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Debt Consolidation Loans

Sometimes taking out credit can be a short-term solution when your circumstances change unexpectedly. However, borrowing from different lenders can lead to multiple debts if you struggle with repayments, which can lead to feeling overwhelmed or anxious.

One solution to this situation is a debt consolidation loan, which can help you settle your debts with various lenders and ease the anxiety you encounter with them. If this sounds like something you may need, read on to find out more about our debt consolidation loans, and see if they are right for you.

What is debt consolidation?

Debt consolidation is the process of taking out new credit to pay off existing credit. In other words, taking out a debt consolidation loan to pay off existing loans or debts.

Debt consolidation loans are designed so that you only have one company to pay back, instead of multiple companies which you may have borrowed from. A debt consolidation loan is used to group together all outstanding repayments into one so that they are easier to manage.

For example, a long-term loan used to consolidate debt would mean that you only need to make repayments to Dot Dot Loans. Only having to deal with us means that you have 24/7 access to our secure online portal to help you manage your repayments, as well as our friendly customer service team who are always happy to help.

Can I get a debt consolidation loan with bad credit?

Here at Dot Dot, we offer loans for bad credit and can take into account other factors besides your credit history, which can help get you approved. Please note that everyone’s credit file is different, and it is possible that for those with extremely poor credit, the amount of interest charged on top of your debt consolidation loan may be higher than the standard interest rate.

Is debt consolidation a good idea?

Consolidating debt is not always right for everyone. It is crucial that you carefully review your circumstances if you are considering a debt consolidation loan.

Debt consolidation loans are useful because you are only dealing with one company, where you are only making one regular repayment. For example, with Dot Dot Loans you would repay a long-term loan over your chosen time period between 18 and 48 months, depending on how much you borrow.

Using a debt consolidation loan may also help reduce the amount of interest you pay on borrowing. Grouping together your outstanding payments to different lenders would mean that you only have to make interest payments to one lender, which may cost less than the interest from the lenders you currently have outstanding payments for.

Sometimes borrowing over a long-term period can result in paying back more, but in lower instalments, making the loan more manageable for some. Make sure that you check and compare interest rates properly before using a debt consolidation loan, so that you know it’s the right choice for you.

Does Dot Dot Loans offer debt consolidation loans?

Yes, you could use one of our long-term loans to consolidate your debts. Here at Dot Dot, our customers are at the heart of what we do. We are proud to be a responsible lender, meaning that we only issue debt consolidation loans if you will be able to manage the repayments. We determine this by using an affordability check, which also reassures you that you will be able to repay your loan.

At Dot Dot Loans, our aim is to help you group your debts together to make them more manageable, so that you can get back to the important things in life. That’s why we believe our debt consolidation loans are the best choice for those who may need it. If approved, you can use the loan to pay other lenders directly.

If you are worried about debt(s), you can also access PayPlan’s free, confidential advice service - which is available to anyone worried about money and can help reduce the amount you’re paying towards your debts each month. You can get help online or over the phone with PayPlan.

Am I eligible for a debt consolidation loan?

To apply for one of our UK debt consolidation loans, you will need to:

  • Be at least 21 years old
  • Be a UK resident
  • Have access to a bank account
  • Show that you have any type of regular income
  • Not be declared bankrupt

Debt consolidation loan example

Below we have broken down some examples of our debt consolidation loans, showing different amounts and the interest you’ll pay on each. Take a look through this handy tool to see which loan amount would be best for your circumstances.

To get an instant decision on one of our debt consolidation loans, hit the apply now button. If you’d still like some more information, read on.

Debt consolidation loans information hub

Want to know more about our debt consolidation loans? We’ve answered some of the most common questions to help you make the right decision for your situation. If you still have more questions following this, our customer support team are also on hand to answer your queries.

Who is a debt consolidation loan for?

Debt consolidation loans are for those who wish to pay off multiple debts from different lenders, so that they only need to repay one lender. A debt consolidation loan is used to group together multiple debts.

When is a debt consolidation loan a good idea?

These loan types can help if you are struggling to manage your different debts and would find it easier to just owe repayments to one lender, such as Dot Dot Loans. A debt consolidation loan may also have a lower interest rate than your current outstanding loans.

What if I have limited credit history?

Limited credit history is when you have no evidence of making credit repayments, which can be just as damaging as a low credit score and may even restrict you from taking out a very bad credit loan. This is why we carry out an affordability check before issuing a debt consolidation loan, to make sure that it is the right option for you.

Do debt consolidation loans require a credit check?

Yes, we want to help you make the right decision for you, so when we receive a loan application we take care to carry out a full affordability check and creditworthiness checks. This not only shows us that you will be able to pay off your loan, but also reassures you that you will be able to manage your loan.

Can I get an instant decision?

Yes, once your application is submitted, we can confirm whether you have been provisionally accepted for a debt consolidation loan or not. If approved, the money could be in your account in just 15 minutes - ready to cover you when you really need it. Our loans are funded every hour 24/7.

Do I need a guarantor for a debt consolidation loan?

Not necessarily. We offer debt consolidation loans with no guarantor. You can just apply and receive your funds without the fuss, subject to affordability.

If you still have questions about our loans, click here to read our full FAQ page.

What if I am declined for a debt consolidation loan?

Debts may cause you to experience feelings of stress or anxiety, especially if you are unable to take out further credit in the form of a debt consolidation loan.

Don’t worry, there are many free resources which can help you manage your debt, meaning that you may not need to take out a debt consolidation loan and increase your debts. Here at Dot Dot, we highly recommend using:

  • StepChange – You can get free, online debt advice from StepChange. They can advise you on managing your debts, and managing your finances to avoid further debt. StepChange also provides plenty of information around consolidating debts, which can be seen in their debt consolidation guide.
  • MoneyHelper – Here, you can get free, impartial advice around any financial difficulties you may experience. MoneyHelper can arrange for you to speak with a debt advisor, either online, over the phone, or face-to-face. Their debt advisor locator tool will help assign you to an advisor for free.
  • Citizens Advice – You can get free advice for any of your concerns from Citizens Advice. They have plenty of information surrounding debt and money which is completely accessible to everyone. This can be seen on their webpage.
  • National Debtline – If you are worried about debt, or considering debt consolidation, you can seek free guidance from National Debtline who specialise in helping people in the UK with financial difficulties.

For general budgeting and money management tips, you can also visit our blog. However, it is highly recommended that you use the resources listed above if you are considering debt consolidation.

How can Dot Dot Loans help?

Dot Dot Loans is an online loan provider, offering a range of loan products to suit the needs of our customers. Our loans can help with debt consolidation, depending on your circumstances.

We care about our customers and encourage you to stay as well informed as possible when considering any kind of loan. If you are struggling with debt, we strongly recommend that you think about the resources recommended above. Whether you are looking into debt consolidation or have any other financial worries, seeking free and professional advice always helps.

Here at Dot Dot, our aim is to help you consolidate your debts, so that you can get back on track. When you choose Dot Dot Loans, you also enjoy the following benefits.

  • An instant decision on whether you could borrow, even with less than perfect credit
  • No nasty, hidden fees – there are absolutely no application fees, admin fees, or late repayment fees
  • Choose a repayment period to suit you, with choices between 18 and 48 months, depending on how much you borrow
  • Track your loan anywhere 24/7 using our online portal

Comments from Dot Dot Loans customers

Our customers love what we do and we hope you will too. We strive to help every customer find the right loan for them so that they can deal with their unexpected or emergency expenses and carry on with their lives. We ensure the loan you take out is well within your means, to make sure that you can comfortably make repayments.

Don’t just hear it from us, check out our customer testimonials. We are proud to be rated ‘Excellent’ on Trustpilot.

Got everything you need?

Feel like you now have a good understanding of debt consolidation loans? If this feels like a suitable option, you can apply using the button below and receive an instant decision on your application. If you are approved, you could have the money in your account today. Our loans are funded every hour 24/7.

If you have any questions or queries, our friendly customer service team are happy to help, so feel free to contact us.

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