Debt Consolidation Loans and Credit Checks
Our decision to accept a customer for a debt consolidation loan is based on more than credit scores and credit history.
Debt Consolidation Loans from £5,000 – £75,000.
All credit histories considered!Apply Now
Can I get a debt consolidation loan without a credit check?
In the UK the Financial Conduct Authority (FCA) made it a legal requirement for all lenders and brokers to carry out checks on the finances and identity of people who apply for a loan or credit agreement. This is done to ensure that:
- The person is who they say they are.
- The loan or credit agreement is fair for the applicant.
- To ensure the loan or credit agreement is affordable.
There are two forms of credit checks – a “hard” credit check and a “soft” credit check. If you have a poor credit score, we recommend applying for a loan that initially only carries out a “soft” credit check. This is because “soft” searches do not harm your credit score.
Our initial online application for a debt consolidation loan includes a soft search and will not harm your credit rating. The lender will perform a hard credit check which will appear on your credit file.Apply Online
What debts can be consolidated?
Once a consolidation loan is approved, you can use the money to repay your debts while just paying one affordable monthly payment. Below are some of the most common debts you can consolidate:
How could a consolidation loan help me?
A debt consolidation loan could support you on your journey towards better finances. You could benefit from:
- Having fewer payments to make each month.
- Simpler finances to keep track of.
- Borrowing at lower interest rates can save you money.
- Being able to repay your debts sooner.
- A chance to redeem your credit score.
Check your eligibility today, your credit score will not be affected by our online application.Do I Qualify?
APRs from 5.8% to 89.9%
We are a broker, not a lender.
Unsecured Loan Representative 69.9% APR
Borrowing £7,500 over 36 months, repaying £502 per month, total repayable £18,083. Total cost of credit £10,583. Interest rate 69.9% (variable). The lenders on our panel offer loans for 12-60 months, with rates from 5.8% APR to 89.9% APR. The Representative Example is based on all loans paid out by lenders between 19th Apr 2022 and 23rd Dec 2022.
Secured Representative 11.7% APR
If you choose to add fees to the loan: Assumed borrowing of £25,000 over 120 months, plus a broker fee of £2,500 and a lender fee of £250 would result in monthly repayments of £345.55, the borrowing rate is 8.6% (variable), the APRC is 11.7% (variable), total charge for credit £16,466.00 and the total amount payable £41,466.00. You can opt to pay the lender and/or broker fees upfront, your adviser will discuss these options with you.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. All rates vary subject to loan amount, loan type and status. Repaying your debt over a longer period of time may increase the amount you pay.
Risks of loans without credit check
If you find a company that is willing to accept you for a loan without conducting a credit check, this company is likely lending illegally.
Signs of spotting a loan shark include:
- No sign or indication that they are regulated by the FCA.
- The application process seems rushed.
- There is not any paperwork to complete.
- You cannot find any good reviews about the company’s service.
- The loan was approved without performing a credit check.
- Insanely high interest and APR.
Here at Consolidation Express we are regulated by the FCA and have been voted a Gold Trusted Service by our customers!
As a fully regulated broker, we will always run credit checks on the people who apply for a debt consolidation loan with us.
Our acceptance criteria is based on a variety of factors, not just your current credit score.
Why Choose Us?
One affordable payment
Focus on only one monthly payment.
No problem. We consider all credit scores - even bad ones!
We are experts in debt solutions.
No upfront fees
No hidden upfront fees to worry about.
Tailored for you
Real rates tailored just for you.
Our online application only takes minutes to fill out. Start now >
Struggling to get a loan because of bad credit?
There is no need to worry… We consider all credit histories here!Consolidate My Debts
Debt Consolidation Loans and Credit Checks FAQs
Unfortunately, no legal company will offer a loan without running a credit check. If you are looking for a loan without a credit check because you have a poor credit score, your best option is to look for a loan for bad credit.
In most cases it is a good idea to check your credit score and credit file before applying for a loan. This will give you a good indication of the likelihood of you being accepted for any new lines of credit. You can see your credit score by visiting an online credit reference agency. Usually, this is free to do and does not affect your overall score.