For Paying Debts, Consolidation Loans One of the Best Options

Compare & Save Today.
Type your loan amount:
Preferred repayment term:
Approximate value of your property:
Size of your current mortgage:
Describe your credit history?

Just about every adult carries some level of debt from month to month. Whether that debt is related to credit cards, personal loans, overdraft protection or revolving lines of store credit, debt is a normal part of modern financial life. Being way in over your head with too much debt is also relatively common, though it's not wise. That's why so many people are looking to pay down their debts as quickly as they can. For paying debts, consolidation loans are one solution alongside several others.

Before we get to the various solutions for paying down debt, we want to make it clear exactly what kind of debt we're talking about. A first mortgage and moderate credit card debt are not considered serious enough to be a problem. It's not until you start adding to your mortgage and credit cards that you start having trouble. People who should seriously consider paying down their debt through a consolidation loan are those struggling under the weight of:

  • multiple personal loans
  • credit card debt in excess of £5,000
  • revolving store credit
  • multiple, expensive car loans
  • ongoing payday loans.

It should be understood that the average credit report includes information relating to every outstanding debt a consumer has. Therefore, one of the reasons for paying down expensive debt is to solidify one's credit rating.

Debt Consolidation Loans

The secured loan product known as a debt consolidation loan is one of the most popular options for people looking to pay off high-interest debts. Consolidation loans take advantage of the equity borrowers have in property to borrow significant amounts of money with lower rates and better terms. The money raised from a secured loan pays off high-interest credit cards and other debts, leaving the borrower with a single monthly payment that should be less expensive than servicing all the other debts individually.

The biggest advantage of paying debts with consolidation loans is one of volume. In other words, it is possible to borrow tens of thousands of pounds as long as you have the equity to support it. You could, in theory, pay off all your high-interest debt with this one kind of loan. Doing so would instantly boost your financial position.

Balance Transfer Credit Cards

Another option is one of balance transfer credit cards. However, this option is not ideal for a couple of reasons. First, it is limited to debts of under £5,000. If your debt exceeds that amount, getting another credit card is not going to help you. Second, balance transfer credit cards have an inherent temptation built in: the temptation to spend more money using the new card. A lot of people who go into a debt reduction strategy with a balance transfer card find themselves in a worse position for it.

Continuing As-Is

There are times when a financial adviser might suggest a consumer continue as-is without trying to retire current debt loads as quickly as possible. This strategy might be recommended as a way to encourage the borrower to take any extra money that would otherwise be put into debt consolidation and invest it instead, with the goal of earning a return that exceeds the amount that would have been saved through debt consolidation.

Again, this strategy is not recommended for the average consumer as it tends to only pay off for people who are of a higher net worth. The average consumer being overwhelmed by tens of thousands of pounds in high-interest debt would be better off with a consolidation loan.

Call Us For FREE Expert Advice and the Latest Rates.

We source the best rates from the whole market

  • Borrow up to £2,500,000 Depending on the Equity in Your House.
  • Adjustable Repayment Terms from 3 to 30 years.
  • Secured Loans Can Be Used for Almost any Purpose.
  • Low Interest Rates.
  • Rapid Approval - Low Arrangement Fees.
  • Options for Homeowners with Bad Credit History.
We Will Find You the Best Secured Loan to Suit Your Individual Needs.

Call for FREE from Mobiles and Landlines:

01707 397463


Email us Apply Online
How to get the Best Secured Loan from a Choice of Over 950 Deals.
How to Compare Rates.
  • Our simple to use rate table allows you to select your criteria for the loan.
  • Our comparison tables display the best offers that match your requirements
  • View each loan offer and compare Annual APR, total repayment amount, monthly cost and LTV side-by-side
Call Our Friendly Experts
  • With the technology at their finger tips our experts can quickly find the best offers from over 950 loan deals to suite your individual needs
  • Our experts will help you compare the offers side-by-side allowing you to choose the best deal to match your personal circumstances
  • Our experts have immense knowledge of each lenders underwriting criteria and risk evaluation ensuring that you only apply to the most suitable lenders
Choose the Best Offer
  • When you have found the best loan offer our experts will create an optimised application that matches lenders criteria.
  • Our experts will submit the application on your behalf and liase with the lenders underwriters to ensure your case is presented in the best possible light
  • Our team will work with you to obtain a successful conclusion to your application. Remember we work for you not the lender so always have your best interest at heart.
Receive the Cash
  • Once you are approved you will be sent 2 forms to sign. Just return these competed forms with proof of ID and your cash will arrive in your account in under 4 weeks
  • If you need the funds faster it may be possible to speed up the process for a small additional cost so just ask.
  • Enjoy your loan.!