Find an organized way to defuse your debt.
Consolidate your debt with LoanTube.
Debt is an inevitable part of our financial lives, but handling multiple debts can take a toll on your mental and financial health.
Untangle your finances with LoanTube – find debt consolidation loans with real interest rates customized to match your needs and
Tell us a suitable loan amount and term.
Help us get to know you better.
Explore real-rate offers from verified lenders.
Simplify your debt repayments and organize your finances with our Debt Consolidation Loan Calculator. Determine your affordability to make
First and foremost, you must determine if your payment can cover all your household expenses. These expenses include food, shelter, clothing, and laundry. If you can’t cover these expenses with your income, you may want to maximize or slash other costs.
Using a Budget, you will allocate money to each expense after comparing your costs and income. You can control where you spend your money using a budget. Keeping track of your money can be helpful when it comes to identifying and repairing spending issues.
You can use a credit card to make payments quickly and easily. Using a credit card tends to lead us to overspend, mainly because it makes it easier to cover our tracks. In contrast, money does not leave a ‘paper trail’ because you’ll know when it’s gone. When you have trouble sticking to your spending limits, consider switching to cash payments.
A credit card would be the first thing you would reach for when faced with an emergency expense. Therefore, you can minimize your usage of credit cards with a fund specifically designed to address such situations. Make an emergency fund of between £1000 and £2000.
If you owe money, you should make an extra effort to pay it off. One way is to cut back on unnecessary expenses. If you rarely use your gym membership, you can cancel it and get your money back. Alternately, you could become a side hustler to earn extra income.
As soon as you get rid of your debt, you’ll have enough money to start saving for the big purchases you’ve got coming up. You should only make a purchase when you have saved up enough to afford it.
Debt consolidation is the process of consolidating all of your existing debts into one loan, usually a personal loan.
It does not mean that you are free from repayment of your current debts.
Instead, you can use this option to combine your debt payments into one lump sum.
You can make one payment against all of your loans instead of paying back each loan separately.
A default on your loan could negatively impact your credit score.
Your low credit score will prevent you from obtaining any financial products in the future.
The lender is also entitled to take legal action against you to recover their money.
A debt consolidation loan is an excellent way to combine your multiple debts into a single loan that is convenient to repay.
Consolidating your debt makes it easier for you to track and control your loan repayments.
You can either take out a secured or an unsecured debt consolidation loan.
Although, a lot of people find unsecured loans to be more accessible because they do not involve hypothecation.
To successfully consolidate your debt, calculate the cumulative of all your outstanding balances, and borrow a loan equal to the overall amount you owe.
Once a lender approves your loan, they will transfer the amount directly into your bank account.
You can then use the funds to pay off all your ongoing debts.
Now, the only debt you’ll be remaining with will be your debt consolidation loan.
You can use a debt consolidation loan for:
Maintaining your repayment schedule and paying in full is crucial to justify debt consolidation.
Missing payments will negatively impact your credit rating.
A County Court Judgment might also result from this and compromise your chances of obtaining credit in the future.
Consolidating your debt is undoubtedly a smart move financially, but you should plan your loan carefully.
Here are some situations when debt consolidation makes sense:
A proper financial plan supports your decisions to borrow money to pay off existing debts.
Multiple debt consolidation often results in savings since you do not have to pay back several loans.
You have to pay one debt against all your debts rather than paying off several debts at a time.
Here are some tips for consolidating your debts:
You should only take out consolidation loans if you know you can afford the payments.
To stop juggling between debts, make all your repayments on time and thoroughly.
You can undoubtedly repay your debts without borrowing a new personal loan.
It is possible to pay back your debts with your surplus savings or extra money left at the end of each month if you have enough.
Here are a few ways you can repay your debts without taking out a personal loan:
Keep your debt low and manageable.
Making all of your debt repayments on time will increase your credit score.
It is wiser to take out a loan to consolidate all of your debts than to pay your creditors in instalments.
However, combining your debts does not guarantee that you will pay them off.
Responsibly managing your loan repayments is the key to successful debt consolidation.
Do not overlook minute details that may have a massive impact on your score. Your credit utilization ratio and payment history can heavily influence your credit score.
Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
Credit subject to status & affordability assessment by Lenders.
LoanTube is a credit broker and not a lender.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on any debt secured against it.