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How Can I Consolidate My Debts FAQ

How Can I Consolidate My Debts?

Secured Loans > Our Loans > Debt Consolidation Loans > How can I consolidate my debts

You could consolidate your debts with a debt consolidation loan. This is where you take out a new loan to pay off multiple existing debts – such as personal loans or credit cards.

With a debt consolidation loan, you pay off a single loan to a single creditor instead of making multiple payments to multiple creditors. This could help you manage your finances, as you only have one monthly payment to make.

You may also end up paying less interest on a debt consolidation loan compared with other types of finance (eg credit cards). If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.

  • One payment per month instead of many – could help you manage monthly outgoings
  • Interest rates can be lower than other types of credit – like credit cards
  • Lower interest rates mean more of your monthly payment goes toward paying off the outstanding balance
  • This could help you clear your debts faster

A secured loan may be a suitable option if you want to consolidate debt. This is where a house or other asset acts as security on the loan. This reduces the risk to lenders, which could improve your chances of approval – even if you have bad credit.

A debt consolidation loan could even help you improve your credit rating -keeping up with a single payment each month could demonstrate good payment history.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up the repayments on a mortgage or any other debt secured it.
Late payment can cause you serious money problems.

 

Warning: Late payment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

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Evolution Money 96 out of 100, based on 178 reviews over the past year. 178 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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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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Evolution Money are a multi Award Winning UK finance company with thousands of happy customers!

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Our friendly loan advisors can let you know if you're eligible for a loan without affecting your credit score. Why not give us a call today!

Freephone 0800 144 8188

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