If you have a number of outstanding bills, credit card debts and loans, the numbers can quickly start to add up and the stress of bills mounting on the kitchen table can start to take its toll. All Purpose Loans is here to help. Using a debt consolidation loan can help you consolidate all your outstanding debts into one single loan, giving you one single monthly repayment to make and helping you pay off your debts in a more practical and cost effective way.
All Purpose Loans works with a number of debt consolidation loans companies, helping you compare rates across the entire market and find the best lender for you. Our eligibility checker is simple and free to use, and you are just minutes away from receiving a bespoke, personalised loan quote. Borrow up to £100,000 and make one single repayment each month to consolidate all your outstanding debts.
A consolidation loan allows you to put all your existing debts (credit cards, loans, student loans, outstanding bills) into one single loan, with a single monthly payment which should have a lower interest rate.
You do not have to worry about paying multiple debtors and you save time by having the loan arranged and paid into one single place.
You should hopefully be able to clear off some payments sooner than expected, whilst minimising any added interest or late fees in the process. This type of financial product is often seen as an effective way to consolidate all your debts and eventually become debt free.
Your loan will be secured against a valuable asset that you own such as a car or home (also known as homeowner loans). You risk losing your collateral if you do not keep up with payments. But since you have some form of expensive security, your rates are often much lower.
This is when your loan is not secured against any valuable asset and you do not risk losing anything if your loan is not repaid on time. You will need a fair credit history and regular income to be eligible. Failing to keep up with repayments will impact your credit rating and make the loan more expensive.
Yes, debt consolidation loans are available for bad credit. In some cases, our lenders may suggest securing your loan against your home or vehicle to improve your chances of approval. Unsecured debt consolidation loans are also offered through our partners, where no collateral is required and your eligibility is based on your credit history and affordability.
We compare loans that can be paid back over terms of between 1 and 25 years. The APR interest rate you’ll be charged depends on your personal circumstances, and will be between 3.2% and 254.4% This is a representative example of what it may cost: a Loan of £5,000 over 36 months at 48.5% APR would equate to monthly repayments of £241.14, and the total cost of the loan that you pay back would be £8,681.04.
Remember, representative rates aren’t necessarily the rates that you will be offered. We have to show a rate that half or more people who apply for a loan get. The higher rate simply shows that we help lots of different people. It could be higher, or it could be as low as 3.2%. It depends on a lot of different criteria, but the good thing is that you can see how low your rate could be and what your options are by searching on all purpose loans. The loan search will not affect your credit rating and you can find out a rate in less than 2 minutes.
Refinance your debts with All Purpose Loans today by using our eligibility checker provided. We ask for a few simple details through our application form and provide an instant decision with some loan offers that are tailored to your requirements.
There are no fees for applying and we do not carry out a credit check without your consent. All credit checks we run are ‘soft searches’ meaning that they do not impact your credit score and will not harm your chances of being accepted.
Successful applicants looking for debt consolidation loans online can typically receive funds in 48 hours or a little longer if it is a secured loan. The opportunity to take control of your finances and say goodbye to your outstanding debt is only a few steps away.