Debt Consolidation Loans

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.

Debt consolidation can be incredibly useful if you’re managing multiple debts with different lenders. The main benefits of our debt consolidation loans are:

• Simplify the process of clearing your debt with one monthly repayment. Forget multiple loan agreements with different lenders, amounts and repayment dates. Taking control of your finances should be much simpler.
• Pay the same interest rate for all your debts, potentially reducing the amount of interest you owe. This may be beneficial if you’ve entered into a high-interest agreement such as a payday loan, for example.
• Take control of your debt by choosing the best repayment plan for your circumstances. Terms from 3 to 20 years mean you can pay off the outstanding balance over a period that works for you.
• If you have a history of bad credit, paying off your debt with a debt consolidation loan could show lenders that you’re more responsible. If you can keep up with regular payments, this may improve your credit score down the line.

Here’s how to get a debt consolidation loan from Evolution Money:

1. Check your eligibility for a debt consolidation loan online. The amount you ask for should cover the total amount of the existing debts you want to consolidate. It’s worth checking that all your debts can be repaid early before applying.
2. If you’re eligible, you’ll speak to one of our advisors to get an actual quote for your debt consolidation loan. We’ll need more details from you before this can happen.
3. If your application is approved, we’ll pay all your creditors directly to clear existing debts in full.
4. Pay off your debt consolidation loan plus any interest that is owed over the repayment term you’ve chosen. After your final repayment, that’s it!

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.

• You may be in debt for a longer period and owe more overall if you choose to take out a new loan for debt consolidation. However, this depends on your chosen repayment term and could be worthwhile if you need to make monthly repayments more affordable and easier to manage.
• You could contact your creditors to negotiate payment arrangements with them directly, but this may impact your credit file.
• Our secured loans use your property as security. This means you’ll need to be able to make repayments consistently or you may risk losing your home.

You should be eligible for a debt consolidation loan in the UK if:

• You own a property
• You’re aged 21-70
• You’re a UK resident
• You can afford the repayments with your regular income

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.

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:

• We look past credit scores to see how we can still help you with our secured loan Don’t let bad credit stand in the way of you getting a debt consolidation loan.
• We pride ourselves on being open and honest. Once you’ve checked your eligibility online and received a quote from one of our advisors, you’ll get a full breakdown of the costs.
• Our services are rated ‘Excellent’ on feefo and we’ve got plenty of positive online reviews to match. We’ve even got a few feefo Platinum Trust Service Awards to our name.
• We’re regulated by the Financial Conduct Authority and proud members of the Finance and Leasing Association. Both help to ensure that we do things with your best interests in mind.

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.

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.

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.

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.

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.