Debt Consolidation Loans

Debt Consolidation Loans

Managing all of our finances, our incomings and outgoings, our bills and the essentials we buy can be difficult. Not only difficult but time-consuming and confusing too. One of the best ways to get a hold of all of your finances and be able to control them is to put them all into one. But, how do you do this? Debt consolidation loans might be the answer you are searching for.

What Are Debt Consolidation Loans?

A debt consolidation loan can either be a secured loan or an unsecured loan, whichever you choose will depend on the lender or broker you use.  Usually, they are used to organise your financial debts and place them all into one whole monthly payment. This way you can easily keep on top of what you are paying and when you are paying it. Therefore leading to easier budgeting and money management.

How Do They Work?

Using a debt consolidation loan means that all of your debts are in one loan, instead of multiple. So, in other words, if you take out a debt consolidation loan, you can then repay all of your debts and only have to pay back your provider. Therefore, your monthly budget and organisation will be a lot clearer and easier to follow as you only need to concentrate on one debt overall.

Am I Eligible?

Like any other loan, each lender has criteria which you need to fit before they can give you a loan. This is to ensure that a loan is right for you. Some lenders and brokers offer different criteria but overall, they are very similar. Please understand that the criteria listed below does not apply to all lenders and brokers and is just an example.

  • Be aged 18 or over
  • Be employed or have a stable source of income
  • Live in the UK or be a UK resident
  • Have an active bank account
  • Have a valid debit card for this account
  • Hold a valid email address and phone number

Debt Consolidation Loan For Bad Credit

Having bad credit can set you back a few paces when it comes down to getting any type of loan, whether it be a personal loan or even a debt consolidation loan. But, that doesn’t mean that you won’t be able to get one. At BingoLoans, you can get your hands on a debt consolidation loan, even if you have bad credit. Although, it is not guaranteed that you will get the loan at the APR rate you might want. But, this isn’t the case all of the time as the lenders that Simple Personal Loans work with will decide once they have reviewed your application.