Debt Consolidation Loans Bad Credit

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What are debt consolidation loans bad credit?

Debt consolidation loans bad credit are a type of finance which people with bad credit use to payoff all their outstanding debts so that they have only one monthly payment instead of many.

Having a single payment makes managing debt easier than having the burden to keep track of many individual loan repayments. People take out debt consolidation loans to also reduce interest payments, fees and other charges that their other loans might be incurring for example an overdraft facility from the bank might incur daily charges for every day the overdraft is in use. Credit card companies may charge a fee for late payments.

With credit card debt it is common for people to fall into the trap of only ever paying back the minimum requested which is normally just the interest.

Debt consolidation loans bad credit are a convenient way to take out one loan to pay off all the outstanding credit cards, overdrafts and other consumer debt you may have and end up with only one easy to manage monthly repayment. This way you can budget more effectively and there is less risk of forgetting one repayment or another.

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Applying is Free and No-Obligation

Do I need a credit check to apply for a debt consolidation loan?

If you have many outstanding loans rolling everything in one easy to manage repayment is a great idea to help manage your finances. When applying for a loan it makes sense to declare the purpose of your loan request. Lenders will understand that you are in the process of consolidating your loans into one manageable repayment. When you apply for a loan a lender will perform a credit check to determine your ability to repay the loan also to see what sort of financial history you have. Having bad credit does not prevent you from applying for a debt consolidation loan. Lenders will look at your current situation regarding your employment status and how much you earn per week or month. If you can show that even though you have bad credit that you can afford the debt consolidation loan since you will be using the loan to pay down all other debts to ease the burden.

Can I apply online for a Debt Consolidation loan?

Yes, you can apply for your debt consolidation loan online. Everything is performed online, there is no need to post or email anything to Cashute. Although if the lender has any further questions, they may ask you to clarify some points or provide proof of income. The whole loan application process is simple, fast and above all straightforward which is what you need when sorting out your finances.

Annual interest rate of 292% (Fixed)

For example:

£200 borrowed for 35 days

Annual interest rate of 292% (Fixed)

Total amount payable is £256

1212% APR Representative

Woman Applying for short term loan

Which best Payday loan is suitable for me?

Most is not all short-term loan firms offer debt consolidation loans bad credit as part of their portfolio of products. Debt consolidations are quite common, and they are something which lenders have plenty of knowledge and experience in handling. To decide which debt consolidation loan is right for you really depends on many factors. For instance, the loan amount and over what period you are looking to repay will play a huge part in determining interest rates for example as well as your current credit rating.

Each payday lender has their own set of proprietary formulas that they use to calculate your suitability for a loan, risk rating and how much the lender is prepared to loan you over which period. Ultimately only you can decide which loan you are comfortable in accepting by carrying out your own due diligence on the lender offering you the loan.

Can I apply for a debt consolidation loan with bad credit?

Yes, you can. There is nothing to prevent you from applying for a debt consolidation loan. Having bad credit is not ideal and sometimes certain events out of our control can cause us issues financially such as losing our jobs or having a large expense occur through no fault of our own that throws our finances into chaos. Having bad credit is not the end of your ability to take out loans, it just means that when applying for loans you may have to provide more proof of your ability to repay the loan or you may have to provide security for the loan.

What do I need to apply?

Applying for a loan is straightforward and is all online.

Before you start your application have this ready

Details of your regular monthly income and outgoings

Mobile phone number

Valid email address

Home address for the last three years

Your Bank account

Your Debit card information

Fast, Free & Easy No-Obligation Application Process


Choose Loan Amount & Term

Simply chose how much you wish to borrow and over how many months you wish to repay the loan


Fill in the Application form

Fill in our simple application form which takes only a few minutes and then apply for your loan


Receive Your Cash

We send your application to our panel of lenders, once approved you will receive the funds directly to your bank account

Why choose Cashute

Authorised by the Financial Conduct Authority

Fast Online Application

No Payout Fees

No obligation quote

No paperwork

100% UK Based

Very High Acceptance Rates

No Hidden Costs

Is applying for a debt consolidation loans bad credit via your site safe?

It can be some cause for concern to have to put your personal details into a site that you have only just discovered on the internet. But rest assured that applying for your payday loan via Cashute your details are safe. First, your information is encrypted between your browser and our web servers. Anything you type into any of the fields of the application form is instantly encrypted using the latest 128/256bit encryption which all of the big internet companies use. Any data we store is all held in GDPR compliant storage which is backed up and secured daily. We never store any of your financial details on any of our systems so in the unlikely event of a security breach your financial details would never be at risk.

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What is the best debt consolidation loans bad credit interest?

Interest rates can vary from lender to lender depending on many factors. People with good credit scores are generally offered lower interest rates than someone with a bad credit score. If you are looking for a bad credit loan the interest rates will be higher. This does not mean you will be refused a loan by all the lenders. Different lenders have different appetites for risk, where one lender might refuse the application another may accept it and grant you a loan. Applying for a bad credit loan via Cashute is free and comes with no obligation. If you are not happy with the loan offer you are under no obligation to continue. You are in control.

Will a credit check lower my credit score?

Yes and no. This depends on the type of credit score that is being performed. There are two types of credit checks:

  • Soft credit check.
  • Hard credit check.

When you submit your loan application the lenders will perform a soft credit check. These soft credit check does not leave any visible sign that a credit check has been carried out. The lender does the soft credit check to see if they in principle are send you a conditional loan offer on condition of a hard credit check coming up favourable.

A hard credit check will leave a footprint on your credit score that will show up when another lender performs a hard credit check. You do not want too many hard credit checks performed on your credit report as a lender might consider you as someone who depends too much on credit. It is advisable to only take out one or two credit consumer products every 3 months, these being credit cards, mobile phone contracts, payday loans and the like.

Benefits of short term loans

The biggest benefit is, of course, the ability to respond to an unexpected event with a lump sum of cash. But, compared to other types of credit, there are other benefits to applying for a short-term loan through Cashute:

  • Funds in your account within the hour (hourly payouts between 6am-11pm)
  • Pay back your loan in manageable installments
  • You don’t need a guarantor
  • Borrow from £100 to £5000 (subject to affordability)
  • Short-term loans can help to build up your credit rating

Should I apply for a short term loan?

Depending on your circumstances, you should apply if:

  • Have an unexpected expense needing a lump sum
  • Would like to replace tired or worn out furniture or items at home
  • Need a quick decision at that moment
  • Do not want to take out a payday loan
  • Wish to repay your loan by monthly instalments
  • Like the peace of mind knowing exactly how much you will have to repay each month

How do I apply for the best payday loan?

To apply a loan is simple. Provided you meet the criteria listed below you can start your application process:

  • 18 years old
  • UK resident
  • Hold a UK bank account
  • Employed with a regular salary (so you can repay the money that you borrow).
  • Bank details to hand

Once completed submit the application form by clicking on the “Apply” button and we’ll find the best match for you. The search will not take long and you’ll have a response in minutes.

When you receive the loan proposal can decide if you wish to proceed with the offer. If you do want to proceed with the loan just apply and the funds will be deposited into 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.

I am finding handing my debts difficult, what should I do?

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.

Warning: Late repayment can cause you serious money problems. For help, go to