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Premier Debt Consolidation Loan

Secured Loans > Our Loans > Premier Debt Consolidation Loan

Loans for debt consolidation from Evolution Money

We understand that managing different debts and keeping up with the repayments can feel daunting and stressful. You want to remain in control of your finances, and a debt consolidation loan from Evolution Money could help you stay on top of the situation.

If you have a number of existing debts to pay off, it can be easy to lose track and miss a repayment – especially if you are hit with unexpected bills that leave you stretched. But with a debt consolidation loan, you can combine the amount you owe into one single monthly repayment.

We can offer secured debt consolidation loans to UK homeowners aged between 21 and 70 and you can get a free, no-obligation quote that doesn’t affect your credit score. If you have any questions, you can get in touch over the phone on 0161 814 9158 or via email at info@evolutionmoney.co.uk and we’ll be more than happy to talk to you.

Read on to find out more about secured loans for debt consolidation, including how they work, how much they cost and how to apply.

 

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How much do you want to borrow? £5,000 to £100,000
For how long? 3 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?

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What is a debt consolidation loan?

A debt consolidation loan combines all your debts into one amount. These debts could be other loans, credit card bills or your overdraft. Your debt consolidation loan pays them all off, leaving you with a single monthly instalment to repay. A loan of this type can make it easier to keep on top of all your finances and could reduce the amount you pay each month.

How do debt consolidation loans work?

  • Apply for a debt consolidation loan that will cover the total amount of your existing debts.
  • We will pay off those existing debts directly.
  • You then pay off your debt consolidation loan plus any interest that is owed.

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
Bigger personal items such as cars can be financed using a secured loan
Even if you have bad credit we could still help you with a loan

What are the pros and cons of debt consolidation loans?

Before you apply for a debt consolidation loan, you need to make sure it’s the right option for you. To help you, we’ve outlined the key advantages and disadvantages of this type of credit.

The advantages of loans for debt consolidation

  • Simplicity of one monthly repayment, rather than several.
  • Can improve your credit score.
  • Could increase your monthly disposable income.

The disadvantages of loans for debt consolidation

  • Likely to increase the total amount of money you have to repay.
  • Can extend your debt over a longer period.
  • Secured against your home, which could be repossessed if you fail to keep up with repayments.

Why choose Evolution Money for debt consolidation loans in the UK?

  • Loan terms to suit your circumstances
  • Lent to more than 31,000 people
  • Thousands of positive reviews
  • No hidden fees
  • Feefo Platinum Trusted Service Award 2022

How we’ve helped others

One of our customers had 13 lines of credit which included an unsecured loan, an overdraft, credit cards and store cards. We were able to offer them a debt consolidation loan for £53,000 to clear all 13 credit items, take them out of their revolving credit cycle and reduce their payments by over £1000.00 a month. Our help also enabled them to make some home improvements.


Apply for a debt consolidation loan with Evolution Money

If you have any questions about how debt consolidation loans work, whether they’re the right option for you, or anything else, please don’t hesitate to get in touch with one of our friendly, expert advisers on 0161 814 9158 or info@evolutionmoney.co.uk.

We’ll be more than happy to talk you through your debt consolidation loan options and see if we can help you convert your existing payments into one manageable monthly instalment.

Apply for my Debt Consolidation Loan


Debt consolidation loans: FAQs

We understand that applying for a loan can feel like a daunting and complicated process. There’s so much to think about – how much you can borrow, the length of the repayment terms and the interest, to name just a few.
Here at Evolution Money, we want to make your life as simple as possible, which is why we’ve put together this list of frequently asked questions about our loans and how they work.

We understand that applying for a loan can feel like a daunting and complicated process. There’s so much to think about – how much you can borrow, the length of the repayment terms and the interest, to name just a few.
Here at Evolution Money, we want to make your life as simple as possible, which is why we’ve put together this list of frequently asked questions about our loans and how they work.

Am I eligible for a debt consolidation loan?

To be eligible for one of our secured debt consolidation loans, you must be:

  • Aged between 21 and 70*.
  • A homeowner in the UK.
  • Able to afford the repayments using your regular income.

*Loan must be paid back by 70th birthday.

How much can I borrow?

We offer debt consolidation loans in the UK for between £5,000 and £100,000.

How long will I have to repay my debt consolidation loan?

Our repayment terms can span between three and 20 years. Please note that a longer repayment term may mean that you end up paying back more overall due to the interest charged.

How much do loans for debt consolidation cost?

The overall cost of your loan will depend on several things, such as how much you need to borrow, the length of your repayment term, and the interest rate you qualify for. There may also be some other fees and charges, which are outlined here.

Will a debt consolidation loan affect my credit score?

Taking out a secured loan for debt consolidation can help improve your credit score if you make your monthly repayments in full and on time. This is because it shows lenders that you can be trusted to act responsibly with credit.

Be aware, however, that lots of loan applications in a short space of time could harm your credit score and act as a sign to lenders that you are a higher-risk applicant.

How do I get a debt consolidation loan?

Applying for a debt consolidation loan with Evolution Money is a simple and straightforward process. To get started, all you have to do is head to our online form where we’ll ask you to fill out the following:

  • The amount you wish to borrow and your desired repayment term
  • Personal details including your name, date of birth and marital status
  • Your phone number and email address
  • Information about your home, against which the loan will be secured
  • Your employment details

How long will it take to get my loan?

If you are approved for a debt consolidation loan, we will pay off your creditors directly as quickly as possible. However, the time between approval and transfer can vary based on a number of factors. With that in mind, we recommend having all your documents ready so that we can act swiftly to finalise your loan.

Is my debt consolidation loan secured?

Yes, all of our loans for debt consolidation are secured against your home. That means if you fail to keep up with the repayments, you are at risk of having your property repossessed

What other types of loan are available?

As well as debt consolidation loans, we can offer the likes of:

Representative 28.96% APRC (Variable) - For a typical loan of £20,950 over 85 months with a variable interest rate of 23.00% per annum, your monthly repayments would be £537.44. Including a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00, the total amount repayable is £45,682.15. Annual Interest Rates ranging from 11.7% to 46.5% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.

Think carefully before securing debts against your home your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. 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.
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