Representative example: borrow £600 for 8 months. 1st monthly repayment of £144.38, 6 monthly repayments of £192.50, last monthly repayment of £96.25. Total repayment £1,369.63. Interest rate p.a. (fixed) 185.39%. Representative APR 611.74%. Our loans are available for 3 to 9 months depending on the loan amount — rates between 295.58% APR and a maximum APR of 1294%.
Representative example: borrow £600 for 8 months. 1st monthly repayment of £144.38, 6 monthly repayments of £192.50, last monthly repayment of £96.25. Total repayment £1,369.63. Interest rate p.a. (fixed) 185.39%. Representative APR 611.74%. Our loans are available for 3 to 9 months depending on the loan amount — rates between 295.58% APR and a maximum APR of 1294%.
If you have multiple credit cards and personal loans open, using a debt consolidation loan can be one 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. Hence using a debt consolidation loan could help you limit these.
In addition, the rates offered for debt consolidation can be more reasonable than if you continued to use short term high cost credit.
A secured debt consolidation loan is a type of borrowing where you combine multiple debts into one loan, and the loan is “secured” against an asset you own — most commonly your home. Because the lender has security, you may be able to borrow larger amounts or access lower interest rates than with some unsecured loans (depending on your circumstances).
With a secured consolidation loan, you usually make one monthly repayment to the lender. Some lenders may pay your existing creditors directly as part of the process, while others may pay the funds to you so you can settle the debts yourself. If you fall behind on repayments, the lender can take steps to recover what they’re owed by claiming and selling the secured asset — which means your home or asset could be at risk of repossession.
An unsecured debt consolidation loan is a type of borrowing that lets you combine multiple debts into one loan without using an asset (such as your home or car) as security. Instead, the lender decides whether to approve you based on factors like your income, affordability checks, and your credit history/credit score.
You typically repay the loan in fixed monthly instalments over an agreed term. Because the loan isn’t secured against an asset, your home or car isn’t directly at risk of repossession if you miss payments. However, late or missed repayments can damage your credit record and may lead to extra charges, higher overall borrowing costs, or further action from the lender.
Funding times vary between lenders. Some approved applicants may receive funds on the same day, while others may wait one or more working days for final checks and bank processing. Do not rely on a particular timeframe until the lender confirms it.
Our initial soft search won’t impact your credit score. A full credit check is only performed once you accept a loan offer.
Lenders typically check your income, essential outgoings, existing credit commitments and recent bank statement activity. They want to be sure the repayments are manageable without causing financial strain.
Loan amounts vary between lenders but many offer between £1,000 and £5,000 for applicants with poor credit. Higher amounts may be available if your income is stable and affordability is clearly demonstrated.
Yes. Being declined by one lender does not mean all lenders will reject you. Different lenders use different criteria and some specialise in helping people with poor credit or previous financial problems.
Provide accurate information, keep the loan amount realistic and make sure you can clearly afford the repayments. Checking your credit report for errors and clearing small overdue amounts can also improve approval odds.
Common requirements include: proof of identity (passport or driving licence), recent payslips or bank statements as proof of income, proof of address (e.g. utility bill), and UK bank account details. Missing or inconsistent information is the main reason for delays.
Yes, most lenders require you to be 18 or older and to be a UK resident. You may also need to provide proof of address and identification as part of meeting regulatory requirements.
No responsible lender should offer a debt consolidation loan without assessing creditworthiness and affordability. The checks used can vary and may include credit-reference data, income information, bank statements or Open Banking. Be cautious of anyone promising guaranteed approval or claiming that no checks are required.
Your initial application through Badger Loans uses a soft search, which does not affect your credit score. If you continue with a lender and accept their loan agreement, they will run a hard search. Using a broker helps avoid multiple hard searches, which can damage your credit if you apply everywhere separately.
Not automatically. It doesn’t reduce the balance you owe but it can reduce your monthly repayments or the overall cost if the interest rate is lower than your existing debts.
It can be. If the consolidation loan has a lower APR than your current credit cards, overdrafts, or loans, you may pay less interest overall.
Common debts include credit cards, overdrafts, store cards, payday loans, and personal loans. Secured debts are usually excluded.
A debt consolidation loan takes all your multiple current debts like store cards, overdraft or short term loans, and puts them into one single loan. You then have a single repayment to one company instead of multiple payments to multiple companies. They can make life much easier all round.
In most cases, you will be able to borrow the money and pay off the debts at your own discretion.
Debt consolidation may be useful where several credit cards, overdrafts or loans have different payment dates and interest rates. Before replacing them with a new loan, compare the new APR, fees, repayment term and total amount repayable with your existing debts. A lower monthly payment can still mean paying more overall. For wider guidance, read our Alternatives to Bad Credit Loans guide.
Customers can apply to borrow up to £15,000 repaid over a maximum of 60 months (5 years). The amount you can borrow is based on your income, affordability and credit status. Typically, the higher your income, the lower your expenses and less debt you have outstanding will help you borrow the maximum amount.
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.
To help speed up your application, list all your outstanding debts and the names of the companies that you are working with already. This will allow for a smoother process and once your details are approved, your loan can be funded as soon as possible.
If that sounds like you, you’re eligible to apply today!
Badger Loans works with a panel of up to 50 lenders in the UK. This helps improve your chances of being matched with a suitable loan from one of the lenders on our panel. With each lender having different requirements, you can maximise your chances of approval through Badger Loans. Every lender on our panel has been reviewed and vetted to ensure that they are fully authorised, regulated and trustworthy. With no upfront fees, you can receive an almost instant decision in up to 5 minutes and if successful, can receive funds on the same day. Sometimes within a few hours. We will not pass on your information to any other companies without your permission.
It may be possible to get a debt consolidation loan with bad credit, but approval depends on affordability, income, existing commitments and the lender’s criteria. A weaker credit history may lead to a lower amount, a higher rate or different terms. Secured borrowing can put your home or another asset at risk if repayments are missed, so it should not be treated as an easier route to approval. Read more on our Bad Credit Loans page.
Get your decision in minutes and, if approved, receive your funds within the hour. Applying won’t affect your credit score.
