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Consolidation Loans for Bad Credit

Secured Loans > Our Loans > Bad Credit Debt Consolidation Loans

What are bad credit 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’re finding it difficult to keep up with repayments on several 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.

A debt consolidation loan for bad credit could help you regain control of your finances and provide peace of mind.

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What our happy customers say:

How much do you want to borrow? £5,000 to £100,000
For how long? 1 to 20 years.
Loan Purpose
What is your loan for? Your answer won't affect our decision but is helpful to know.
Is this a joint application?

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, with each one owed to a different party with their own terms.

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 loans for debt consolidation with bad credit, you can start to build your way back to financial stability.

We’ll help you find terms to suit your circumstances and a debt consolidation loan that could help simplify your repayment schedule.

We look way beyond your credit score and assess your application based on your unique circumstances. That means we could be able to provide debt consolidation loans for bad credit applicants who’ve been turned down 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 plans 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

Our debt consolidation loans for bad credit can make your monthly repayments easier to manage

  • Use the funds to pay off multiple debts to other parties
  • Bring your outstanding debts together for one straightforward monthly repayment
  • Deal with a single set of terms with full transparency from the get-go
  • There will be a Personal Account Manager to provide support at every step

Questions you may have...

What are the benefits of a debt consolidation loan?

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

By doing so, we can potentially help reduce your monthly repayments and free up a portion of your monthly expenditure. The advantages of consolidating your debts include:

• 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 have a high rate of interest, you could 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 impact on your score in the long term. By using a loan for debt consolidation with bad credit, you’ll start to work towards building your credit score back up through successful monthly repayments. This can form part of your larger efforts towards repairing your credit score.

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 the interest cost. Extending the loan term may also reduce your monthly amount into a much more affordable payment.

Bear in mind if you have decided to repay the loan over a longer period, the interest will be paid over a longer time frame too. This increases the total amount you repay.

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.
• 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 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 to ensure you don’t build  more debt in the process. Reducing your spending while using a bad credit debt consolidation loan can eventually leave you debt-free.

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 peace of mind. You can discuss terms with your Personal Account Manager and start working towards becoming debt-free.

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

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

Outstanding bills
If you have multiple separate bills piling up or are in arrears, you might want to use a bad credit debt consolidation loan to help ease the burden. You will still need to pay any outstanding bills in full in the future, but the loan will help deal with the stress from previous unpaid bills.

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

Why choose Evolution Money for a debt consolidation loan?

People shouldn’t be held back from help in consolidating their debts and trying to improve their financial position. We aim to provide debt consolidation loans for bad credit individuals so you can start to improve your credit score.

Our approach to loan approvals has assisted lots of people in beginning their journey in building back their credit score. As UK-based loan experts, we can provide you with the right advice from the get-go so you can make the most of your debt consolidation loan. See what our satisfied customers have to say about us.

You don’t need to settle for bad credit – debt consolidation loans from Evolution Money can provide that initial helping hand. Speak to one of our experts today to start working towards a better credit score and paying off your outstanding debts.

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

Alternatively, you can 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 advisers.

Apply for my debt consolidation loan

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

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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,
M1 3BE

Registered Company Number: 06987852

Contact by Phone

General Enquiries:
0161 814 9158

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 9 Portland Street, Manchester, M1 3BE. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

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