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What is a Debt Consolidation Loan?
A consolidation loan offers the opportunity to put all your outstanding balances together into one block. This can include credit cards, personal loans and sometimes your mortgage.
How long can I take the loan over?
How long you take the loan over depends on how much you need and how much you can afford to repay on a monthly basis.
What if I want to pay my Loan off early ?
Before agreeing to your loan, read the terms and conditions of the agreement. Some loans allow you to pay your loan off early without any penalties, however, some don't.
Why would my Loan application be turned down?
If a lender decides that you are a bad risk for a loan, they will reject your application.
Can I cancel my loan application if I decide not to go ahead for any reason?
If you decide you want to cancel your loan application once you have made it, you can do so within a certain period of time set by the loan company.

Can I borrow again in the future?

Your ability to borrow again in the future will depend largely on how well you managed your loans and other forms of credit in the past.

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Paying a loan or credit back on time and with no arrears will improve your credit rating vastly, and lenders will be keen to offer you credit as they will see you as a low risk borrower. You may also be able to borrow more than you have in the past because your history proves that you can manage a debt well.

If however you gained a bad credit history from a past loan or credit card - you may have more trouble obtaining a cheap loan deal. You will be able to borrow money but you will have to pay higher interest rates with a loan provider that specialises in bad credit customers. If you’re in a secure financial position and know you will easily be able to stick to the repayment schedule, it’s an excellent opportunity to fix your bad credit history. One you have proven yourself to a be a low risk customer you will again be able to get the lower interest rates and more favourable terms that lenders offer those with a good credit history.

 

Risk Warning
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. Security by way of a charge on your home may be required.
Think carefully before securing other debts to your home.