Debt Consolidation Loans
Clear your debt with £250 – £2,000 loans
What Are Debt Consolidation Loans?
Debt consolidation loans are designed to help you manage multiple debts by combining them into a single, more manageable loan.
This can simplify your finances and potentially reduce your overall monthly repayments.
Who should consider debt consolidation loans?
If you have any outstanding debts such as credit cards, overdrafts, BNPL payments, or have been taken by surprise with unplanned expense such as the service that your car just had to have, or maybe you didn’t envisage the heating bill costing that much, then a debt consolidation loan can be an effective way to manage your debts, provided you borrow responsibly.
If you find yourself with multiple debts you would like to clear, one option is to take out a debt consolidation loan in the form of an unsecured personal loan. You can use the loan to pay off your debts in one go making it a more manageable task.
What are the advantages of debt consolidation loans?
While you shouldn’t make a habit of taking out personal loans just to pay off debts, it can be an effective method to pay off money owed. At Loans 2 Go, we offer £200 – £2000 loans which could help you consolidate your debt and regain control over your finances.
Debt consolidation loans offer several benefits:
- Simplified Finances: Combining multiple debts into one loan means you only have to make a single monthly payment, making it easier to manage your finances
- Potential Interest Savings: If the consolidation loan has a lower interest rate than your existing debts combined, you could save money over time.
- Improved Credit Score: By paying off multiple debts and making timely payments on your consolidation loan, you may improve your credit rating.
- Reduced Stress: Managing one loan instead of several can alleviate the stress associated with juggling multiple creditors and payment dates
It’s important to consider that extending the loan term might lead to paying more interest over the life of the loan. Always assess the total cost before proceeding. Or opt for a provider, like Loans 2 Go, who only charge interest while you have the loan. You can also repay early without incurring any early repayment fees.
What is the eligibility for our debt consolidation loans?
To be eligible for a debt consolidation loan with Loans 2 Go, you need to meet the following criteria:
- At least 21 years’ old;
- Currently employed with a regular income;
- A UK bank account holder and debit card;
- Resident in the UK – as a homeowner, tenant or living with your parents.
Even if you have a less-than-perfect credit history, we consider each application individually and may still be able to assist you. We will also invite you to go through our eligibility checker first. Whatever the outcome, this won’t have any impact on your credit score. If you are eligible for one of our loans we will then invite you to complete the full application.
Does Loans 2 Go offer debt consolidation loans?
In a word; Yes.
We want to ensure that we are being transparent and fair with everyone who is interested in applying for one of our loans. So for all our loans we offer you the initial eligibility check, as explained further below.
This mean you will only proceed to the full loan application process if we are confident that you will be accepted. It is in both our interests that this is the case, so that we don’t waste your time and also so your credit file is not adversely affected by having your loan application rejected.
What is the application process?
Applying for a debt consolidation loan with Loans 2 Go is very straightforward. Simply;
- Click Get Started;
- Select how much you want to borrow;
- Provide us with some basic information.
Our eligibility checker will give you an instant decision on whether you’re pre-approved without it affecting your credit score. If successful you can complete the application form and if approved get the money into your account, the same day*.
There are no setup fees, and you can repay your loan for weekly, fortnightly, or monthly repayments. Loan terms are 18 or 24 months depending on loan value selected.
By choosing a debt consolidation loan from Loans 2 Go, you can take a significant step toward simplifying your finances and managing your debts more effectively.
Personal loans | 18 or 24 months
Life is full of ups and downs, and sometimes things just don’t go to plan.
£250 - £2,000
personal loans
Over 2,000,0000
people helped
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Money
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FAQ
We do not charge any set up fees when you take a loan with us.
There are various reasons for applications being declined, such as the affordability of the loan, negative credit history information, fraud or identity warnings, a legal or policy issue, existing account history (where applicable).
We are very flexible and provide repayment options of weekly, fortnightly, or monthly.
Representative example: If you borrow £550 over 18 months at a flat rate of 168% per annum (fixed) with a representative 679% APR you will make 18 monthly payments of £107.56, repaying £1,936.08 in total. The rate and / or term you are offered is dependent on your individual circumstances.
Warning: Late repayment can cause you serious money problems. For independent help, please go to www.moneyhelper.org.uk
