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Debt consolidation loans?

What are Debt Consolidation Loans

In the simplest terms, a debt consolidation loan would be used to pay off your existing debts and transfer the amount owed into a single loan with one manageable, monthly repayment.

When you are finding it difficult to keep up with repayments on a number of different debts, it can be incredibly hard to stay on top of them all.

Missing payments on a credit or store card bill can have an impact on both your day-to-day finances and credit rating.

Consolidating your existing debt could help regain control of your finances and provide peace of mind over your finances.

What our happy customers say:

How much do you want to borrow?£1,000 to £25,000
For how long?1 year to 15 years
Are you a homeowner?
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Fair Processing Notice

Who we are:

Evolution Money Ltd, Progressive Money Ltd and Evolution Lending Ltd are all wholly owned subsidiaries of Darwin Loan Solutions ('the Group').

We take your privacy seriously and will only use your personal information to

A) Discuss loan offers and provide you with the products and services you have requested.
B) If you take out a loan with us and become our customer, it will also be used to manage your loan.

We'll keep your details for up to 12 months to enable us to help you with your loan application. If you don't take out a loan with us, we will delete your enquiry details unless regulations say we must keep them for longer.

This won't change any marketing preferences you've already chosen.

How we control and process your data:

Our companies hold and process your personal data in accordance with Data Protection law in the UK. We are committed to maintaining the privacy and protection of all personal data collected in connection with our broker and loan services. We may share your information with credit reference agencies and other companies for use in credit decisions, for fraud prevention and for debt collection purposes.

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Please read the full details of our Fair Processing Notice including Credit Reference Agency Information Notice (CRAIN) Click here to see a copy of the CRAIN.

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28.65% APRC Representative Variable Read more

Typical Example: Loan Amount: £7,500.00, Loan Term: 60 Months, Interest Rate: 19.56% PA (variable), Monthly Repayments: £222.17, Total Amount Repayable: £13,330. This example includes an Product fee of £750.00 (10% of the loan amount) and a Lending fee of £499.00. Read about our Rates and Fees.

Secured Loans for Debt Consolidation

You pay one bill. Then, in no time at all, the next arrives. Then the next. Then the next. It’s a familiar story to anyone juggling multiple debt repayments.

It doesn’t have to be that way. By consolidating your debts into one affordable monthly payment, we could help you stay on top of your finances. With terms to suit your circumstances, a debt consolidation loan could help simplify your repayment schedule.

We look way beyond your credit score and assess your application based on your unique circumstances. So, we could offer you the right secured loan to match your needs – even if you’ve had credit problems in the past.

If you're looking to obtain credit, our secured loans can be used for a range of purposes

Carry out home improvements; a great way to invest back into your property
A wedding loan could turn your dreams into a reality
Bigger personal items such as cars can be financed using a secured loan
Take your family on that much needed holiday
Even if you have bad credit we could still help you with a loan

Questions you may have...

What are the benefits of a debt consolidation loan?

At Evolution Money, we are committed to finding your ideal solution, and can tailor our secured debt consolidation loan options to meet your exact circumstances.

Which means you could reduce your monthly repayments and free up a portion of your monthly expenditure.

• One affordable monthly repayment.
• It could be far easier to keep track of your finances as any separate debt repayments are combined into one consolidated monthly outgoing.
• If any of your existing debts has a high rate of interest, you could actually reduce the total amount you have to pay back.

How will consolidating my debts affect my credit score?

• If you are looking to improve your credit score, a single debt consolidation loan could have a positive effect on your score in the future.
Even though a debt consolidation loan creates a new account, lenders may see the other accounts as paid in full.

• Keeping up the payments on the new credit can also have a positive effect on your score in the long term. However, it’s important to note that an increase in your credit score will take time, as you need to build up a history of payments on the account.

How do debt consolidation loans affect my interest rates?

If you have multiple debts with different interest rates, consolidating all your debt into one single payment, means you end up paying only one interest rate.

Repaying your existing debts with a loan at a lower interest rate could save you money by reducing interest cost. Extending the loan term may also reduce your monthly amount into a much more affordable payment for you each month.

Bear in mind that if you have decided to pay the loan for a longer period of time, the interest will be paid over a longer timeframe too and increasing the total loan amount you pay.

What are the considerations of a debt consolidation loan?

There are some things you need to consider before taking out a debt consolidation loan:

• Your debt may run over a longer period of time.
• You won’t have as much flexibility negotiating your monthly payments if your circumstances change.
• A debt consolidation loan with Evolution Money uses your property as security for the loan you want to obtain. You need to be able to afford the repayments through your regular income, as you risk losing your home if you don’t keep up the repayments.

What types of debt can be consolidated with a secured loan?

Rid yourself of ‘payday loan’ debt
If you have one or multiple payday loans which you are trying to pay off, you can use a debt consolidation loan to clear high-interest debts off once and for all.

Credit Card Debt
While consolidating credit card debt, it is also important to eliminate your use of credit cards as much as possible to ensure that you don’t rack up even more debt in the process.

Department Store Cards
Similar to credit cards, department store cards are another popular debt that can be consolidated. Likewise, take care not to restart spending on them or take new ones out.

Catalogue accounts
Debt consolidation loans can clear catalogue debts too, but like department store cards and credit cards, be careful not to build that debt up again

Personal Loans
When you have overwhelming personal loans to pay off, debt consolidation loans can provide vital credit relief and peace of mind.

Tuition / Training course fees
A secured consolidation loan could help you invest in your future by covering off outstanding college fees into one manageable repayment.

Overdrafts
If you have an overdraft account from high street banks, their daily and monthly account charges can mount up. A good way to get your bank balance in the black again is by consolidating your mounting overdrafts into a single payment.

Outstanding Bills
If you have multiple separate bills piling up or are in arrears, then you might want to use debt consolidation to help ease the burden. You will still need to pay any outstanding bills in full in the future.

Mortgage Arrears
If you have any mortgage arrears a consolidation loan can pay off any arrears outstanding

Want to know the approximate cost and timescales of your loan? Take a look at our handy loan calculator to see what your repayments might be on a debt consolidation loan through Evolution Money.

Or, give us a quick call on 0161 814 9158 to talk through your loan needs and get a no obligation quote from our qualified loan advisors at Evolution Money.

Apply for my Debt Consolidation Loan

How our customers rate us

We’re proud of the high standard of our customer service and believe that each of our customers should be treated as an individual.
Evolution Money 90 out of 100, based on 112 reviews over the past year. 112 user reviews. Read our reviews

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Our Address

Evolution Money,
9 Portland Street,
Manchester,
M1 3BE


Registered Company Number: 06987852

Contact by Phone

General Enquiries:
0161 814 9158

Complaints:
0161 814 9165

Contact by Email

Evolution Money Limited is a licensed credit broker and service provider to Evolution Lending Limited. If your application doesn’t meet the underwriting requirements of Evolution Lending Limited we may pass your information to other lenders and brokers. Evolution Money Limited is a company registered in England & Wales, registration number 06987852 and registered at 8 St John Street, Manchester, M3 4DU. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

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