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Debt Consolidation Loans

Find an organized way to defuse your debt.

Consolidate your debt with LoanTube.

Compare Debt Consolidation Loans with Guaranteed APRs

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3 steps is all it takes!

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

circumstances.

Step 1

Tell us a suitable loan amount and term.

Step 2

Help us get to know you better.

Step 3

Explore real-rate offers from verified lenders.

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Offers from highly reputed FCA – certified lenders to help with your financial needs
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Set yourself free from the shackles of debt

Simplify your debt repayments and organize your finances with our Debt Consolidation Loan Calculator. Determine your affordability to make

informed decisions.

Debt consolidation loan calculator

What is the purpose of your loan ?
How much do you wish to borrow?
What repayment term would you like to choose ?

Representative Example

Loan Amount

£2,600

Loan Term

3 Years

Total repayment

£4,559.66

Monthly repayment

£126.66

RAPR

49.7%

Interest

41% p.a (fixed)

*The rate you get will depend on your individual, financial circumstances. Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK.

Debt consolidation methods that align with your needs

Consolidate your credit card debt with debt consolidation loans.
Use debt consolidation to defuse your overdraft.
Debt Settlement Vs Debt Consolidation: What’s right for you?

Understand your debt consolidation options

Debt Consolidation Loans

  • Collateral-free personal loans for your every need
  • Customisable loan terms
  • Affordable monthly repayments
  • Repayment failure could lead to credit score damage

Secured Loans

  • Loans for homeowners with collateral security – mortgage refinance, HELOC, Home equity loans
  • Customisable loan terms
  • Affordable monthly repayments
  • Failure to repay could cost you your home (collateralized asset)

Interest Free Credit Cards

  • High cost credit cards with a zero-interest promotional period
  • Limited interest-free period (up to 2 years)
  • High interest rates after the expiry of the interest-free period
  • You may accrue a huge interest on the credit card along with credit score damage.

Home Equity Line of Credit

  • Revolving credit that you can withdraw when required
  • You only pay interest for the amount you borrow.
  • Affordable monthly repayments
  • Your collateralised asset will be repossessed and sold if you fail to repay.

Alleviate your financial burden with LoanTube

Find your ideal loan to combat undamaged debt:

How to keep your debt under control?

Find out how to curb unhealthy debt.

Continuously maintain and follow a budget.

Prioritize your repayments over unnecessary expenses.

During a rough patch, try to pay as much as you can.

Build an emergency fund as a safety net.

Unclutter your finances with debt consolidation.

How to steer clear of debt each month

Jot down your income and compare the expenses

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. 

Create a budget and stick to it

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. 

Curb your temptation to spend

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. 

Starting building an emergency fund

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. 

Cut the inessentials loose

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.

Make a separate savings pot

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. 

FAQ'S

What is a debt consolidation loan?

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.

How does a debt consolidation loan work?

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. 

What types of debt can I consolidate?

You can use a debt consolidation loan for:

  • Credit card debt
  • Personal loan arrears
  • Store / promotion card debt
  • Bank overdrafts
  • Payday loan arrears
  • Unexpected medical bills

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.

When is debt consolidation a good idea?

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:

  • Your total debt (excluding your mortgage) does not exceed 40% of your monthly income.

 

  • You have a decent credit score to secure a debt consolidation loan at low-interest rates or a 0% interest balance transfer credit card.

 

  • There is enough stability in your income to cover monthly payments.

 

  • Your debt-free resolution is in place to prevent falling into the same trap again.
What is the Best Way to Consolidate Debt?

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:

  • Determine the amount you owe
  • How much are you currently able to repay
  • Find a way to pay off your debts within your budget
  • Eliminate unnecessary expenses

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.

Is it Possible to Pay off my debt without a Personal Loan?

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:

  • Your friends and family may be able to help you financially.
  • Contact your credit card provider for a balance transfer option.
  • Talk to your employer about a payday advance.
  • If you own a home, use a homeowner loan (home equity loans, mortgage refinancing, or HELOC) to settle your dues.
How do your debts affect your credit score?

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.

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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.

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