Managing multiple debts with a limited income is a big challenge. Missed or delayed payments can put you at a greater risk of slipping into debt cycle. However, thankfully, solutions like debt consolidation loans can help you manage multiple debts.
Obtaining the loans online make things helps you get simpler and faster solutions. You will feel relieved if applying for the loans includes an instant approval decision and a timely money deposit in 24 to 48 hours. All this comes with a higher approval rate.
Also, apply for a loan with a poor credit rating and merge all your debts into one as per your repayment capacity. With personalised deals, you can plan your budget easily to pay the instalments on time. Bargainloans has all the vital features you need to get debt consolidation loans in the UK for bad credit scores. The loan offers come with no hidden fee or upfront fee.
Features of Debt Consolidation Loans
A loan for debt consolidation is a powerful financial tool that simplifies the debt repayment process by streamlining the mess of multiple debts. The loans are where you borrow based on your individual repayment capacity. A borrower can merge all obligations and convert them into a single debt. The advantage of this is that earlier, a borrower used to pay separate instalments for different loans. Now, he will have to pay only one instalment.
Also, earlier, there were many instalments for each loan. After consolidation, the repayment plan is made at a rationally applicable lower interest rate by merging all the loans. The borrower can easily reduce the debt burden using the loan. The amount that is paid through the loan is offset by all other debt obligations. Instead, the borrower pays only one debt consolidation amount every month on the decided date.
We offer the best debt consolidation loans without taking you through a lengthy process. Apply today for a no-obligation deal.
In case of applying through a direct lender, a debt consolidation loan works through a speedy procedure. Everything happens online, from application to fund disbursement. Your financial and personal details are verified online.
All this processes do not take much time whether you apply for instant 12 month loans or the longer period. As soon as your repayment capacity is proved regarding the loan amount applied for, an instant approval decision is sent to you.
Along with the approval decision, the loan agreement has also been sent to you. Only after acceptance of this agreement can we process the fund transfer. The loan tenure starts after we credit the funds to the borrower's account. On the decided date, instalment is deducted. In direct lending, everything happens through online processes, so all repayments are done through auto debit.
However, certain discounts are also available to the borrowers in exchange of auto debit. To win these discounts, borrowers need to ensure ample amount in the bank account on the date of auto debit. While following borrower-friendly policies, we offer auto debit discounts to new as well as existing borrowers.
The process remains the same whether you apply with a bad credit score or for a debt consolidation loan on benefit today. However, the interest rate and repayment plan flexibility may differ as per the income type.
Several reasons can convince you to choose unsecured personal loans for debt consolidation. Let's discuss what are the factors that invite most borrowers to trust these loans.
A debt consolidation loan with bad credit is needed most by those struggling with past credit issues. Hence, if you are struggling in your financial life with a less-than-perfect credit rating, this financial solution is the best option for you.
Most borrowers stay away from a good financial life due to being unable to pay multiple instalments on time. In that case, it becomes necessary that they reduce their debt burden in time and plan for the future faster. Getting approval by applying for direct lending with a poor credit rating is easier. This is because in direct or online lending, your credit score is not the sole criterion.
Approval happens according to the current repayment capacity. Few details come under scrutiny without going into the details of credit history. It is vital to prove whether you have been earning regularly in the last six months to one year. Along with this, show your improved financial behaviour in the recent month. Loan approval becomes relatively easy if you have paid bills and instalments on time. While applying in a poor credit situation, keep a few things in your mind.
Even after consolidation, you need to take care of a few things. People often relax after debt consolidation and again get caught in the debt trap. They take new loans or max out the credit card limit. Due to this, they have to apply for a consolidation loan again. Doing this repeatedly can hurt the credit report.
We expect you to choose us to take out debt consolidation loans for some potential reasons. All our borrowers choose us for the following reasons.
Bargainloans is always ready to help its borrowers find the best deals. You can qualify for a smaller term for debt consolidation or 36 month online loans in the UK. With same flexible and democratic approach, we treat all borrowers same.
Call us now and let us understand your circumstances. In a few minutes, we will design the best deal to ensure debt consolidation guaranteed loans in the UK without burdening your credit purchase power.
When you apply for a loan, it causes a slight dip in your credit score. But if you keep paying the instalments of debt consolidation loans consistently, it improves your credit score. However, you should not apply for consolidation loans repeatedly. This leaves a bad impression on your debt management. After all, someone needs it only when debts go out of repayment capacity.
You will be notified about the missed repayment. However, we also give a reminder prior to the due date of the repayment. But still if you are going through any financial issue, we give a grace period to make the repayment. If you still struggle, we are ready to offer you a new repayment schedule. Before applying to any penalty, we always work on every possible way out to help you make timely payments.
You can borrow up to £10K pound loans. However, the maximum amount varies as per the lender's policy. Note that the amount you qualify for depends entirely on your credit purchase power. You can even be eligible for the maximum amount if you have a strong repayment capacity with a regular income. Therefore, working on your payback capacity before applying for any loan is advisable.
You need to pay an early repayment fee to pay off the current debts merging in exchange for taking a debt consolidation loan. Besides this, arrangement fee too is applicable. However, the amount varies as per lender's policies. At Bargainloans, we charge nominal fee but that may differ according to individual circumstances of the borrowers.
Our AI-based loan calculator makes things predictable and helps you make informed decisions. Fill in some basic details like current income, total debts, required amount and submit. In a few seconds, you will see the result showing the acceptance as per your financial details. Also, it will show the approximate interest rate and monthly instalments.