Direct lenders can offer payday consolidation loans which allow you to have one single payment each month. Having a single loan payment makes your life much easier since you now only have a single payment to keep track of. Also, the other benefit is that you will pay less in interest and less chance of falling foul to any late payment fees due to forgetting to make a loan payment.
To apply for a debt consolidation loan just fill in the quick and easy application form and submit. Cashute will pass your application onto a panel of direct lenders that will examine your request and take it from there.
A payday consolidation loan is basically a loan which you can use to pay off all your outstanding debts, such as payday loan, short-term loans, overdrafts, credit card bills and such like. Taking out a single debt consolidation loan means that instead of having to manage multiple loan payments each month you will only have to keep track of a single payment.
When you apply for a debt consolidation loan the direct lender will consider your request and determine if you are able to afford the monthly repayments just like they would with any other loan. No direct lender wants to put their customers into a position which they are unable to afford the repayments.
One single payday consolidation loan may work out to be cheaper than having to manage multiple lines of credit. Debt consolidation loans can be a real relief for some people as the stress of keeping tabs of all the various payments each month can be a burden.
Yes of course. Any loans can be consolidated with a payday consolidation loan. Many people have outstanding credit card balances, bank overdrafts and payday loans which they need to pay off.
When applying for a loan it may be a good idea to tell the direct lender the real reason you are applying for a loan. They will understand that the purpose of the loan is so that you can start to organise your finances into a single monthly loan payment.
Taking out the debt consolidation loan should reduce your monthly repayments while giving you a much clearer picture of your finances since you now have only a single monthly repayment to make.
It might be that the direct lender may expect you to put up some collateral to secure against the loan. Although each direct lender is different, you will have to ask each direct lender what they expect for the loan, if it is to be a secured or unsecured loan.
Another benefit of the debt consolidation loan is that since you have only one loan repayment to make you find that your credit score will improve as your credit history will show that all your loans have been paid off and you hare making regular payments on the one loan which you currently have.
The amount which you are expected to repay each month is dependent on a few factors. These factors are for instance how much the loan amount is, what the interest rate happens to be and over what period you wish to repay the loan. The interest rate of the loan is dependent on the direct lender you select and your current credit rating.
£200 borrowed for 35 days
Annual interest rate of 292% (Fixed)
Total amount payable is £256
1212% APR Representative
If you are looking for a payday consolidation loan all you need to do it fill in the application form. Once you have completed it just submit it and we will do the rest. Your application is transmitted securely to a panel of UK direct lenders who will examine your loan request. Each lender has their own set of lending parameters and criteria. No two lenders are the same and the one which can meet your requirements will offer you a payday debt consolidation loan.
When you receive the loan offer from the lender you are advised to read through the loan terms and conditions so that you are familiar with the monthly loan repayment instalment amounts, how much the interest rate is and any fees or charges associated with the loan.
The purpose of a debt consolidation loan is to help you manage your finances with greater ease. Having potentially lower monthly repayments can help you start putting money aside towards building up your savings.
For each pound you save in your monthly loan repayments can start to build you a nice little sum of money in your savings account which you can put to one side for future use when a financial emergency arises.
What do I need to apply?
Applying for a loan is straightforward and is all online.
Before you start your application have this ready:
Simply chose how much you wish to borrow and over how many months you wish to repay the loan
Fill in our simple application form which takes only a few minutes and then apply for your loan
We send your application to our panel of lenders, once approved you will receive the funds directly to your bank account
You can take out a loan from 1 month all the way to 60 months. The loan term you wish to repay the loan over is dependent on some of the following conditions:
If you take out a loan for a large amount you might want to have a longer repayment period to reduce the amount of the monthly repayments. This is of course entirely at your discretion. Before you agree to any loan you must ensure that you have calculated your ability to repayment the loan without causing yourself any financial difficulties.
Having a debt consolidation loan means that you do not have to worry about missing any payments, no more having to keep track of emails from various lenders reminding you of your outstanding loans.
If you have multiple out standing loans which you wish to pay off and have a single manageable loan, then a payday debt consolidation loan is something you ought to consider. Paying off all your outstanding debts such as credit card balances, overdrafts and other short-term loans will look better on your credit report. Having a debt consolidation loan may work out a lot cheaper than all of the other smaller debts added up together since the interest may be lower on the single debt consolidation loan.
Applying for a payday debt consolidation loan is quite straight forward, all you need to do it fill in the simple application form and we will take care of the rest. Your application form will be passed onto a panel of UK direct lenders who will determine if they are able to help your loan request.
The benefits to a payday debt consolidation loan are that you may receive a loan which comes with a lower interest rate and lower fees. This is not guaranteed but a single loan may work out cheaper than having to manage multiple smaller loans.
Another advantage of a payday debt consolidation loan is that unlike payday loans which need to be repaid over a very short period a debt consolidation loan can be repaid over the course of many months. Applying for a loan via Cashute allows you to repay the loan over a period of 12 to 24 months. This will give you more breathing space to be able to get your finances in order.
The third benefit is that you only must keep track of a single loan rather than lots of smaller loans, like credit card payments, bank overdrafts and other outstanding debts. These payday debt consolidation loans make life easier and potentially cheaper in interest and fee payments.
There are some drawbacks to a debt consolidation loan. The first drawback is that you must remember the reason that you have taken out a debt consolidation loan and that is to restore order to your finances. You need to remain disciplined and make your repayments and avoid the temptation to use your credit cards or use the bank overdraft facility no matter how tempting it might be.
Also, some UK direct lenders might ask you to put up some collateral to secure against the loan if you are seeking to borrow a relatively large amount of money. Each UK direct lender is different, and they will ask you for some sort of collateral when they make you the loan offer.
To apply for an instant loan is quite easy, gather your bank details together and provided you meet the basic criteria below you can start the application process:
An instant payday loan is normally paid back after your next payday cheque arrives in your bank account – normally 30 days from the date that you borrowed the money.
When you have completed all the details on the application form click on the “Apply” button and wait a few minutes and you will get a response from one of our direct lenders once we have found a suitable match for you, they will send you a loan proposal which at that point you can decide if you wish to proceed with the instant payday loan offer, if you do accept then just apply and the money will be sent your bank account within hours, always remember that you can apply with no obligation even if you have bad credit as many direct lenders support payday loans bad credit.
Our direct lenders are fully aware that their customers are applying for payday loans due to a financial emergency based on that they expect to receive their funds quickly therefore when you apply for a payday loan online our lenders will do their utmost to make that happen.
If you find yourself in difficulties and are unable to make your repayments, we strongly advise that you contact your creditor immediately, we also recommend that you speak to the companies listed below.