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Value of loan...

Joe10 · 2021-08-02 20:01:10

Hi I currently have a loan with an outstanding balance of £7500. The interest rate isnt great (13.5%) and i was hoping to get a loan at a better rate of 4 or 5% and pay the old one off but unfortunately after carrying out eligibility checks on various sites (post office, m&s and a few others) i cant get one to beat my…

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sourcrates Posts: 31,510 Ambassador

3 August 2021 at 3:31PM

Consolidation loan`s are a product no longer being offered by the major high street banks, in any great number, due to the COVID-19 situation.

After all, just by applying indicates that potentially you are struggling to manage your finances well.

They don`t always work anyway, unless you first address the reasons why you accumulated the debt to be consolidated in the first place.

Most people end up a lot worse off because of the loan, than they were with the initial debt they had.

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