Debt Consolidation Loans
Consolidating your debts can make keeping on top of your monthly payments much simpler, applying to us won’t affect your credit score and
you’ll have a decision within minutes
Rising costs have left many people feeling stretched to their limits and wanting to do something about their outstanding debt. One option is to consolidate outstanding loans, credit card and store card debt into a single loan with one manageable monthly repayment.
Higher food prices, increases in energy bills and petrol prices rises have all increased the cost of living in Britain. It’s a difficult situation for many, and it’s an area we are here to help with at Everyday Loans. Debt consolidation loans are a great option to consider if you find it hard to keep track of your payments.
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How it all works
With everyday loans, you're more than just your credit score. Here at everyday we look at your credit future, not just your credit history. As such even if you have bad credit now or you've had a poor credit score in the past, we may be able to help.
There are 3 simple steps to taking out an everyday loans loan. All of our loans are subject to status and affordability.
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Step 1
Complete our short
application form -
Step 2
Get an initial decision
in minutes -
Step 3
Pop into your local branch
to complete your loan
Why choose everyday loans?
- Applying with us won't affect your credit score. We use Soft Searching Technology which means even if you're unsuccessful; it won't go against your credit file.
- We offer loans to those with a less than perfect credit score. You'll need to be over 18, a UK resident and be able to afford repayments.
- We're a direct lender not a broker. We'll NEVER charge you a fee to consider your application.
- We'll give you a conditional decision in just minutes.
Taking out a debt consolidation loan is when you take all your outstanding debts and bring them together into a single bigger loan with a more manageable single repayment. These loans are usually arranged over a longer term too, giving you more time to repay the debt. It also makes managing your payments that much easier.
We’re all human, and it can be stressful for any of us to have to manage the processing and handling of many different payments each month. It’s an added source of stress when you already have a lot going on in your life!
Debt consolidation will help remove the uncertainty and work, leaving you with a financial situation that may be easier to manage. You may, however, may end up paying more interest over the loan term.
The average person in modern Britain has an increasing range of financial obligations to meet every month. Loans, smartphone contracts, housing and food are all standards, but at any given moment you may find yourself with other items to juggle. Car payments, down payments on devices and furniture, are but a few of the common burdens that all come with their own payment dates and processes.
This can become a difficult situation to manage effectively and frugally. Missing payments for an obligation can mean extra fees or the transfer of the debt to a collection agency. This extra charge and added communication is rarely welcome when you are already busy! Debt consolidation loans may be helpful in lowering the administrative burden on your daily life.
Everyday Loans is a direct loan lender that can offer loans for debt consolidation to those with poor and bad credit profiles. We help thousands across Britain just like you every month, letting them meet their financial obligations in a way that suits them. It’s our goal to help you meet your needs when the unexpected happens so that you can work towards a responsible and steady financial future. if you need a loan why not apply online today?
Understanding Debt Consolidation Loans
First off, let’s take a look at what debt consolidation actually means.
If you’re in a situation where you have multiple debts, all with various APR’s and repayment dates, you might be finding it difficult to keep track and up to date with payments. Debt Consolidation simply refers to the process of borrowing from a singular provider to pay off your existing debts, leaving you with a single repayment every month.
Below are some answers to frequently asked questions around this topic:
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Q1: I don’t understand APR. What is it?
Simply put, it’s your annual percentage rate – the amount overall that you will pay for your individual loan. Let’s take a common scenario to describe it better: You’re in the market for a loan that will help you consolidate debt and you are accepted for a £5,000 amount that is paid back over one year with 15% APR. That means that in total you’ll be repaying £5,750. That’s the simplest form of it. In reality, APR will differ from this due to compound interest, which you can learn more about here. The good news is we’ll clearly break down your total repayments and APR in person when you apply with us – we make it easy to understand.
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Q2: What is a debt consolidation loan?
If you have a number of debts with different providers and are struggling to keep up with all the payments, you could consider a debt consolidation loan. With these loans you borrow the total amount of your debt from one provider, pay off your existing debts and make a singular payment once a month instead of several. A debt consolidation loan could not only make managing your finances simpler, it can also help to reduce your monthly payments as you can spread the payments over a number of years.
You borrow enough money to pay off all your current debts and owe money to just one lender.
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Q3: Does my application change my credit rating in any way?
It varies. For some lenders, you’ll get a mark put on your record whenever you make an application. Having a large number of these on your credit file can be seen as you struggling to get the financial assistance you need, which can be a red flag and make a lender more careful about considering and accepting an application from you. For a loan through us, however, we use our special Soft Search Technology. That means your application won’t be recorded on your credit file in a way that s visible to other lenders.
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Q4: Is a loan going to improve my credit rating?
Generally speaking, it can. The actual act of taking a debt consolidation loan out doesn’t improve your score; the potential benefit lies in making all your repayments on time throughout the loan. This indicates financial responsibility, which will help indicate that while you were struggling before, now you’re on the right track and are a more reliable and responsible individual where financial obligations are concerned.
Debt Consolidation Loans FAQs
Looking to learn more about Everyday Loans and our loans process? Here’s more information for your use on how we can help you receive the money you need to get those debts consolidated into one easy payment. It’s always worth remembering that our process is fast and designed to be simple and straightforward, with the support of an advisor always available to help get you the knowledge you need.
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Q1: Can you tell me what’s required for a loan to be approved?
We only have a few strict requirements. You need to be a UK resident and have a bank account within the UK. Beyond that, we require that you’re employed. Beyond this, we’re more flexible than other lenders as we understand you have a legitimate need for support. We know loans are important, particularly for purposes such as consolidating your existing debt. If you meet the aforementioned requirements, you can make an application now in safety thanks to our soft search technology – you won’t get a mark on your credit file.
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Q2: Can you confirm if Everyday Loans is a direct lender?
Absolutely – we are! Our physical headquarters are located in lovely Bourne End (in Buckinghamshire). We are dedicated to helping individuals consolidate their debt.
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Q3: What if I need additional money from my loan?
We’re happy to help you with this, as long as you have been clearly making your repayments on time. Loan top-ups can be granted but are handled by your local branch; you can contact them to inquire.
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Q4: Is it a long process to get a loan with you?
Generally speaking, we’re able to offer loans quite quickly. If your application is initially successful, you’ll receive what is called a conditional approval. After this, we’ll send your details over to your closest physical branch and we’ll arrange a time for a meeting with a friendly advisor who will complete the loan for you. It’s a quick process and the money can be with you shortly after your meeting is complete. From there, you can consolidate your existing loans as you wish.