Compare Debt Consolidation Loans Quote
Below is our informative guide to Compare Debt Consolidation Loans Quote, we have listed relevant information, common questions, products and services from the most trusted finance companies on the market.
Compare Debt Consolidation Loans Quote
Welcome to the Debt Consolidation Loans Guide
A debt consolidation loan is simply a way of borrowing money that you’re required to pay back over an agreed period with interest. Knowing where to get the best deal can be difficult, so we’ll compare a broad range of personal loans from across the market to find the right fit for you.
Personal loans are usually unsecured, which means you’re not putting your valuable possessions, such as your home or car, up as security or collateral against the debt. But this limits how much you can borrow – it’s typically up to about £25,000.
Table of Contents
- What Is a Debt Consolidation Loan?
- Compare Debt Consolidation Loans Quote
- Advantages and Disadvantages of Debt Consolidation Loans
- Benefits of a Debt Consolidation Loan:
- Drawbacks of a Debt Consolidation Loan:
- How to Apply for a Debt ConsolidationLoan
- Alternatives to Debt Consolidation Loans
- FAQ about Debt Consolidation Loans
What is a Debt Consolidation Loan?
A Debt Consolidation Loan lets you borrow an amount of money from a lender over an agreed period (or term). The amount you borrow, plus interest, is typically paid back in fixed monthly instalments.
You can use a personal loan to pay for any wedding expenses:
- Rings
- Venue
- Catering
- Honeymoon
- Decorations
- Entertainment
- Photographer
- Invitations
- Hair and makeup
- Wedding dress and tuxedo
- Travel for destination weddings
Many personal loan lenders rebrand their general-purpose personal loans into specific uses, even though they’re all the same thing.
Compare Debt Consolidation Loans Quote
If you’ve done the work and figured out that a personal loan makes sense for you, there’s no shortage of options to choose from. There are thousands of personal loan lenders out there, we break down a few of the best personal loans to choose from.
- Best for Low Rates
- Best for Bad Credit
- Best for Small Loans
- Best for Fast Funding
- Best for No Fees
- Best for Credit Cards
See Which Loans You Qualify For
Compare Debt Consolidation Loans Quote for Low Rates
Loan.co.uk
- Loan Amounts £1000 – £30,000
- Loan Terms from 3 to 18 months
- No Minimum Credit Score
About Loan.co.uk
An award winning, UK based loans and mortgages fintech, we have helped 1,000’s of people to consolidate their debt and fund home improvements, weddings and other life changing purchases. We have also helped 1000’s people to consolidate their over expensive debt. We are rated 4.97 out of 5 on Reviews.co.uk from more than 1650 reviewers. We provide completely free, no obligation quotes after searching our extensive panel of lenders with 1000’s of secured loans products from across the market using the most advanced technology in the country. Loan.co.uk is a credit broker not a lender. Loan.co.uk is authorised and regulated by the Financial Conduct Authority, FCA reg number 718486.
At Loan.co.uk, a senior leadership team with over a 100 years’ experience in digital loan acquisition and fulfilment, merges cutting edge proprietary technology, with a simple consumer brand and a team of the most helpful, experienced and professional employees in the country, on a mission to simplify the way UK consumers borrow money forever. We believe our fusion of hard working, talented people and forward-thinking technology can help you.
What makes us different.
- We pay for everything – Credit searches, valuations, legal searches, third party references. We cover the cost of everything.
- Our client fees are up to 60% cheaper than our homeowner loan competitors.
- Market leading technology. We continue to invest millions of pounds in our technology to make the client experience simple, transparent and hassle-free.
- We will work with you to understand how we can be successful together, helping our mutual clients obtain the money they need, while generating income for your business.
Compare Debt Consolidation Loans Quote for Bad Credit
PostOffice.co.uk
- Loan Amounts £1,000 – £50,000
- Loan Terms 12 – 84 months
- APR Range 8.49% – 35.97%
- No Minimum Credit Score
About Post Office Loans
At Post Office®, we aspire to be at the very heart of customers’ choice by becoming the most trusted provider of essential services to every person in the land.
We’re the UK’s largest retail network and the largest financial services chain in the UK with more branches than all of the UK’s banks and building societies put together. We also have growing direct channels such as contact centres and online – meaning we’re there for more customers, in more ways.
Post Office® and its partners offer over 170 products under four product pillars:
• Financial Services
• Mails & Retail (not currently available on the affiliate program)
• Government Services (not currently available on the affiliate program)
The Post Office® is now more than it ever was – an independent multi-channel business, with a vibrant, fast-growing financial services business, separated from Royal Mail and embarking on a new era of growth, modernisation and customer excellence in serving the UK population.
We have the largest retail network in the UK with almost 11,800 branches. And we want to grow further: we are a multi-channel business providing more than 170 products and services to our customers but our vision is to deliver more. Our financial services business, for instance, is one of the fastest growing in the UK, with almost 3 million customers, a growing mortgage business and a current account being piloted in 2013. The Post Office®, trusted and part of the fabric of our society, is an increasingly credible alternative to the high street banks.
Choose a loan between £1,000 and £25,000 with fixed monthly repayments.Post Office Money® Personal Loans are provided by Bank of Ireland (UK)
Compare Debt Consolidation Loans Quote for Small Loans
AA Loans
- Loan Amounts £1,000 – £40,000
- Loan Terms 12 – 60 months
- APR Range 8.05% – 36.00%
- No Minimum Credit Score
About The AA Loans
AA Loans offer unsecured personal loans, they can be used for debt consolidation, car, home improvements etc. The rate is currently 3.3% (from 23rd June 2020) and is provided by Bank of Ireland UK.
USPs
- Fixed monthly repayments for the duration of the loan
- Spread the repayments over 1-7 years
- No arrangement or set up fee
- Other Loan amounts and terms available. Loan amounts range from £1,000 to £25,000, with terms available from 1-7 years.
To apply for an AA Loan applicants must:
- Have been a UK resident for at least 3 years
- Be over 21 and no older than 70 when the loan term ends
- Have a regular (minimum) annual income of £12,000 (gross). If you are self- employed you must have been employed for a minimum of 2 years
- Have a UK based bank or building society current account that can pay direct debits
- Ensure that they can meet the repayments, as missed payments incur a charge and could have severe consequences on their ability to obtain future credit
Compare Debt Consolidation Loans Quote
Compare Debt Consolidation Loans Quote for Fast Funding
MasterLoan.co.uk
Compare Debt Consolidation Loans Quote
- Loan Amounts £2,000 – £36,500
- Loan Terms 12 – 72 months
- APR Range 7.99% – 35.99%
- No Minimum Credit Score
About MasterLoan.co.uk
Masterloan.co.uk compare 100’s of different loan plans, no matter where you are in the UK. Our dedicated home loans team will search and find the best solution for you and at all times we will keep you informed of you home loan application. We offer homeowners and business owners loans and mortgages and offer loans from £1,000 up to £2.5 Million with fast market leading completions.
Compare Debt Consolidation Loans Quote for No Fees
Quick Car Finance
Compare Debt Consolidation Loans Quote
- Loan Amounts £5,000 – £100,000
- Loan Terms 12 – 84 months
- APR Range 8.99% – 23.43%
- No Minimum Credit Score
About Quick Car Finance
As one of the leading car financing companies in the UK we are delighted to be able to offer no obligation car loans without arrangement fees. It’s our mission to only offer a premium service and that’s why we are well on the way to being the number one car financing company in the United Kingdom. We have over 72 different finance tiers and we are renowned for offering a high quality service. With 5* Trust Pilot customer ratings, we’ve arranged car financing for thousands of happy customers – will you be our next?
Why customers choose Quick Car Finance??
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- Best Car Finance Deals £4,000 – £25,000+
- Used By 500,000+ People Last Year
- High Acceptance Rate & Poor Credit Considered
- Email creatives available upon request
- 100% Free & No Commitment
- Super Fast & Easy Application
- Over 250,000 vehicles to choose from
- Top rated 4.8 Star reviews on google (Compared to 4.1 for CarFinance 247 & 4.4 for Zuto)
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Compare Debt Consolidation Loans Quote for Credit Cards
Score Mastercard
Compare Debt Consolidation Loans Quote
Score MasterCard
The Secured Score Mastercard® is one of the first credit building solutions the UK, providing a credit building solution to both consumers and new businesses looking to establish positive trade history.
Personal Secured Score Mastercard
- Minimum requirements: UK bank account. Applicants must be over the age of 18 and must have income/employment, credit check required, no active CCJ, IVA or Bankruptcy.
- Payment history reported to UK credit agencies, helping build credit score and tradeline history
- No minimum credit score required
- High approval rate due to the secured nature of the card
- Accepted at all Mastercard® locations
- Eco-friendly card made from recycled and degradable materials
- 30-day money back guarantee
- 0% interest charged on purchases and outstanding balances
- Shariah certified card for those of the Muslim faith
- Affordable credit building solution at just 29.99% APR
- No annual fee
- Flexible credit limit starting at 250 GBP determined by applicant and deposit amount chosen
- Cardholder chooses most convenient monthly repayment date
- One-time credit access fee of 10% of credit limit
- Monthly subscription fee of £19.99 (waived for the first 30 days)
About DND Finance
Since 2000, DND Finance has established itself as a multi-national finance company helping the underserved corporate and consumer finance arenas in both the UK and Canada. As a division of D&D Leasing UK, the company was founded by Bill Dost, offering business financing solutions in the loan, vehicle, equipment finance and leasing markets in the UK. DND Finance is fully authorised and regulated by the FCA, and is a member of….
The company has recently launched its Secured Score Mastercard® in the UK, providing a credit building solution to both consumers and companies looking to establish positive trade history. Between its UK and Canadian operations, the company has helped thousands of customers obtain access to affordable credit solutions to move forward in life. The Score Mastercard® was created out of a personal story experienced by DND Finance founder, Bill Dost, over 20 years ago. Out of this experience came the vision to create an affordable, accessible UK card solution that would truly help change people’s financial future, avoiding the pitfalls that can so easily be experienced with poor or no credit. In particular, people and companies in the UK who have been, or are currently, oppressed by the financial system.
Advantages and Disadvantages of Debt Consolidation Loans Quote
If you’re thinking of taking out a personal loan, here are some pros and cons to weigh up first.
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Benefits of a Debt Consolidation Loan:
- You can use the money for whatever you like – you could pay for home improvements, a wedding or a car, for example. You’re not tied to a specific purpose, unlike with car finance.
- Flexible terms – you can choose how much you want to borrow and how long you’d like to repay it. However, this does depend on your credit score and will affect the amount of interest you’ll have to pay.
- Fixed interest rates and repayments – with personal loans, interest rates are usually fixed, unlike credit cards. And you’ll repay a fixed amount every month, which makes it easier to budget.
- Debt consolidation – consider paying off multiple debts with one loan. A single repayment plan could make your debt more manageable by combining multiple monthly payments into one. You may be able to secure a better interest rate too. But bear in mind that extending the length of your loan means you may pay more in the long run.
- Apply and receive the money quickly – you can often apply online and, if you’re approved, the lender will usually deposit the money into your account within a few days (or even a few hours if you’re already a customer).
Drawbacks of a Debt Consolidation loan:
Higher interest rate than some alternatives – personal loans tend to have higher interest rates than loans secured against an asset. So, if you’re looking for cheap loans, this might not be the best option.
Some credit card providers also offer interest-free deals for an introductory period, making them a potentially cheaper option than a personal loan.- Long-term commitment – if your income changes after taking out the loan, you might struggle to keep up with your repayments.
- Good credit score needed for the best rates – the interest rate advertised may not be the rate you’re offered (unless it’s a guaranteed rate). A poor credit score makes it difficult to qualify for the best personal loans.
- Penalties if you default – if you fail to make your repayments on time, this will damage your credit score. Your lender may even take legal action to settle unpaid debts.
How to Apply for a Debt Consolidation Loan?
When you use our eligibility checker, we’ll show you a list of personal loans you might qualify for.
Once you’ve chosen a personal loan, you’ll be taken to the lender’s site to apply. You’ll need to have details including:
- All the addresses you’ve lived at for the past three years
- Your email address
- Your employer’s details, including their address and phone number
- Details of your monthly income and outgoings
- Your bank or building society account details.
This helps the lender assess whether you’ll be able to make the loan repayments.
What are the Alternatives to Debt Consolidation Loans Quote?
There are five main alternatives to Debt Consolidation loans:
Secured loan
If you’re having trouble getting accepted for a personal loan or you’re looking to borrow more than £25,000, you could try applying for a secured loan. This type of loan is also known as a homeowner loan.
You’ll need to offer an asset such as your home or car as collateral. This could be recovered by the lender if you fail to make the repayments.
Because secured loans are less risky for lenders, they tend to offer:
- Lower interest rates
- Longer terms
- Higher borrowing limits.
Get a Instant Secured Loan Quote
Credit cards
If you’re looking to borrow a small amount, a 0% interest credit card could be a useful alternative to a personal loan.
Make sure you can afford to keep up with the minimum monthly repayments and ideally repay the full amount before your 0% period ends.
Overdraft facility
If you only need to borrow a small amount of money for a very short time, consider using an interest-free overdraft, if you have one. If you don’t, it could be worth looking at alternative current accounts that offer this facility.
Peer-to-peer personal loan
Peer-to-peer (P2P) loans work in a similar way to standard personal loans. The difference is you borrow money from another person or group of people, instead of a bank or building society.
You can find P2P lenders on dedicated websites. Interest rates vary and can be affected by your credit score. However, P2P lending can sometimes offer lower interest rates compared to traditional lenders.
Car Finance
Car finance helps people buy a car that they couldn’t normally pay for up front. You’ll typically pay a deposit, followed by monthly repayments (with interest) over a fixed term. This could be from two years up to five years.
There are several different types of car finance available:
- Hire Purchase (HP) – your loan will be secured against the car, and you’ll split its cost into monthly repayments. Once you’ve made the last repayment, the car will be yours to keep.
- Personal Contract Purchase (PCP) – this type of agreement is based on the amount of value the car will lose during the loan term (its depreciation) rather than its total value. At the end of the agreement, you can hand the car back, buy it by paying a one-off balloon payment, or use any positive equity as a deposit in a new loan.
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