3 min read

Am I Eligible for Debt Consolidation?

If you have several creditors chasing you for payment, and the demands just keep piling up, it can certainly be a stressful experience. Fortunately, with a debt consolidation loan, you could pay off all your lenders and just focus on making one affordable monthly payment.

This is only one of the benefits however, other great reasons to consider getting a debt consolidation loan include:

  • You could have the funds you need within 24 hours;
  • Regardless of your credit history, all scores are considered during the application;
  • There are a variety of flexible rates available, starting from as little as 4.4% APR up to 49.9% APR.

If you’re sold on the idea, great! Complete our short application form below and we’ll be in touch with your options:

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Do I qualify for debt consolidation?

The good news is, unlike many debt solutions out there, you only need to qualify on a few points before being eligible for a consolidation loan. If you want an unsecured loan, you should ideally fulfil the following criteria:

  • You have a sustainable source of income to make the loan repayments;
  • After deductions, you can afford to make the loan repayments;
  • You’re a UK resident;
  • You have a reasonable credit rating.

What about secured debt consolidation?

The qualifying criteria is slightly different for secured debt consolidation. For one thing, a reasonable credit rating may not be required. However, to be eligible for this, you need a valuable asset to use as collateral, such as your home or car.

How to qualify for debt consolidation

If you’re worried you don’t entirely meet the criteria for debt consolidation but think this loan would be perfect for you, then all is not lost. Initially, you should speak with one of our advisors and they’ll be able to identify whether debt consolidation is possible.

Chances are, as a broker, we should be able to identify a provider willing to help you.

If you are not currently eligible for debt consolidation, then our advisors can look at the reasons and specify what you could do to change that. Alternatively, they may be able to identify another more suitable solution.

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