Our approval for a debt consolidation loan considers factors beyond credit scores and credit history.
Loans available from £5,000 to £75,000.
All credit histories are taken into consideration!
In the UK, the Financial Conduct Authority (FCA) mandates that all lenders and brokers must conduct checks on the financial status and identity of individuals applying for a loan or credit agreement. This is implemented to ensure that:
There are two types of credit checks – a “hard” credit check and a “soft” credit check. If you have a low credit score, we suggest applying for a loan that initially only conducts a “soft” credit check. This is because “soft” searches do not impact your credit score.
Our initial online application for a debt consolidation loan involves a soft search and does not affect your credit rating. The lender will then conduct a hard credit check, which will be recorded on your credit file.
After the approval of a consolidation loan, you can utilize the funds to settle your debts with the convenience of making a single affordable monthly payment. The following are among the most frequently consolidated debts:
Just barely making the monthly payments? We can help you take control of your finances and make these a thing of the past.
If store cards have caused you to have debt, then we can support you in repaying this at an affordable rate.
Credit card debts can quickly become unmanageable but, don’t worry, we are here to help you.
If you’re struggling to repay your payday loans, help is available. In just a few hours you could have the funds you need to close these accounts.
A debt consolidation loan could aid you in achieving improved financial stability. You might experience benefits such as:
Verify your eligibility today; our online application will not impact your credit score.
APRs from 5.8% to 89.9%
When borrowing £7,500 over 36 months with monthly repayments of £502, the total repayment amount is £18,083. This includes a total cost of credit of £10,583, at a variable interest rate of 69.9%. The lenders in our network provide loan terms ranging from 12 to 60 months, with APRs varying from 5.8% to 89.9%. Please note that the Representative Example is based on loans disbursed by lenders from April 19, 2022, to December 23, 2022.
Opting to include fees in the loan: For a £25,000 loan over 120 months, along with a £2,500 broker fee and a £250 lender fee, your monthly repayments would be £345.55. The variable borrowing rate is 8.6%, resulting in an 11.7% APRC. Total cost for credit is £16,466.00, and the total amount repayable is £41,466.00. You can also choose to pay the lender and/or broker fees upfront, with options discussed by your advisor.
What is the process of credit card consolidation?
Credit card consolidation involves using a loan to settle all outstanding balances with various lenders. For instance, if you hold credit cards from Natwest, Halifax, and American Express, a consolidation loan would encompass the total amount owed to these entities.
The loan funds are then used to systematically close each account until your credit card debt is fully cleared. Instead of managing payments to multiple lenders, you consolidate everything into one, focusing solely on the company that granted your consolidation loan.
Typically, this results in more manageable monthly repayments, improved interest rates, and a shorter repayment period. For optimal effectiveness, a debt consolidation loan works best when the obtained loan amount is sufficient to clear all existing debts.
Dangers of Loans with No Credit Check
If you come across a company willing to offer you a loan without performing a credit check, it’s likely operating illegally.
Indicators of identifying a loan shark include:
As a completely regulated broker, we consistently conduct credit checks on individuals applying for a debt consolidation loan with us.
Our acceptance criteria rely on various factors, not solely your present credit score.
Focus on only one monthly payment.
No problem. We consider all credit scores – even bad ones!
We are experts in debt solutions.
No hidden upfront fees to worry about.
Real rates tailored just for you.
Focus on only one monthly payment.
No problem. We consider all credit scores – even bad ones!
We are experts in debt solutions.
No hidden upfront fees to worry about.
Real rates tailored just for you.
No need for concern… We assess all credit histories!
Regrettably, no legitimate company will provide a loan without conducting a credit check. If you seek a loan without a credit check due to a low credit score, your best alternative is to explore loans designed for individuals with poor credit.
It is generally advisable to review your credit score and credit report before applying for a loan. This will provide a clear indication of your chances of approval for new lines of credit. You can check your credit score by visiting an online credit reference agency, and typically, this process is free and has no impact on your overall score.
Ready to get started?
You can visit the Money Helper website to find out more about managing your money and to get free advice, they are an independent service set up to help people manage their money
Your details might be used for a soft credit check, which you can see but lenders cannot. This will not impact your credit score. The lender will perform a credit check which will appear on your credit file.
DebtConsolidation.co.uk is a registered trading name of Dissolve Debt Limited, which is authorised and regulated by the Financial Conduct Authority and is entered on the financial services register under reference number: 662423. Dissolve Debt Limited is registered in England and Wales (Company Number 05278758), registered office; Paul House Stockport Road, Timperley, Altrincham, Cheshire, England, WA15 7UQ. Registered with the Information Commissioners Office, (Registration Number Z896984X).
Disclaimer
The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details on the FOS can be found on its website at www.financial-ombudsman.org.uk.
“Dissolve Debt Limited” act as a broker processing the information that you provide to us and pass this on to our Limited group of third party lenders and brokers.
We do not charge a borrowers fee for the use of our brokerage services, however we do receive commission from lenders (or other brokers) when borrowers sign into a credit agreement following an introduction through the Debt Consolidation website.
Telephone calls from UK land-lines are usually free, however charges vary from mobile phones so please check with your network provider. Calls will be recorded for training and monitoring purposes.
As operator of this website, Debt Consolidation is not an agent or representative of consumers or any lenders and therefore does not endorse the services offered by specific lenders.
The guidance and/or advice contained within the website is subject to UK regulatory regime and is therefore primarily targeted at customers in the UK. For more information on how we handle your data see our privacy policy (for further details about Debt Consolidation and Dissolve Debt Limited, see our Terms and Conditions).”
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
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