Debt Consolidation – Depend On No One But Yourself

Debt Consolidation Depend On No One But Yourself

It is human nature to panic and take thoughtless and hasty decisions in times of trouble and need, and regret them later. When you are faced with immediate and sudden financial problem, you tend to run from post to pillar in search of a solution. You take wrong decisions which you regret later on. Your first solution is to borrow money from friends and close family members. Then a point arrives, when you have done it too many times and this option is washed out. Then you resort to taking loans from banks. When you have too many loans to repay and you cannot manage it, opt for Debt consolidation.

Debt consolidation loans is of two types; secured and unsecured. As the name suggests, you can use this loan to clear off your previous loans. As the lender understands that you can need high amounts of money to clear off all your loans, you are provided with a wide range of cash limits. It starts from 250 and ends at 250000. As the lender also understands that you would need sufficient time to repay your loan, you are given 6 months to 25 years to repay your loan. Even though this time is usually enough, you can also ask the lender for an extension, which will be provided along with an added interest rate.

Debt consolidation loans has more advantages than disadvantages. These loans can also be granted to bad credit holders. In this loan type, as you take this one loan to clear all other debts, it enables you to concentrate on the amount, rate of interest and repayment dates of only one loan. Thus you clear all other loans and are no more a labeled bad debtor. As this loan is a reputation saving one, which is like a boon, the slightly higher rate of interest levied is negligible. Also considering the time frame given to repay, it is more than fine. In secured type, you must mortgage land with the lender as security which need not be done in unsecured type. Thus, in unsecured type, you must prove your capacity to repay your loan within the stipulated time frame.

So as to be eligible to apply for debt consolidation UK,

1) You must have a United Kingdom citizenship

2) You must be above 18 years of age

3) You must be a salaried employee of a company, who earns sufficient to repay the loan in time, in case of unsecured type

4) You must have an active bank account

5) You must own some property to mortgage, in case of secured type.

Another attractive feature is that you can also apply for Debt consolidation services online. Once the lender confirms that your provided credentials are true, you are entitled to receive this loan.

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