Four tips on consolidating your debt
If you feel like you’re drowning in debt then you’re not alone. In fact, up to 8.3 million people in the UK are unable to pay off debts or household bills according to a report from the Nation Audit Office (NAO). However, you can take steps to get yourself back onto stable ground.
Personal loans are applied for every year by millions of customers and can be used to consolidate debt into one payment. They can help you pay off your debt in a shorter period and, unlike bad credit loans, can give you a lower interest rate. Here are four tips on picking the best option for you.
Work out how much you need
It’s important to be honest with yourself. Sometimes it’s hard to crunch the numbers and work out exactly how much you owe, but it’s vital that you face the facts when applying for a loan. Working out an accurate figure means you can apply for a loan which will cover all your debt.
Check your credit score
If you have a bad credit score, you can apply for bad credit loans, but it may hinder you when applying for a personal loan. There are websites online which allow you to check this, but please get in touch with us at Loan Bird if you need a helping hand.
Compare loan offers
Some people make the mistake of going for the first offer they receive. Here at Loan Bird, we will show you a range of lenders with different rates and fees, so you can make the best decision for you. We recommend getting at least 3 quotes before making your decision.
Make sure you get the best rate
The best thing about consolidating your debt is getting a much lower interest rate. In fact, you could save yourself hundreds, or even thousands of pounds! However, make sure you always keep an eye out for other fees unless you want some nasty surprises.
If you need a hand consolidating your debt, then get in touch with us at Loan Bird, from personal loans to bad credit loans, we’ve got flexible options that are perfect for you. Simply apply online using our easy to understand form.