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Can I get a Loan ?

 

There are a number of things that you should consider before applying for a debt consolidation loan:

  • Whilst you are reducing your repayments and thus your overall debt, you are still borrowing money and must be sure you can afford the repayments.
  • You must still look to change the habits that got you into debt in the first place, whether overspending, over borrowing, or lack of discipline. If you fail to do this, next time you come to look at your finances you will find a loan is no longer an option and you will have to look to more radical debt management alternatives such as an IVA or bankruptcy.
  • Debt consolidation loan rates vary. Be sure to use a comparison service that compares the rates of different lenders to make sure you get the best Annual Percentage Rate (APR) available.
  • Lending is not at the peak it was in 2006. It may be possible that you are declined the loan and have to look into other options such as an IVA, debt management plan or even bankruptcy.
  • Even if you are accepted for the loan, it may be that on further reading you decide that one of the aforementioned debt management services suit you better. This would be the case if you were worried about keeping your loan repayments or if the level of your debt was not even manageable with a loan.
  • How secure is your job? In today's economic climate, no ones job is as secure as it used to be. Make sure that you know the options you have available should you be made redundant or become unable to work. You can also consider employment insurance to account for this.

Fill out our form if you need any further information or to see if you qualify for a debt consolidation loan.


Are you eligible for a Debt consolidation Loan ?

Try our simple debt solution calculator to find out.