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What is a consolidation loan? It is a larger loan to repay all the smaller ones with cash to spare if needed. So what is the advantage? Smaller loans including credit cards and hire purchase generally have a much higher monthly repayment, are over a short term and usually charge a very high rate of interest.
Example: Total the balances on your credit cards, bank loans, car finance, catalogue etc this could be say £25,000, your total monthly payment might be £735.00.
A loan of £25,000 at an interest of 7.7%, repayments can be as low as £183.78 per month saving you over £550 per month in the above example, repayment quoted is over 300 months, shorter repayment terms available.
Check out the repayments using the loan Calculator and see how much you can save compared to other types of finance. Apply Now
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LOANS
SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING
OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY
OTHER DEBT SECURED ON IT.
12.8% APR Typical Variable
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