Compare consolidation loans
If anything could help you lower your bills, it could be debt consolidation. This means that you take all your existing debt, such as outstanding credit card balances, store cards, loans and overdrafts, and pay them all off with one lower rate loan. Often this is a secured loan, which means that although the loan may be over a longer period, you'll have more affordable monthly payments that you should be less likely to struggle with.
How do I know if I need a debt consolidation loan?
If you simply don't have enough money left each month after you've paid bills, a lot of which are for financial products, such as a car loan, a selection of outstanding credit and store card bills and so on, the time has come for you to consider a consolidation loan. The best consolidation loan scenario is one that sees seemingly insurmountable debts settled and one lower, affordable monthly payment taking the place of a series of payments on high interest rate products that seemed to barely dent the outstanding debt.
Won't existing debt make it hard for me to get a consolidation loan?
When you are completing a loan application, it's important for the lender to be confident you can afford the payments you are taking on. If you have several existing arrangements you need to highlight these and explain to the lender that the loan will be used to consolidate the debts currently showing up on your credit report.
Current arrangements you have, such as credit and store cards, could appear on your credit report. Lenders want to ensure the products that have the best interest rates, such as the best consolidation loan, are made available only to the most creditworthy customers. If you use LowerMyBills to help you find a debt consolidation loan now, your own money could go further and make it easier to ensure you don’t miss payments and fall into default.
Okay, I want to compare loans now and find the best debt consolidation loan for me
You don't have to make a commitment at this stage. A good idea is to collate every single payment you have to make every month to pay off an existing debt. Find out as best you can how much is left of each debt by looking at credit and store card statements, asking for redemption amounts of car or other loans, and checking bank statements for outstanding overdraft amounts, add a contingency amount to allow for anything missed or not yet appearing on statements and the total is the figure you need to see if you can raise. Also be sure to add up your current monthly payments and compare that total to the amount you'd be paying if you take up any offer of a consolidation loan you receive with the help of LowerMyBills. Compare consolidation loans now.
You could be only a few steps away from lower bills each and every month thanks to a low rate consolidation loan
Experian® - the company behind LowerMyBills – also provides CreditExpert, which gives you access to your credit report and score enabling you to see what lenders see about you when they make a decision about which financial products or services are available to you.
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