Credit card debt building up? Extended your overdraft one too many times? Here at Asda Money, we know that life can get expensive. That’s why we offer debt consolidation loans between £1,000 - £25,000 to pay off your existing debts, turning them into one easier to manage payment and potentially reducing the interest you pay.
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Representative 9.9% APR Variable Rates from 2.8% APR
Representative example: A £5,000 loan over 60 months at 9.9% APR will cost £104.95 a month. Total amount payable £6,297.23. Annual interest 9.9% fixed.
If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
A debt consolidation loan is used to pay off multiple existing debts, resulting in you only having one monthly repayment. It makes managing your debts simple and easy, and also helps you to keep track of your general monthly outgoings.
The majority of debt consolidation loans are unsecured, meaning they are lent to you based on your credit history. However, some can be secured against an asset, the most common being a house. If you do opt for a secured debt consolidation loan, you need to consider that the bank, building society or lender could seize your asset from you if you fail to make repayments.
Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
Yes. An independent organisation called the Money Advice Service offers free, impartial advice. Call 0300 500 5000 or the visit Money Advice Service's website for more information.
0333 555 0560