Debt consolidations loans – Debt consolidation – NatWest #current #national #debt



#debt consolidation government

#

Debt consolidations loans – Debt consolidation – NatWest

Helpful tips Things to consider before applying
for debt consolidation loans

1. Work out how much you may need to borrow
Make a list of all your debts. Check the outstanding balances, interest rates you are currently paying and if there are any penalties for paying the debt early.

2. Helpful tools
You might want to use our loan calculato r to find the right debt consolidation loan for you or our personalised loan quote to find out if you’re likely to be approved, how much you may be able to borrow, the monthly repayments and personalised interest rate. There is no impact on your credit rating if you use the tool Our personalised loan quote won’t affect your credit rating in any way. It just leaves a short term note on your credit file that only you can see: not us, no other lenders, only you. Using the tool will help you compare your current commitments with a new loan.

3. Think through your options: for example using savings to reduce debt could be cheaper than a new loan.
The interest you receive on your savings might be lower than interest you pay on a loan so you might want to consider paying off your existing debt with any savings you have.
If you’re struggling with excessive monthly payments you may want to speak to your current lenders, they may be able to help with a new payment plan or a re-payment holiday.

Save money by paying off your debt quicker

1. Transfer your debt to a lower interest rate.

Repaying your existing debts with a debt consolidation loan at a lower interest rate could save you money by reducing interest costs.
The repayment term will also affect the total cost so don’t be tempted to extend it, keep it the same or shorter than your current debt.

Use our loans calculator to work out the best debt consolidation loan for you or our personalised loan quote to find out if you’re likely to be approved, how much you may be able to borrow, the monthly repayments and personalised interest rate.
All this without affecting your credit rating! Our personalised loan quote won’t affect your credit rating in any way. It just leaves a short term note on your credit file that only you can see: not us, no other lenders, only you.

2. Make higher monthly payments.

If you increase the amount that you repay each month you may be able to pay your existing debt off faster, saving you interest costs.

The terms of your existing debt might mean you can’t make additional payments.
If so, paying off your existing debt with a new loan and shorter repayment term achieves the same if the new interest rate is similar or lower than your current debt.


Leave a Reply

Your email address will not be published. Required fields are marked *