What are Debt Consolidation Loans?

The concept of debt consolidation loans works when the borrower has multiple debts to clear, and facing a tough situation of repaying them all at once. In such scenario, applying for these loans helps them to merge all the debts into a single loan for the purpose of low down the monthly payments.

Debt Consolidation Loans

The major advantage of such borrowing option is that you can secure the sufficient amount to clear all your dues at one time and you just have to pay the interest rates to only one lender.

In most of the occasions, borrowers can apply for the debt consolidation loans in UK in two ways. These are:

SECURED: These sorts of loans are generally applied when the borrowers need a large amount to borrow and they have to secure it through an asset that may be their home. However, you may lose the possession of the given collateral if you miss the repayments.

UNSECURED: This sort of borrowing usually works during the financial emergencies or when the required amount is small. Borrowers are free to apply for unsecured debt consolidation loans without putting any collateral that means they are more risk-free.

Debt Consolidation Loans Crucial for Bad Credit People in UK

The continuous late repayment of credit card bills or utility bills or the loan amount cause a much bigger problem called the poor credit scores. This situation restricts the particular borrowers from applying for the loans. However, it has become an old-school thought.

Yes, because the modern day lending has grown quite further and the concepts like debt consolidation loans for bad credit people in UK are catching up the attention of the borrowers. Still, many lenders are not accepting the loan applications with mentioning of bad credit scores. They see those individuals as the unreliable borrowers. But the direct lenders, who deal with online loans, have marked the direction for them by presenting specific deals for them.

Here are the benefits of such specialised debt consolidation loans for bad credit from direct lender:

  • The individuals with poor credit can apply for the loans even if their credit scores are quite low. Lenders may only consider their income status.
  • The options are also available for those persons, who are facing the issues like County Court Judgement (CCJ).
  • Proper repayments of funds and clearing all the debts on or before the due date help them to improve their credit scores and so does the financial situation.

Thus, the debt consolidation loans for bad credit with no guarantor can provide them an opportunity to revive their finances with ease.

An improvement in the credit score is essential if you want to see the opened doors of lending in future. Financial problems do occur and they may come again in future. Limited income sources can once again cause the poor credit scores. Thus, what would be your option? Most of the financial experts always suggest people to keep their financial profile dent-free and for that, they have to be in touch of reliable direct lenders for poor credit installment loans.

How to Apply for Debt Consolidation Loans with Bad Credit

VirginBucks UK presents an ideal online platform for you to apply for the debt consolidation loans through a simple and secure application process. We only accept the online application and give freedom to the borrowers from the hectic paperwork or faxing anything.

Choose Your Amount: The first step to apply for the loans is to finalise the amount to borrow. Prepare a list of all pending dues and then calculate the entire repayment amount. It is necessary to make us familiar with your requirement so that we can frame an acceptable loan deal for you.

Opens up online form: The next step is to open up the online application form by clicking on to the button namely ‘Apply Now’.

Put Mandatory Details: Do not wait too much rather start filling that online form with the mandatory details and then submit it as soon as possible.

Instant Loan Approval: Once your loan application received by us, we quickly go through all the details and subsequently, disburse the funds through a quick online bank transfer.

During a financial mess, you surely want a reliable lending service. We feel proud to deliver exactly, perhaps more than that, to our potential borrowers. Join us now!


Debt Consolidation Loans FAQs

Can I avail debt consolidation loans with bad credit score?

Debt consolidation loans are the best way to come out from the financial burden and it is the most needed finance options for the people with bad credit scores. After facing rejections from mainstream lenders, these individuals need some sources to fetch necessary funds. Fortunately, they now have an option to apply for debt consolidation loans with bad credit from direct lender like VirginBucks. It offers loans on flexible terms including competitive APRs and acceptable repayments. You just go on to apply right now.

How lenders guarantee debt consolidation loans for bad credit people in UK?

The direct lenders in the UK guarantee debt consolidation loans for bad credit people on the basis of their income status and recent credit history. These two factors convince the lender that the borrowers can make the repayments on time and there will be no delay. Once the lender is convinced, the borrowers with poor credit scores have the best chance of making necessary amendments to their credit profile. With lesser debts and improved credit scores, they can seek an early financial stability to their life.

How to apply debt consolidation loans with bad credit and no guarantor?

By considering the impact of modern-day lending, we can surely say that the chances of debt consolidation loans with bad credit and no guarantor can be possible every time. It is because the direct lender such as VirginBucks has the specialised loan product with exact name. It presents these loans on bespoke deals where the credit history of the borrowers does not make any impact and so does the guarantor’s absence. The main base of the guaranteed approval will be the income capacity of the borrowers.

I have a less-than-perfect credit score. Can I get a loan to consolidate debts?

Yes, you can easily get the loan approval even with a poor credit score. Here, you take assistance from the direct lender like VirginBucks only that are providing debt consolidation loans for bad credit people. It will help you to clear off the debt fast. But here, the lender may ask you for showing your income status.

Is there any chance to get a loan for merging debts with CCJ?

If you are worried about the loan approval just because of CCJ, then you do not have to. Many online lenders provide debt consolidation loans for bad credit people in the UK. They provide this loan to people with CCJ also but only for small amount. If you want a large amount, the loan provider may ask you for some security. For small borrowing amount, they can skip it.

Can I improve my credit score with debt consolidation loans?

Debt consolidation loans for bad credit people, where no guarantor is required, do help them in improving their credit scores too. This is because many online lenders in the UK approve the loan application without any credit check. So, this will become an opportunity for you to turn your credit score from bad to good. But this is only possible if you repay the borrowed amount on time.