Representative Example: Amount of credit: £500 for 12 months at £79.09 per month. Total amount repayable of £949.08. Interest: £449.08. Interest rate: 140% p.a. fixed*. 278% APR Representative. Rates between 9.9% APR and 1295% APR.
If you find that your credit card bills are catching up with you and there are more and more bills stacking up on the kitchen table, a debt consolidation could be the answer you are looking for.
You can borrow as much as you need with Badger Loans – whether it is £1,000 or £100,000 and you can apply for an unsecured debt consolidation loan or secure the loan against your home or vehicle.
A debt consolidation takes all your current debts and puts them into one single loan and puts out manageable repayments so that you can eventually become debt free. It also makes life easier, since you are paying into one place every month, rather than paying off multiple companies.
In most cases, you will be able to borrow the money and pay off the debts at your own discretion.
If you wish to apply for an unsecured product, your eligibility will be based on your income and credit score, so you will need to meet the minimum requirements.
Your loan will not be secured against anything valuable you own, such as a car or home, so you do not risk this being repossessed if you cannot keep up with repayments. However, failing to repay on time could impact your credit rating and make your loan more expensive.
If you are applying for a secured loan, this will require your application to be secured against your home, vehicle or a similar valuable asset.
Your asset could be at risk of repossession if you cannot keep up with repayments – since the lender will need to claim ownership sell this to recover their costs.
With some lenders, the provider will pay off your bills and you will have to pay off the lender on time each month.
If you have multiple credit cards and personal loans open, using a debt consolidation loan can be a sensible way to gather all your debts and pay them off more effectively.
If you have payments for credit cards and loans that are going into arrears, this can often incur added charges and late fees – so using debt consolidation could help you limit these.
In addition, the rates offered for debt consolidation can be more reasonable than if you continued to use revolving credit facilities or top up on your loans, so you could save money overall.
If you have a lot of existing credit card debt, you can collate all existing payments and pay them off using a debt consolidation loan. This can be an effective to pay off all your debts and stop the interest racking up. Thereafter, you simply need to pay off your main consolidation loan on-time and you will eventually be debt free.
Yes, you can apply for a debt consolidation loan for bad credit and this is very common. If the individual has fallen behind on payments for other financial products and their credit score has suffered, they are more likely to use a secured debt consolidation loan and use their home or car in order to get their loan successfully approved.
You will still need to have a regular income, be able to afford monthly repayments and be the owner of the property or vehicle to be eligible.
Badger loans offers a completely online application so you can fill in your details and get a provisional quote on the screen in less than 5 minutes.
We work with a range of debt consolidation lenders helping you find the best product for you and the more affordable rates.
To help speed up your application, make all your outstanding debts available and the names of the companies that you are working with already. This will allow for a smooth process and once your details are approved, your loan can be funded as soon as possible.