Debt Consolidation Loan

If you have a number of debts that would be easier for you to manage if you only had one monthly payment to make, a consolidation loan may be the answer. You have to assess how much you would need to pay all your debts off, then make a loan application for that amount. You can do this via your bank, through a financial advisor or online.

It is essential you seek independent financial advice from a qualified advisor to ensure you receive quality advice, specific to your circumstances.

Advantages of a debt consolidation loan:

  • You will receive a lump sum and be able to pay all your other creditors off
  • Reduce the number of monthly payments to be made
  • Can be easy to apply for, with no upfront fees
  • Unlikely to adversely affect your credit rating

Disadvantages of a debt consolidation loan:

  • Many lenders who specialise in consolidation loans have higher interest rates
  • The loan may have to be secured against your property
  • Will be paying back more over a much longer period of time
  • It will be more difficult to obtain further credit as a large loan will affect your ability to get credit

Find out more about a debt consolidation loan

For all you need to know about a debt consolidation loan, please contact us for some free, no obligation help and advice.

Campbell Dallas Debt Solutions - if you have debt problems, we have debt solutions.

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