Our Lenders
We work with trusted brokers to give you access to a panel of leading lenders well placed to meet your needs at the lowest rates.
Streamline Debt with Proper Finance
A UK debt consolidation loan allows you combine all your existing debts into one single and easy repayment. This means you pay all your outstanding debt in one single monthly payment, making it both practical and cost effective .
If you have multiple products open including personal loans, student loans, credit card debts or bank overdrafts this can become a lot to manage, especially if you have numerous companies chasing you for payment and the rates are not favourable. But at Proper Finance we are here to help.
Borrow £10,000 to £500,000 to consolidate your debts and start by simply clicking on the ‘apply now’ button where you can enter some basic details. Our dedicated team of advisors will be on hand to guide you every step of the way, providing updates and helping you get approved and funded as quickly as possible.
Your information is 100% secured 🔒
What is a Debt Consolidation Loan?
A debt consolidation loan allows you to combine all existing debts (credit cards, student loans, bills, overdrafts) into one single loan, with one monthly payment.
Rather than having to make several individual payments to different lenders, a debt consolidation loan rolls it all into one loan making it much easier to manage. Whilst a debt consolation loan will not reduce the amount owed, it usually results in a lower rate making repayments cheaper.
With lower repayments likely and an added benefit of a reduced chance of late fee penalties, borrowers are likely able to pay off their loans quicker than initially expected. It can be a good way to take control of your borrowing, especially if you owe money to a number of different lenders.
When you apply with Proper Finance, your loan will be secured against your property, such as your home or flat that you own. Since the lender has added security, they may be more willing to approve those applications with bad credit and this can sometimes present lower rates than an unsecured loan.
How Do Bad Credit Debt Consolidation Loans Work?
Debt consolidation loans work by allowing borrowers to consolidate their existing debts into one loan. Consolidating your debts in this way means you’ll only have to make one simple monthly repayment rather than multiple.
For a debt consolidation loan, you’ll have to work out the total amount you owe from all your existing debts. This total debt figure will then be the amount you borrow through the debt consolidation loan.
This new loan will then pay off all of your existing debt, and leave you with just the debt consolidation loan itself to pay off over 3 to 30 years, in equal monthly instalments, with the option to repay early at any point.
Key Features Of Consolidation Loans with bad credit
| Loan Amount | £10,000 to £500,000 |
| Loan Duration |
3 to 30 years
|
| Rates From | 6.5% APR |
| Online Application | Yes |
| Security Required | Yes |
| Monthly Repayments | Yes |
| Free to Apply | Yes |
| Bad Credit Accepted | Yes |
How Much Can I Borrow?
You can borrow £10,000 to £500,000 with repayment terms over 3 to 30 years. Once you have been fully approved and your property and debts have been confirmed, the funds can be deposited into your account within a few days. With this product, it is designed to give you the peace of mind that you only need to make a single repayment each month to stay on top of your debt and it has thus become a very popular product in recent years in the UK. Loans can be repaid over the longer term up to 30 years with some lenders.
Your information is 100% secured 🔒
Can I Get a Debt Consolidation Loan with Bad Credit?
Yes, you are able to get a debt consolidation loan despite bad credit, missed payments, CCJ and default. This type of loan is used frequently by people who have bad credit and are looking for a loan to pay off their existing debts.
Secured loans can be a more affordable option for those with bad credit and have a better chance of approval. This is because securing the loan against a valuable asset such as your house or vehicle reduces the risk to the lender. If however, the borrower is unable to meet the loan repayments, the asset will be sold to service the loan.
We do not offer unsecured debt consolidation loans where no collateral is needed. Your eligibility for this unsecured type of loan will depend on your credit history, your income and your ability to service the payments each month.
Can Debt Consolidation Hurt Your Credit?
Debt consolidation can mark your credit rating, however, once your debt has been consolidated and you begin regularly paying it off, it can then start to affect your score in a more positive way.
When deciding to consolidate your debt, it’s important to keep up with the repayment plan, and not miss any repayments, as missing repayments on your debt consolidation loan can damage your credit score.
When considering a debt consolidation loan, getting advice from appropriate financial experts can help you come to a more informed, better educated decision.
Your information is 100% secured 🔒
Why Use Proper Finance for a Debt Consolidation Loan?
Proper Finance is a secured loans broker that can help people find the best rates for a debt consolidation loan to meet your financing needs. We work with some of the best FCA regulated lenders throughout the UK, meaning that your application and any processes taken throughout our site are safe and secure.
Our online application takes only a few minutes to complete and our partners will be in touch with you as quickly as possible to guide you through the journey step-by-step. You also have access to their app where you will be assigned a case manage and can see the progress of your application throughout until it is funded.
It is completely free to apply and there is no obligation to process. The only fees to be aware of are lender fees and broker fees which will be disclosed to you before your loan is fully signed and approved.
What is the Eligibility Criteria?
Common requirements include:
- Being a UK resident
- Must be a minimum of 18 years old
- Stable employment and regular income to meet monthly repayments
- A valuable asset e.g. home, flat, bungalow etc
- No recent bankruptcy
- Bad credit and CCJs OK
The eligibility criteria for a debt consolidation loan will vary depending on the loan provider.
What Can a Debt Consolidation Loan With Bad Credit Be Used for?
Debt consolidation loans are often used to pay for the following purposes:
- Payday loan debt
- Student loan debt
- Bank overdrafts
- Credit card debt
- Other loan debt
How to Apply for a Debt Consolidation Loan Online
You can start by clicking on the ‘apply now’ button below where you will be taken to our application form which can be completed in just a few minutes. We ask how much you need to borrow, how long for, the value of your property and the size of your current debt. If you are apply for a loan with a partner then you will need to make a joint loan application.
This information will be confirmed by our partners and their team of advisors and they will aim to process your application as fast as possible and provide you with a list of competitive quotes. Once your loan has been fully processed, it can be ready for funding which takes just a few days.
Simplify Your Finances Now
Overwhelmed by multiple debts? Proper Finance is your solution. Discover personalised debt consolidation loans to unify your payments.
Efficient, easy, and supportive. Click “Apply Now” to begin simplifying your financial life. Take control with just one click!
Your information is 100% secured 🔒