A different cheaper solution
How do I consolidate a Payday loan?
If you’ve ever taken out a payday loan you’ll be very aware of the high interest rates charged for short term borrowing. You may also be aware of how easy it is to quickly slip into a downward spiral with payday loan debts, and how difficult it can be to try and manage and clear them. A lot of people who do turn to payday loans have poor credit and for many they turn to this short-term lending solution to help make payments on other high interest loans.
Is a different cheaper solution?
A consolidation loan from Evolution Money offers customers with high interest loan debts such as Payday loans an opportunity to combine all of their debts in to one manageable consolidation loan. This type of loan could help customers manage their debts more effectively. It allows you to make one more affordable monthly repayment rather than having to manage multiple debts at often much higher rates.
Debt consolidation makes sense because it puts all your credit in one place. You will have a single monthly repayment, rather than several, so you will know exactly how much is going out of your bank account and when. As a result, your finances will become far simpler and you’ll also find it easier to plan ahead, however, your debt level may increase if you chose to extend the term of the loan.
At Evolution Money we are committed to finding the best option for you, we can tailor your secured loan to meet your exact circumstances. With debt consolidation loans available ranging from £5,000 up to £100,000, we could help you manage your finances better. If you’re looking for a debt consolidation loan, you can talk to one of our advisors today.
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.
Think carefully before securing debts against 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.
