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What exactly is a personal loan?
A personal loan is a sum of money which you borrow. This could be from a bank, building society or another financial institution.
What is an unsecured loan?
An unsecured loan is a loan where no asset is pledged as security for the loan. (The most frequently used security is the family home.)
What if I already have a mortgage or loan secured on my home?
It is possible (indeed common) to have more than one mortgage or loan on your property, as long as there is sufficient free equity in the property to secure the loan.
What happens if I am suddenly injured or taken ill?
To protect your loan repayments in case you are unable to work due to accident or illness, you will have to take out either personal loan or short-term income protection insurance.
Can I cancel my loan application if I decide not to go ahead for any reason?
If you decide you want to cancel your loan application once you have made it, you can do so within a certain period of time set by the loan company.

How much can I reduce my monthly payments by with a debt consolidation loan?

It really depends on how much you owe. In some circumstances you may be able to reduce your total monthly repayments by as much as 75% - simply by consolidating your debts into one single payment.

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Naturally the whole debt itself is just as large, but you can spread the outstanding balance out over a far longer term which gives you the chance to get on top of your finances. Depending on how much you owe, you will probably pay back more in interest because of the amount of time that interest will be able to build up over, but at least you will have the debt under control, and won’t be at risk of losing your property.

If you can pay the loan back quicker than the loan agreement specifies that will help you avoid some of the extra interest that a debt consolidation loan will charge. Every little helps as the sooner the debt is down the less interest you will pay.

 

Risk Warning
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. Security by way of a charge on your home may be required.
Think carefully before securing other debts to your home.