Debt Consolidation Loans By Virgin Money Loans In The UK

Debt Consolidation Loans: A debt consolidation loan can help one to manage his/her debt more effectively by paying off some or all of their existing debt. If one has existing debt such as other loans, credit cards, store cards, or an overdraft, the debt consolidation loans can be used to pay this off and convert what he/she owes into a single monthly repayment. A debt consolidation loan makes things easier and simpler to manage.

Is A Debt Consolidation Loan Right For Anyone?

A debt consolidation loan could be a good option if one has lots of credit commitments and is finding it difficult to keep up with repayments. For example, one may owe money on more than one credit card, store card, overdraft, or existing loan. With debt consolidation loans, one can borrow enough to pay off his/her existing debt and pay what he/she owes to one lender.

If one is thinking of borrowing to sort out existing debt, it’s important to consider his/her options before making a decision.

One might want to check out the Dealing with Debt guide first.

If applicants like to talk to someone about money worries, please get in touch with the Virgin Financial Care team at 0800 141 2261.

Also read: Small Loans, Huge Benefits: Online Apply For Quick Money Today

What Are The Benefits Of Debt Consolidation Loans?

Used carefully, a debt consolidation loan can help to make the solution easier to the problems. The benefits of this loan can include:

Depending on the rate offered, one may pay a lower rate of interest than what he/she is currently paying. If one is eligible for a loan with a lower interest rate, this could save the money.
Making a single monthly repayment each month makes it easier to stay on top of what one owes, and reduces the risk of missing a payment. Keeping up with the repayments is a good way to protect one’s credit score
Instead of owing money to multiple lenders, the borrower will only deal with one lender.

What Should One Be Aware Of Virgin Debt Consolidation Loans?

To take any type of loan, applicants need to be aware of the full picture before making a decision. Here are some key things to be aware of if one is considering a debt consolidation loan:

The interest rate on the loan one is offered may be higher than the interest charges on his/her current debts, so it’s important to check this
Make sure one is aware of any additional costs, such as early repayment fees on existing loans.
Depending on the type of debt you have, one’s overall monthly repayment might also increase if he/she consolidate a debt where he/she previously only paid interest (for example, on an overdraft). This is because he/she now be paying off the original amount of the overdraft instead of just interest.

Borrowing Close To Where The APR Changes?

Applicants should use the calculator slider tool to see how borrowing slightly affects the monthly repayments and total loan amount. One may be able to reduce his/her monthly payments and the loan amount by borrowing slightly more. Always make sure one can afford the monthly payments.

Eligibility For Applying In DEBT Consolidation Loans

It’s easy and very simple to check the eligibility and apply for a Virgin Money loan. Applicants can Start a new application if he/she is new or continue with an existing application.

One should meet the following criteria to be accepted for a loan in this loan:

Applicants must be over 18 and have lived in the UK for the last 2 to 3 years
One must have an income and a UK bank or building society account
Borrower should have a good credit history, not be bankrupt, or have any County Court Judgments (CCJs) or decrees

How Quickly Will One Get the Money Once He/She Has Applied For A Debt Money Loan?

After one’s loan agreement is confirmed, they will send your money. This can usually be within 2 hours or by the end of the next working day at the latest.

This does mean that there’s a small chance one could be charged some interest before one receives his/her money loan. This is because interest is charged from the first day of his/her loan, not when it arrives in his/her account.