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What is the Debt Consolidation Loan?

A debt consolidation loan is another form of personal loan where the borrowers borrow money to merge their multiple debts and convert them into a single loan. Such a process gives the leverage of paying only one interest rates rather than paying for several debts.

Many lending institutions have the facility of these loans, but most people in the UK prefer direct lenders to approach. The simple reason is the flexibility in the interest rates and quick approval.

At large, the debt consolidation loans have belonged to the unsecured lending where no collateral is required. We, at Loan Store, are ready to offer deals on these loans where no guarantor is needed to back the application.

Here, you can borrow from £1000 to £10000 depending upon your current financial capacity and the circumstances.

Process of getting loans

Can I get a consolidation loan with poor credit?

The significance of credit score can be recognised where some lenders accept this as the source of approving or disapproving the loan applications. But, you do not need to be worried about this too much.

We are offering consolidation loan to those with low credit score is mentioned in their financial profile. We are the followers of soft credit check or sometimes no credit check policy. As long as your income possesses the capacity of making timely repayments, we do not have any issue in granting loans to you to consolidate your rising debts.

You are our respected borrower, and your financial constancy is our destination. Do not hesitate with your bad credit, go on and avail loan benefits from us.

What are the benefits of a debt consolidation loan?

If you are 18 years old with UK citizenship, we at Loan Store invite you to avail all the benefits of low-cost loans despite having a bad credit score. Some of them are explained below:

  • Easiest Procedure to Lodge Loan Request
    The simple online loan application process takes just 2-3 minutes, and you get the response within minutes. In most cases, the funds are transferred into your accounts within one business day.
  • Variety in the Loan Deals
    Right, one product may not suit to all; therefore, you need the personalised offer. Our highly experienced experts respect the diversity in financial needs, so our loans for low credit score set the best fit for your requirements. Yes, we need you to discuss your requirements in terms of amount and repayment period, repayment plans, earning scope, repayment capability etc. As being the prominent poor credit loans lender, we offer the best environment to make you feel in safe hands. Believe it, your desired among of funds is just a few clicks away.
  • Approval Comes Only on Your Income
    As a responsible lender, we make all possible efforts to lend you money based on your affordability only. It is why we carefully analyse your income statement. You will get the loan based on your repayment capacity not what you quote. We suggest that you should make a budget before applying for the borrowing to know how much funds you could afford to borrow. It will prevent you from falling into debt.

How to Make Low Credit Score Loans Cheaper

After deciding to avail the loans for poor credit score to consolidate the existing loans and to simplify the repayment, the next concern is about the COST. The proper use of loan amount for the intended purpose is the key to serve the purpose at least price.

Here are the few recommendations to follow:

  • Never do overestimate your repayment capability just based on expectations; commit for repayment on the realistic ground.
  • Better, you apply for the debt consolidation loans or poor credit loans for a more extended period; and, try to pay it at the earliest. Loan Store, your trustworthy friend, never charges extra for initial payments. Just apply for the quote for the loan and feel the difference of being with top direct lender in the UK.
  • Even though you have carefully analysed your repayment capacity before applying for the loan, you are likely to struggle to pay back the loan as a new, unexpected expenditure has popped up. In this situation, you should not flinch from your loan repayment.
  • Talk to us. We will help you by offering a few new repayment alternatives. Tell your financial situation genuinely and get a new deal that suits your budget.

Debt Consolidation Loans for low Credit Score

The debt consolidation is a process to get a single loan to pay off all the smaller loans leaving you to pay just the one monthly installment rather than several installments at different interest rates. Managing the single installment payment on the time is easier.

The burden of multiple debts has clearly an impact on the credit score of the borrowers. In the UK, this has been a major problem especially for the last two to three years. Consequently, they have to struggle with poor credit score. In the need of a loan, approaching the mainstream lenders won’t be possible for them and that is why, we have emerged as the perfect alternative for them. Specific financial product has been framed that is based on the debt consolidation loans for bad credit people in the UK.

bad credit we can help

For these individuals, more or less, very short term but high interest debts are required to be consolidated. Those debts may include:

  • Credit card payment
  • Store cards
  • Previous loans’ repayments

These are just a few examples, and there will inevitably be many such examples. People have the primary difficulty of paying high-interest rates on them and later, they struggle to manipulate over their debts.

At LoanStore, the primary purpose is to the decrease the overall interest levying on the debts so that the borrowers can easily manage them. With this, they will have to take out some amount every month from their salary that further disturbs their overall family budget. It is advisable here that it would be better if you opt for a more substantial amount towards debt in case you have large debts to pay off. It will help you to pay lesser interest rate because you are making high monthly instalments. Besides, you will have one more benefit that you can repay your debts as quickly as possible, and that is what your finances want from you.

  • Online Loan Application
  • No Documentation
  • Guaranteed Loan Approval
  • Instant Fund Transfer
  • No Guarantor Required
  • No Hidden Fees

Making things easier for you, especially in the situation of low credit score, is the responsibility that we are taking happily since our inception. If you want to have an experience of it, then avail our debt consolidation loans that we offer on no credit check policy.

Loan Store, a reliable direct lender, offers a single contact point to make the complete online process hassle-free. Poor credit loans for debt consolidation are highly cost-saver in most cases because when you get several loans from different sources, you pay a higher interest rate.Several loans mean you have to renew each deed for the next term; it costs you. We offer the online consultancy helping you decide right by getting the best deal to consolidate home loan, education loan, Long Term Loans, and credit card balances etc.

FAQS

Can I get a loan to clear my debts?

Of course, yes. In modern times, it has become quite easy thanks to the direct lenders offering debt consolidation loans. You can merge all your pending dues into a single loan policy that will benefit you with less interest rates and single repayment to make.

How can I pay off debt fast with bad credit?

If you want to do the task on an immediate basis then it would be better for you to approach the direct lenders. They accept only online application with minimum paperwork. With no credit check process, they can reduce the stress of being a bad credit holder. Thus, get funds and also a chance to improve credit scores.

How can I get help with debt consolidation?

You can get debt consolidation by cutting down all your loans and converting them to only one. Even your lender is permitting you to do so as it improves your credit score too. It can help you in repaying your pending dues. Once you have to handle only one loan, then automatically it becomes a big help.

Can you get a debt consolidation loan with poor credit?

You may face some challenges on the stair of getting debt consolidation loan with poor credit. The major thing to keep in your check list is the approval as some lenders can deny working with you, without any assurance. However, lenders like Loan Store watch on plenty of things not just your credit score. If your credit score is at low standard, there is a high chance of you getting qualified because they generally follow the no credit check policy. Merging the multiple debts will become easier for you and besides that, you can also improve your credit rating all of a sudden.

Can I get a debt consolidation loan with poor credit?

Yes, you can take out a debt consolidation loan despite a poor credit rating. Debt consolidation is a method to move some or all of your existing debts into the larger one. You will pay off the new debt only. However, due to poor credit rating, you will end up paying high rate of interest. You can get consolidation loans with poor credit at lower interest rates if you secure them.

Can I apply for a debt consolidation loan with poor credit?

Yes, it is possible to apply for a debt consolidation loan with poor credit is there. Many reliable direct lenders like LoanStore offer the personalised loan deals on these loans. In such deals, the approval does not decide on the credit status rather it is decided on the borrowers’ income status.

If you have the guarantor, then it is also fine but again this is not mandatory. Primarily, the current income scenario shows the repayment capacity and that further decides the interest rates and repayments.

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