Call0800 066 2882

Consolidate Loans Into One Reduced Payment

Spread The Cost

Monthly Payment £0
Total Repayable £0
(7.9% APR illustration)
Rates may vary depending on loan amount and individual circumstances. Subject to status.
Calculate My Loan Apply Now

Reduce Monthly Payments

Consolidate : “To combine several financial accounts into one single loan or account making payments more manageable”. We can’t make your debts disappear but a debt consolidation loan can be an affordable and manageable way of taking control of your finances and reducing your monthly payments.

Simply fill in our online application form and one of our debt advisors will contact you within the hour with a decision – meaning you won’t have to wait around.

We’ll listen to you about your current financial position and then compare the best debt consolidation options available to you from our wide panel of lenders. Pegasus Finance have great experience in helping customers arrange a suitable loan to consolidate their debts – so contact us today for some helpful advice.

If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.

Advantages of a Debt Consolidation Loan

  1. Have all of your debts rolled into one: When you pay off existing debts with a consolidation loan you won’t have multiple payments to juggle every month, making it easier to keep track of your finances and commitments.
  2. Lower interest rate: You could obtain a lower interest rate than you are currently paying, especially if you have high rate credit cards or other expensive borrowing.
  3. Create certainty: With a fixed interest rate and fixed term you will know exactly how much your monthly payments are and how many payments you have remaining until your debt is fully repaid.
  4. Improve your credit rating: By closing other credit cards and loan accounts you will be demonstrating that you can manage your finances responsibly and providing you keep up with repayments you could see your credit score improve in the future.

Disadvantages of a Debt Consolidation Loan

  1. You could end up paying back more: If you take a longer term on your new loan you may end up paying back more.
  2. Early settlement penalties: Some finance companies do charge a fee if you pay off your loan early. It’s not normally that much but we still advise you to check your terms and conditions before making any decisions.

Debt consolidation loans for bad credit history

Not all of us have a perfect credit history but this doesn’t necessarily stop us from helping you obtain the consolidation loan you require even if you have bad credit.

We work with lenders who understand that life is not always straight forward and will consider your application based on your current situation not your poor credit history.

They also understand that a debt consolidation loan will often mean reduced monthly payments so providing the payments are affordable a new loan could give you the ability to catch up with debt.

If you are struggling with debt and feel that a debt consolidation loan may not be the sensible solution for you then there is lots of help and advice out there for you.

Please visit https://www.moneyadviceservice.org.uk/en/tools/debt-advice-locator for free debt advice services currently available in the UK.

Debt Consolidation Loan benefits

  • Borrow from £5,000 – £100,000
  • Repay over 2 – 20 years
  • Good or bad credit history
  • Secured or unsecured options
  • Flexible terms with competitive rates

Large Debt Consolidation Loans

Large debt consolidation loans which can be as big as £100,000 are not unusual and can seriously help reduce monthly outgoings for customers who have several large commitments that have built up over time.

A change in circumstances can quickly make several loans hard to keep up with especially when they total a significant amount. In these cases a large debt consolidation loan can be the answer where one single lower monthly repayment can reduce stress and worry in your household.

Lower interest rates are often achieved when borrowing a large amount but It is important to understand that by lengthening the term you could end up repaying more.

However if you find at a later date that you can repay some or all of the loan early then this can cut interest charges substantially, so always consider doing this if you can.

Spread The Cost

Monthly Payment £0
Total Repayable £0
(7.9% APR illustration)
Apply Now
Rates may vary depending on loan amount and individual circumstances. Subject to status.