Debt consolidation loans from £5,000 to £100,000
Repayment terms from 3 to 20 years
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Regulated by the Financial Conduct Authority
Keeping up with different repayments and lenders can make it easy to lose track of what you’re paying and when. It could also mean you’re repaying more than you need to. This is where our loans for debt consolidation can help.
We offer secured debt consolidation loans from £5,000 to £100,000 for UK homeowners between the ages of 21 and 70. Combining your debts and choosing a repayment plan to suit you makes taking control of your finances that little bit simpler.
Consolidate multiple debts
One single repayment each month
Only deal with one lender
If you’re ready to take control of your finances, check your eligibility for a debt consolidation loan below.
What is a debt consolidation loan?
A debt consolidation loan combines all your existing debts into one. This type of loan can be used to pay off credit card balances, overdrafts and other forms of debt, leaving you with a single monthly repayment rather than several.
Once your existing debts have been paid off, you’ll pay back the loan with added interest over your repayment term, just like a typical loan agreement. Our loans for consolidation are secured, meaning you have to be a homeowner to be eligible for one.
What are the benefits of debt consolidation?
Debt consolidation can be incredibly useful if you’re managing multiple debts with different lenders. The main benefits of our debt consolidation loans are:
How does an online debt consolidation loan work?
Here’s how to get a debt consolidation loan from Evolution Money:
Things to consider before applying for a debt consolidation loan
Debt consolidation loans are ideal for simplifying the process of paying off debt, but there are a few things you need to consider before applying.
Am I eligible for a debt consolidation loan?
You should be eligible for a debt consolidation loan in the UK if:
Can I get a debt consolidation loan with bad credit?
Bad credit can stand in the way of you securing loans from many lenders. However, we look beyond your credit score when considering your application for a debt consolidation loan. If you’re a homeowner, we can provide a loan secured against your property.
So, even if you’ve been turned down before with bad credit, it’s worth applying if you meet our criteria. Getting a quote won’t impact your credit score and there’s no obligation to go ahead either.
Why choose Evolution Money for a UK debt consolidation loan?
There’s a wide range of debt consolidation advice and help out there but there’s nothing more important than knowing you can trust the company providing your funds. Here’s why you can be confident when applying with us:
How do I apply for a loan for debt consolidation?
First, you need to check your eligibility by filling out our simple online form. This tells you if you’re likely to be accepted or declined. You can find it at the top of this page or by visiting the online eligibility page.
If you’re eligible, you’ll then speak to one of our advisors to get an actual quote based on the amount you need to borrow and your ideal repayment term.
Once you’ve got your quote, you’ll need to provide some more details about yourself and your property.
How much can I borrow to pay off my debts?
You can get secured loans with Evolution Money from £5,000 to £100,000 to help you pay off what you owe and make your debt easier to manage.
How long do I have to repay a loan for debt consolidation?
You can choose how long you want to repay your debt consolidation loan to help you meet your priorities. We offer repayment terms from 3 to 20 years.
Paying it back quicker will increase your monthly repayments but reduce the amount of interest you have to pay overall. Extending your loan term can make your monthly repayments more affordable but you’ll pay more interest and increase the overall amount you pay back.
Are there any fees with debt consolidation loans?
Taking out a loan for debt consolidation with us comes with a Lending Fee of £807 and a Product Fee, which is % of the amount you’re borrowing.
You’ll receive a personalised quote, including a breakdown of all the costs involved with our debt consolidation loans. These fees can either be paid upfront or added to the loan and spread out over your repayment term.
Should I get debt consolidation advice before applying for a loan?
If you’re struggling to manage multiple debts, it may be worth getting impartial debt advice from an organisation such as StepChange or National Debtline before starting your application.
This can help ensure you’re making the right decision for you and your circumstances. You may also get a better understanding of the best debt consolidation loan for you and learn a little more about other debt consolidation options.
For a typical loan of £30,000.00 over 120 months with a variable interest rate of 19.56% per annum, your monthly repayments would be £598.34.
Including a Product Fee of £2,400.00 (8% of the loan amount) and a Lending Fee of £807.00, the total amount repayable is £71,800.20.
Annual Interest Rates ranging from 11.88% to 29.38% (variable). Maximum 50.00% APRC. The loan must be paid back by your 70th birthday. Read more.