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- How quickly can I get the money?
- How quickly you get your loan depends on who you buy it from.
- 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.
- Will the loan company contact my employer?
- Firstly, a loan company will never contact your employer without your consent.
- I live at home with my parents, can I still apply for a loan?
- If you live at home you are still eligible for a tenant loan – this is basically an unsecured loan in which you have no property to provide as security against the debt.
- Over what length of time can I spread my repayments with a debt consolidation loan?
- You will be able to spread your repayments over whatever term you need to in order to meet your repayments.
Is there a way to get a debt consolidation loan that does not require offering your house as security or a way to get a debt consolidation loan if you do not own a house?
You do not have to take out a secured loan in order to consolidate debt, but you are likely to pay a higher interest rate if the loan is unsecured and you are not a homeowner.
You will also only be able to borrow up to £25,000, as lenders will not offer large loans unless you are securing the loans against your home. Unsecured debt consolidation loans are a lot harder to find than secured debt consolidation loans - many of the adverts you see on TV and in the newspapers, offering attractive interest rates are secured loans - essentially a 2nd mortgage.
Even with an unsecured loan - if you default on repayments you could still lose your home. Defaulting in repayments will lead ultimately to court proceedings and the repossession of your home. If you do not have any property or assets, you will be declared bankrupt. The important thing to remember is that you must make sure that you can manage your repayments before you sign up for a debt consolidation loan.
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.
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