How To Find Low Rate Debt Consolidation Loans

Low Rate Debt Loan

Have you got multiple debt payments to make each month? We know it can be difficult to come up with the money to make all the payments. And if you have a higher interest rate, you won’t be making much headway if you are only making the minimum payment each month.

Probably the best way to make your debt more manageable is to get a debt consolidation loan. This type of loan removes the need to make numerous payments each month, which essentially means that there are fewer bills to keep track of.And if you find a loan with a low interest rate, it can save you hundreds or even thousands of pounds in interest payments.

Unfortunately, low interest debt consolidation loans aren’t always as easy to come by as you may presume. Finance companies are often happy to loan money to you if you’re looking to consolidate your debts, but their interest rates can be almost as high as what you’re already paying, or in some cases even higher.

Banks aren’t always willing to loan money to pay off other debts and getting yet another credit card to transfer your balances isn’t always a good idea either as the interest rates on credit cards are generally very high compared to a loan.

But if you have fair to good credit, there are some low-interest options out there. Here’s where to look.

Bank Loans
Some banks may be willing to give you a loan to consolidate your debts if you have excellent credit. But it’s important to make sure the interest rate offered is lower than those of your current debts. If it isn’t, you would be wiser to keep doing what you’re doing.

Secured Home Loans
If you own your home and have equity in it, you can borrow against that equity to pay off debts. Secured home loans generally have much lower interest rates than other types of loan, so this is an attractive option for many.

Another thing to consider is that you are putting your home on the line. If something unforeseen happens and you’re unable to keep up the payments, you could end up facing repossession. If you choose to get a secured home loan to pay off your debts, it’s a good idea to get insurance that will make your payments in the event of unforseen circumstances such as losing your job.

Unsecured Loans
You don’t necessarily have to risk your home to get a debt consolidation loan. An unsecured loan is another option, although the interest rates will be higher than a secured home loan, because the Lender is taking more of a risk, you can still get a lower rate than your numerous debts overall.

Your loan rate will also be much lower than using a credit card.

Credit Card Balance Transfers
When you’re struggling with debt, those credit card offers of low balance transfer rates can look quite tempting. But before you complete that application, it’s important to read the small print. In most cases, the low balance transfer rate only lasts for a limited time. After that, you’ll be paying the regular interest rate if you haven’t paid the balance off in full.

You should also consider whether getting another credit card is a good idea. If you’ve been irresponsible with credit cards in the past, getting a shiny new one could prove to be more temptation than you can handle. If you’re not sure that you can resist the temptation to use it then it would be wiser to consider a different debt consolidation method.

Your Best Options
By looking for the cheapest possible way to consolidate your debts you can save money, get out of debt faster and enjoy a less stressful existence with valuable peace of mind.

If you’d like help with your two lowest rate options, secured home loans and unsecured loans, Quick & Easy Loans can help. We search 90%+ of the UK loan market for the lowest rates and best terms available for you and your particular circumstances. It’s a quick application and there’s no obligation you can apply for your debt consolidation loan with a secured home loan or a quick unsecured loan here now.

Apply for your Quick And Easy Loan now