LL Hero Tertiary

Over how many months?

${ loanTerm } Monthly repayments of

£${ monthlyRepaymentAmount | formatCurrency }

Representative APR

59.9 %

Total repayable

£${ totalRepayableAmount | formatCurrency }

( It won’t affect your credit score )

Representative 59.9 % APR

Representative example

Borrowing £2,000 over 24 months at Representative 59.9% APR and Interest rate 59.9% p.a. (fixed) with monthly repayments of £131.05 and a total amount payable of £3,145.20. This example is for illustration purposes only. The rate and / or term you are offered is dependent on your individual circumstances Rates from 39.9% APR to maximum 89.9% APR. Loan terms from 12 to 36 months.

Debt Consolidation Loans

Paying off multiple debts such as credit cards, store cards or bank overdrafts, can sometimes be challenging when you don’t have access to personal savings.

Having to manage regular repayments alongside your monthly outgoings to a host of different lenders often requires a lot of time and effort, and can prove to be expensive, especially if you incur additional fees or interest charges. This is where loans for debt consolidation from Likely Loans can help.

Debt consolidation loans could combine most or all of your existing loans and debts into a single payment, which can be repaid in affordable monthly instalments.

How Do I Apply?

When applying for one of our unsecured personal loans there are three simple steps to follow:

Likely Loans laptop icon

1. Tell us a little bit about you

Likely Loans laptop icon

2. Get an instant response

Likely Loans laptop icon

3. Money next working day

Why Use a Debt Consolidation Loan?

For those with bad credit, debt consolidation loans can be particularly effective, as they are usually a far more manageable way to pay off debt compared to repaying multiple loans. Likely Loans offer effective debt consolidation loans for bad credit from £500 to £5000.

At Likely Loans, we offer debt consolidation loans with bad credit over 12 to 36 months, so you have extensive options for consolidating your debt. Some of the other main advantages of consolidating debts with a loan from us are that:

  • There are no additional fees to pay

  • The repayment process is as transparent and straightforward as possible with easy access to your loan amounts

  • You can ensure that your loan to consolidate debt is right for you

  • You pay just one rate of interest on the total amount of money you owe

  • You could potentially improve your credit score if you successfully pay off the loan without accruing further debt

Frequently answered questions

What is a debt consolidation loan?

A debt consolidation loan is where you borrow enough money to pay off all your existing debt with other lenders, leaving you with only one lender to repay and one fixed interest rate. This makes it easier to keep track of your amount repayable, interest payments and monthly instalments as it’s all in one place. However, we encourage you to work out if consolidation loans financially make sense as sometimes spreading the loan repayments of a larger amount over a longer-term can mean you pay more interest.

How many debts can I consolidate?

There’s no limit to how many you can consolidate, although we offer between £500 and £5000 for our debt consolidation loans with bad credit, so if your debts total to more than that, you may need a different solution.

Do I have to pay off all my debts with the loan?

No, that is your choice. However, if you choose to keep some loans open, such as credit card debt, this may affect your eligibility to take on additional credit.

Will the money be paid directly to the other lenders?

No, it will be paid to you and then it’s up to you to repay your loans separately.

Can I get a debt consolidation loan with a bad credit score?

With the ability to shop around online for different types of loans, getting rejected by your bank isn’t necessarily a problem as lenders like Likely Loans may be able to give you access to bad credit loans despite a low credit score. We understand that your financial history may not reflect your position now, so when applying for a debt consolidation loan with bad credit, lenders will look at your current financial situation and other indicators to decide whether you’ll be able to afford the fixed monthly repayments on the loan.

If you’re worried about being rejected because of your bad credit history, you can check your eligibility with us without having an impact on your credit score. We do soft search credit checks which mean your credit ratings won’t be affected at this stage. Simply enter a loan amount and term into our online loans calculator to receive your loan quote.

Can I get an unsecured debt consolidation loan without a guarantor?

Yes. We offer unsecured loans which mean you neither need to secure your loan against your assets nor need someone else to be a guarantor as part of your application.

Can I get a debt consolidation loan with no credit check?

No. Responsible lending is our priority so we carry out credit checks to make sure we aren’t lending to anyone who can’t afford it.

What is the criteria to get a debt consolidation loan?

As with most loan providers, our lender requirements are that you’ll need to be over 18, a UK resident, employed and have a bank account and debit card to complete a loan application. In terms of income, you should be able to comfortably afford monthly payments from your regular income - for example, as a guide, £700 per month would be a minimum. We’ll look at your credit history and personal finances before making our decision.

How long will it take before receiving the debt consolidation loan?

Applying for any loan with Likely Loans is quick and simple and you’ll find out if you're eligible within minutes. After that, you should have your money in your current account by the next working day.

What is an APR?

APR is the annual percentage rate and important for calculating the cost of money borrowed. Interest rates, fees, how often it’s charged and all other costs contribute to the APR. Representative APR is the APR we'll offer to at least 51% of people who are accepted - it's not a guarantee. The remaining customers that are also accepted will be offered a different APR than the one advertised based on individual circumstances. Please note, the APR offered is based on your personal situation and is dependent on many different factors. As such the APR offered may be different from the representative APR.

Will I pay a higher rate if I have bad credit?

Yes, you might. As a lender, we offer our representative APR of 59.9% to at least 51% of customers who are accepted for a loan. If you have bad credit, you may be charged a different rate.

What repayment terms are available for debt consolidation loans?

For a debt consolidation loan, you can borrow £500 to £5000 from 12 to 36 months and pay in monthly instalments.

Can I top up my debt consolidation loan?

You may be able to top up your loan in the future if you become eligible. You can check your eligibility through your online account.

Debt Consolidation Loans: UK-wide

If you would like a personalised quote on our loans for debt consolidation, you can quickly apply online for peace of mind. All you need to do is tell us a bit about yourself and how much you’d like to borrow and you can get an instant response on whether or not you will be accepted for a debt consolidation loan.

You can also get in touch if you’d like to find out more.

( It won’t affect your credit score )

Representative 59.9 % APR