your home, to secure the loan against. Collateral is an asset that can be used to repay the loan if you default on the payments.
On the other hand, an unsecured loan does not require any form of collateral. Which makes them a good option for people who don’t have assets to use.
Benefits:
- Reduce your monthly repayments: A consolidation loan, could lower your monthly repayments into one which is more affordable.
- Lower overall interest: Potential to lower the overall interest of your debts.
- Simplify your finances: It’s simpler to manage one monthly payment than multiple different payments.
Risks:
- Missing payments still has consequences: Your credit score will suffer if you fail to make payments on time.
- Secured debt consolidation loans could result in asset seizure: If you default on a secured loan, your assets could be repossessed.
Who is Consolidation Expert?
Consolidation Expert is a registered Debt Consolidation Loan Broker in the UK. We are authorised and regulated by the FCA.
No paperwork
Easy to apply
Secure data handler
Large panel of lenders
