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A debt consolidation loan allows you combine all your existing debts into one single and easy repayment. This means you pay all your outstanding debt in one single monthly payment, making it both practical and cost effective .
If you have multiple products open including personal loans, student loans, credit card debts or bank overdrafts this can become a lot to manage, especially if you have numerous companies chasing you for payment and the rates are not favourable. But at Proper Finance we are here to help.
Our partner, Fluent Money Group, works with FCA regulated lenders across the UK who can find the best debt consolidation loans for you.
Borrow £10,000 to £500,000 to consolidate your debts and start by simply clicking on the ‘apply now’ button where you can enter some basic details. Our dedicated team of advisors will be on hand to guide you every step of the way, providing updates and helping you get approved and funded as quickly as possible.
A debt consolidation loan allows you to combine all existing debts (credit cards, student loans, bills, overdrafts) into one single loan, with one monthly payment.
Rather than having to make several individual payments to different lenders, a debt consolidation loan rolls it all into one loan making it much easier to manage. Whilst a debt consolation loan will not reduce the amount owed, it usually results in a lower rate making repayments cheaper.
With lower repayments likely and an added benefit of a reduced chance of late fee penalties, borrowers are likely able to pay off their loans quicker than initially expected. It can be a good way to take control of your borrowing, especially if you owe money to a number of different lenders.
When you apply with Proper Finance, your loan will be secured against your property, such as your home or flat that you own. Since the lender has added security, they may be more willing to approve those applications with bad credit and this can sometimes present lower rates than an unsecured loan.
Debt consolidation loans work by allowing borrowers to consolidate their existing debts into one loan. Consolidating your debts in this way means you’ll only have to make one simple monthly repayment rather than multiple.
For a debt consolidation loan, you’ll have to work out the total amount you owe from all your existing debts. This total debt figure will then be the amount you borrow through the debt consolidation loan.
This new loan will then pay off all of your existing debt, and leave you with just the debt consolidation loan itself to pay off over 3 to 30 years, in equal monthly instalments, with the option to repay early at any point.
|Loan Amount||£10,000 to £500,000|
3 to 30 years
|Rates From||6.5% APR|
|Free to Apply||Yes|
|Bad Credit Accepted||Yes|
You can borrow £10,000 to £500,000 with repayment terms over 3 to 30 years. Once you have been fully approved and your property and debts have been confirmed, the funds can be deposited into your account within a few days. With this product, it is designed to give you the peace of mind that you only need to make a single repayment each month to stay on top of your debt and it has thus become a very popular product in recent years in the UK.
Yes, you are able to get a debt consolidation loan despite bad credit, missed payments, CCJ and default. This type of loan is used frequently by people who have bad credit and are looking for a loan to pay off their existing debts.
Secured loans can be a more affordable option for those with bad credit and have a better chance of approval. This is because securing the loan against a valuable asset such as your house or vehicle reduces the risk to the lender. If however, the borrower is unable to meet the loan repayments, the asset will be sold to service the loan.
We do not offer unsecured debt consolidation loans where no collateral is needed. Your eligibility for this unsecured type of loan will depend on your credit history, your income and your ability to service the payments each month.
Debt consolidation can mark your credit rating, however, once your debt has been consolidated and you begin regularly paying it off, it can then start to affect your score in a more positive way.
When deciding to consolidate your debt, it’s important to keep up with the repayment plan, and not miss any repayments, as missing repayments on your debt consolidation loan can damage your credit score.
When considering a debt consolidation loan, getting advice from appropriate financial experts can help you come to a more informed, better educated decision.
Proper Finance is a secured loans broker that can help people find the best rates for a debt consolidation loan to meet your financing needs. We work with some of the best FCA regulated lenders throughout the UK, meaning that your application and any processes taken throughout our site are safe and secure.
Our online application takes only a few minutes to complete and our partners will be in touch with you as quickly as possible to guide you through the journey step-by-step. You also have access to their app where you will be assigned a case manage and can see the progress of your application throughout until it is funded.
It is completely free to apply and there is no obligation to process. The only fees to be aware of are lender fees and broker fees which will be disclosed to you before your loan is fully signed and approved.
Common requirements include:
The eligibility criteria for a debt consolidation loan will vary depending on the loan provider.
Debt consolidation loans are often used to pay for the following purposes:
You can start by clicking on the ‘apply now’ button below where you will be taken to our application form which can be completed in just a few minutes. We ask how much you need to borrow, how long for, the value of your property and the size of your current debt.
This information will be confirmed by our partners and their team of advisors and they will aim to process your application as fast as possible and provide you with a list of competitive quotes. Once your loan has been fully processed, it can be ready for funding which takes just a few days.
Overwhelmed by multiple debts? Proper Finance is your solution. Discover personalised debt consolidation loans to unify your payments.
Efficient, easy, and supportive. Click “Apply Now” to begin simplifying your financial life. Take control with just one click!