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Debt consolidation personal loans
Debt consolidation personal loans explained
When people find themselves in debt, it can be a very stressful time for both themselves and their family. In fact, debt is one of the most common causes of anxiety among adults.
This is particularly the case when a person owes multiple debts to several different credit providers. Keeping track of your monthly outgoings becomes a challenge which only adds to the stress of repaying your debts.
A debt consolidation personal loan is sometimes referred to as an unsecured loan, which is primarily used to pay off existing debts. This can not only be used to consolidate separate pending loans, but other forms of debt such as credit cards etc.
By consolidating existing debts into one single monthly payment, a person can often reduce their monthly outgoings and better manage their finances. These types of loans often prove to be more affordable.
When people owe credit to several different providers at the same time, it heightens the chances that they will fall behind on payments from time to time. This has an adverse effect on that person’s credit score and therefore harms their chances of applying for future credit.
Debt consolidation personal loans may, therefore, give people a greater sense of control over their financial situation. Not only that, they may also be able to arrange a repayment plan that suits them far better than their current arrangements.
Before you apply for an unsecured debt consolidation loan through Progressive Money, make sure to read through some of our most frequently asked questions.
What can a debt consolidation personal loan be used for?
A debt consolidation personal loan is a good option for people looking to get a better handle on their multiple outstanding debts. If you’re looking to obtain credit, our range of personal loans for debt consolidation may be able to help you in the following ways:
- Regain control over repayment period
- Reduce the stress in your financial situation
- Reduce your monthly payments
- Reduce the interest you pay
- Improve your credit rating
Do I qualify for a debt consolidation personal loan?
In order to apply for an unsecured debt consolidation loan through Progressive Money, you must meet the following criteria:
- Aged 18-70
- Employed
- A homeowner
- Live in the UK
- Able to afford monthly repayments comfortably from your regular income
How much can I borrow?
Progressive Money offer personal loans for debt consolidation from £1,000 up to the value of £15,000.
How long do I have to repay my loan?
We offer flexible repayment periods of up to 10 years. Our team of expert loan advisers can talk you through all repayment options available to you.
Although opting for a longer repayment schedule may reduce the amount you are due to pay back each month, remember that it also means that you are in debt for a longer period of time.
How much interest will I have to pay on my loan?
We believe in being completely transparent about all fees involved in your personal loan application. Interest rates vary with each application, and is dependent on various factors such as loan amount, repayment term, and credit score.
Progressive Money charge an acceptance fee of 10% of the loan amount and an administration fee of £390 for the administration of the loan, which you can pay up front or choose to add into the loan amount. For example, if you are applying for a £7,500 loan, you may expect to pay an acceptance fee of £750 and an administration fee of £390.
We say no to “computer says no”
We will not turn you away if you have negative equity in your property. Please be aware that we cannot guarantee your personal loan until we have reviewed your current circumstances and the repayments you can afford.
At Progressive Money, we listen to you. Your application will be individually assessed by an Underwriter and not by a computer.
A personal account manager will be there for you to discuss any queries you have regarding your account right through until the completion of your loan term. Remember your personal account manager is always just a quick call away.
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Progressive Money Limited is a direct lender and licensed credit broker. If your application for a loan doesn’t meet the underwriting requirements of Progressive Money Limited or you wish to consider other lending options, we may with your permission, pass your information onto other selected third party lenders or brokers, including other group companies. Authorised and regulated by the Financial Conduct Authority. Firm Reference No. 690699. Registered with the Information Commissioners Office No. Z3414982.
